There are a number of reasons why homeowners and businesses should consider investing in cyber security — the most noteworthy one is that it is considered to be the socially responsible approach to protecting the confidential information of customers and employees.
In Quebec, the provincial government has already prepared (and hopes to pass) legislation in the form of Bill 64 that seeks to protect personal information. In the near future, all small- and medium-size businesses will be held accountable for cyber breaches and will have to report any and all security incidents, according to Marc-André Dalpé, President of Orange Évolution Inc., based in Repentigny, Quebec.
“The good reputation of these companies will therefore be an important issue that every entrepreneur will want to preserve,” said Dalpé. “Because in the near-future (and it has already begun), future buyers will take into consideration the cyber security measures in place in the company they wish to do business with. It will therefore be considered added value to invest in cyber security.”
Investing in cyber security also means ensuring that business operations are not disrupted and that growth is not stunted. Dalpé said cyber attacks inevitably lead to an interruption in operations — every time. Not to mention the cost that can be associated with managing the issue, and which can sometimes be significant depending on the type and scale of the attack.
That being said, there are several “myths” within the cyber security space that may impact how homeowners and businesses view this area as a worthy investment. Dalpé said the following false beliefs are often the ones that prevent owners from investing:
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Investing in cybersecurity is expensive.
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We have nothing to hide; or that we do not have sensitive data.
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Having an antivirus, a firewall, or hard-to-guess passwords protects us.
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These types of situations only happen to others, or large organizations. We are not “big” enough to be a target.
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We have an IT department/company that takes care of our network. They surely also take care of security.
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What’s the point? If Desjardins or other large companies have trouble keeping hackers out, how can I?
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We pay attention to what we are doing. There is no danger of that happening here.
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I have a backup system. Worse-case, I will be able to recover my data.
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If we are attacked, we will find out quickly.
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We use MACs (Apple) and therefore we are safe.
“In order for people to decide to invest, they must undergo a cyber attack. That’s when they realize,” said Dalpé. “These people should not wait for this to happen to act.”
Dalpé said fighting a cyber attack can be costly. Canadian companies, he said, allocated an average of $6.1 million in 2017 (5.6 per cent more than in 2016), according to the Ponemon Institute. And about half of businesses in Canada experienced one or more cyber security incidents that had a negative impact on the productivity of their staff in 2017, according to Statistics Canada.
“The number of cyber attacks are increasing, and this is costing businesses more and more,” said Dalpé. “It is no longer an urban legend. It’s real.”
