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Category Archives: Cyber Risk Management

Canada Ranks Third Among Countries Most Vulnerable to Cyber Attacks

According to The National Exposure Index, a report released by cyber security vendor Rapid7 Labs, Canada ranks third on a list of countries most vulnerable to cyber attacks. The goal of the report was to determine which countries are most at risk for deliberate, wide-scale breaches.

Countries were ranked based on their unencrypted services on the public internet, services on the internet that are unsuitable for public access and services that are subject to abuse. Notably, researchers found that countries with the most risk have a significant investment in, and reliance on, a safe and stable internet.

Other interesting findings include the following:

  • The top five countries in the 2018 exposure ranking were the United States, China, Canada, South Korea and the United Kingdom. Together, these countries control over 61 million servers on at least one of the ports surveyed.
  • There are 13 million exposed endpoints associated with direct database access.
  • There are about 40,000 unpatched, out-of-date servers. These servers are at risk of being targeted in future, large-scale disrupted denial-of-service attacks.
  • Mature and traditionally profitable countries are not the only ones that rely on a healthy internet. As of 2018, more than half of the entire world maintains an active internet presence.

Rapid7 Labs hopes internet service providers can use these findings, with the help of policy-makers, to create a more secure global internet. To read the full report, click here.

© Zywave, Inc. All rights reserved


Only 4 in 10 Businesses Have Data Breach Policies in Place

Last year, the Office of the Privacy Commissioner of Canada (OPC) ordered a telephone survey—2017 survey with Canadian businesses on privacy-related issuesof around 1,014 Canadian businesses. The goal of this survey was to learn how knowledgeable organizations are on privacy issues and requirements, understand the types of privacy policies and practices they have in place, and determine their privacy information needs.

The following were some key findings from the survey:

  • Only 4 in 10 companies surveyed have policies or procedures in place in the event of a breach.
  • When asked to rate their level of concern regarding a future data breach, the results were split. Overall, nearly half (48 per cent) expressed at least a moderate level of concern while 50 per cent expressed low or no concern at all. The OPC said that this data indicates concern over data breaches has decreased among Canadian businesses over previous years.
  • Around 68 per cent of respondents placed an emphasis on protecting their customers’ personal data. In addition, according to data from previous OPC reports, consumer concern about privacy breaches remains high. In fact, 85 per cent of Canadians indicated that news reports about privacy breaches affected their willingness to share personal information.

Among other things, the OPC survey illustrates a disconnect between organizational beliefs regarding data protection and the existence of real privacy policies. Despite continued, high-profile cyber breaches and increasing customer concern, many companies surveyed remain complacent with their level of security.

The OPC will use these survey results to enhance its outreach efforts and more effectively guide organizations on their privacy responsibilities.

© Zywave, Inc. All rights reserved


Federal Budget Details $600 Million Investment in Cyber Security

The federal government recently released its 2018-19 budget. Among other important allocations, the government announced an investment of more than $600 million in data privacy. Specifically, the budget calls for $507.7 million over the next five years and $108.8 million each year thereafter for a new national cyber security strategy to help protect Canadians and their sensitive personal information.

A portion of the funds—$155.2 million during the next five years and $44.5 million per year thereafter—will go toward establishing a new Canadian Centre for Cybersecurity. This centre will allow the government to consolidate its cyber expertise under one roof as well as establish a single source of advice, guidance, services and support on cyber security-related matters.

In addition to funding the creation of the Canadian Centre for Cybersecurity, the government will provide $236.5 million over the next five years and $41.2 million per year thereafter to support the national cyber security strategy. This strategy is designed to do the following:

  • Enhance the government’s ability to investigate, prepare for and respond to cyber crime.
  • Create a voluntary cyber-certification program to help students and businesses improve their cyber security.
  • Improve cyber security on a national level by working alongside provincial, territorial, private-sector and international partners.

To learn more about these and other investments, review the government’s website on the 2018-19 federal budget.

© Zywave, Inc. All rights reserved


Avoid Costly Phishing Scams

Phishing, a type of cyber attack in which hackers disguise themselves as a trusted source online in order to acquire sensitive information, is a common scam that can put your employees and business at risk. The Canadian Internet Registry Authority recently published a survey of businesses who use the .ca domain and found that 32 per cent of firms had unwittingly divulged sensitive information after falling for phishing tactics.

Falling for a spear phishing attack can give a hacker access to personal and financial information across an entire network. What’s more, successful spear phishing attacks oftentimes go unnoticed, which increases the risk of large and continued losses.

Though it is difficult to completely avoid the risks of spear phishing attacks, there are ways to prevent further damage to your business. Make sure that your employees are aware of these simple techniques:

  • Never send financial or personal information electronically, even if you know the recipient well.
  • Be cautious when you are asked to divulge personal or sensitive business information in an email. Even if it appears to be from a trusted source, it could be a hacker impersonating another person or group.
  • Only share personal information on secure websites or over the phone.
  • Never click on links or open attachments from unknown sources. In addition, encourage employees to think twice about what they post online.
  • Ensure that your company’s security software is up to date. Firewalls and antivirus software can help protect against spear phishing attacks.

It’s important to encourage employees to be overly cautious when it comes to preventing phishing scams. Together, these strategies can go a long way toward keeping your business safe.

© Zywave, Inc. All rights reserved


6 Cyber Security Topics to Watch

Business and government leaders need to be on constant alert for cyber attacks of all types. With the evolution of cyber threats each year, there are specific threats to focus on for this year. Here are six cyber security trends to watch right now:

  1. Cryptocurrency—This is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. With many people interested in ways to capitalize on cryptocurrency, it is important to realize that the market is very volatile and highly susceptible to fraud and cyber attacks. Some experts feel the cryptocurrency market needs better security and a way to guarantee losses from theft.
  2. Artificial intelligence (AI)—Cyber security professionals use AI software to identify and predict cyber threats. However, AI can also be used by cyber criminals against the same organizations that use it for protection.
  3. More multifactor authentication—Even though many companies fear that implementing multifactor authentication would negatively affect user experience, the growing concern about stolen passwords might convince them to implement it.
  4. Increased regulation—Businesses could face increased regulation as governments try to compete with the growing risk of data breaches and attacks on infrastructure. One example of such government efforts is the General Data Protection Regulation in Europe.
  5. Rise in state-sponsored attacks—Such attacks tend to be politically motivated. Instead of focusing on financial gain, the intent of these attacks is to acquire intelligence that can be used to obstruct the objectives of a political entity. Appropriate efforts to deter and respond to these attacks will be a key topic for policy-makers and businesses over the next decade.
  6. Increasing demand for a chief information security officer (CISO)—Due to the shortage of skilled cyber security professionals, many companies hire external cyber security services and virtual CISOs. This outsourcing is expected to continue until employers find ways to fill the skills gap.

© Zywave, Inc. All rights reserved


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