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87% of Canadian businesses experienced hacking incidents

Staff writer |
Almost 90 percent of Canadian businesses have experienced at least one hacking incident in the last year, according to a study of business risk managers by The Boiler Inspection and Insurance Company of Canada (HSB BI&I), part of Munich Re.

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More than half (60 percent) believe their companies are dedicating enough money or trained and experienced personnel to combat the evolution of hacking techniques, yet 42 percent do not have cyber insurance coverage.

Of the risk managers studied, 66 percent represented large enterprises, followed by 28 percent at mid-sized organizations and 6 percent at small-businesses.

The survey revealed a notable uptick in awareness and concern about cyber risk following the recent passage of The Digital Privacy Act (Bill S-4). Nearly 70 percent of risks managers said they would be more inclined to purchase cyber insurance coverage for their company due to the new data breach notification requirements.

Concerns about the type of information being breached ranged from sensitive corporate information (50 percent) to personally identifiable information (42 percent) to financial information (8 percent).

When asked about the type of risk management services they would be most interested in deploying to combat cyber risk, risk managers point to intrusion detection and penetration testing (40 percent), encryption (24 percent) and employee education programs (19 percent).

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