Cybercrime Surge: Canadian SMBs Face Alarming Increase in Attacks, 2024

Recently, the Canadian Centre for Cyber Security warned that several hostile states are attempting to access critical infrastructure in Canada as part of their future cyber warfare strategies. The threat assessment, released on October 30, 2024, identifies the People's Republic of China as the primary cyber threat, supported by other nations such as Russia and Iran engaged in malicious cyber activities. These actors have been recognized for spying, data manipulation, and other hostile tactics aimed at disrupting essential services in both Canada and integrated North American systems. Moreover, a KPMG survey revealed that 72% of small and medium-sized businesses in Canada were victims of cyber crime over the past year, a significant increase from 63% in 2023. The survey indicated that a majority of these businesses perceive cybersecurity as a mere formality rather than an integral part of their operations. Furthermore, a staggering 67% reported paying ransoms to cybercriminals, reflecting the dire situation. As part of the findings from KPMG, most businesses cited their inability to invest adequately in cybersecurity defenses, attributing this to financial resource limitations. There is a growing concern over the capabilities of generative AI being used to perpetrate cyber breaches, with 75% of businesses indicating apprehension regarding these developments. Ultimately, the current landscape emphasizes the urgent requirement for Canadian enterprises to enhance their cybersecurity strategies to manage risks effectively, thereby safeguarding themselves against potential future attacks from hostile state actors.