The Cyber Security Review | Wednesday, April 13, 2022
Increased investment in cybersecurity will benefit communities across Canada by creating jobs and improving the accessibility and protection of Canadian cybersecurity.
FREMONT, CA: Cybersecurity is one of Canada's most critical issues. Experts have warned for decades about the dangers of cyberattacks. Reports of cyber intrusions have grown alarmingly commonplace in the modern era. According to the 2021 Edelman Trust Barometer, being a victim of a cyber attack is the second most concerning event for Canadians, behind job loss. Additionally, 80 percent of Canadian CEOs view cybersecurity as a significant danger to their business's growth potential.
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Despite these obstacles, Canada can confront the growing number of cyber threats if it invests at a level comparable to its G7 neighbors in cybersecurity. Recent reports have highlighted how Canadian governments and corporations have routinely underinvested in cybersecurity, exposing their infrastructure, networks, and devices to cyber attacks. The moment has arrived to invest in cyber breach prevention solutions before they cause havoc.
Canada possesses world-class cybersecurity capabilities and the cybersecurity talent necessary to compete globally. Indeed, Canada is home to some of the world's leading cybersecurity companies. AI-driven cybersecurity solutions, for example, have been independently demonstrated to thwart cyber assaults.
Nonetheless, Canada risks slipping behind as a country. According to the OECD, Canada is one of the only countries with "stagnant" technology R&D investment, investing less than 1.5 percent of GDP and declining—while competitors invest billions to increase their cybersecurity skills. Canada must pull out all the stops to defend its infrastructure and businesses against cyber assaults while still growing the economy in this digital era.
Cybersecurity is critical for sustaining innovation and establishing trust in the data-driven world. It allows the digital economy which accounts for 25 percent of global gross domestic product (GDP) (the US $23 trillion) and 70 percent of new value creation. Cybersecurity safeguards Canadian businesses and enables them to succeed in today's data-driven economy. Additionally, it assists governments in maintaining critical services such as healthcare, energy, and education.
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