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Canadian companies consider cyber attacks as the main risk


Kate McCaffery

13 November 2018 13:30

A new study published by the world economic Forum, in partnership with Zurich Insurance Group and Marsh & McLennan Companies, has revealed that cyber attacks are at the forefront of the risks that concern business leaders. It is feared among other more the risk of failure of national governance in emerging markets.

The world economic Forum issued on November 12, his report entitled Global Competitiveness Report, where there is also a section called Regional Risks for Doing Business. This last has interviewed 12 548 business leaders from 140 economies different. The leaders were asked to select the five global risks that are of greatest concern since the last 10 years when they do business in their respective countries.

Five main risks

In Canada, according to the business leaders, the top five risks in 2018 are the following : cyber-attacks, asset bubbles, extreme weather events, shocks in energy prices and the risk of critical failure of the infrastructure.

More broadly, across North America, cyber attacks, followed by fraud or data theft, extreme weather, financial crises and shocks in energy price are the five main risks identified by the managers interviewed.

According to the report, 87 % of canadian businesses reported having been victims of a violation successful in 2017. Among those who have suffered a cyber attack during this period, nearly half have lost sensitive data. In 20% of cases, sensitive data on customers or employees have been exposed to.

Vulnerability to disturbance

“We see 2017 as the world began to take seriously the potential scale of our vulnerability to disruptions caused by cyber attacks “, say the authors of the report.

“Cyber attacks are considered to be risk number one for the conduct of business in markets representing 50% of world GDP. This strongly suggests that governments and businesses must enhance the cybersecurity and resilience in order to maintain confidence in the digital economy for highly connected, ” says Lori Bailey, global head of cyberrisque for Zurich Insurance Group.

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