Innovation

Why You're Probably Not Spending Enough on Cyber Security

Canadian companies spend just 5% of their IT budgets on preventing online attacks per a new survey

Written by Canadian Insurance Top Broker Staff

Cyber security spending accounts for just five percent of Canadian companies’ overall IT budget, PwC’s Global State of Information Security Survey says. That’s despite an 82 percent increase in overall cyber security investments in 2015, and a doubling of boards that help define their company’s security budgets.

“Overall, the Canadian data provides solid evidence that Canadian companies are taking steps towards mitigating cyberattacks but the threat is still very real,” said Richard Wilson, Partner, Cybersecurity & Privacy Practice, PwC Canada.

“€¦This issue has evolved far beyond data loss. Beyond financial and reputational damages, we are seeing impacts to competitiveness, product and service quality, employee retention, and the health and safety of both employees and the public.”

Half of respondents have a chief information security officer in charge of their digital safety, and 59 percent of companies surveyed buy cyber insurance.

This article originally appeared at Canadian Insurance Top Broker.

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Originally appeared on PROFITguide.com
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