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Cyber risks : The financial services companies are best prepared in Canada



August 24, 2018 10:30

Photo : Depositphotos

According to a survey of firm cybersecurity FICO, what are the financial services companies who are best prepared to combat the risks of cyber based in Canada. This is 56 % of them have a full insurance coverage, whereas last year this figure amounted to 23 %.

The survey, done by the consulting firm Ovum, has studied 500 companies in Canada and in 10 other countries.

More and more companies to be insured

On the other hand, 40 % of canadian companies surveyed have insurance, cyber-security, which covers all the probable risks. This is an increase of 22 % compared to 2017.

“Even if the canadian companies are obtaining good results with respect to the purchase of a cyberassurance, the fact that only 40 % of them have a complete assurance that demonstrates that there is still a way to go for that these enterprises have a comprehensive view of their security profile, and how to present this profile to the insurers,” said Maxine Holt, director of research at Ovum.

80 % of canadian organizations have increased their importance

“This could also indicate that these companies currently have a security profile that the insurers are not willing to cover in an integral manner. But, we should not divert us from positive news ; nearly 80 per cent of canadian organizations have emphasized the importance of cyber security to such a level that it requires a insurance, although this insurance is only partial “, she adds.

Last month, FICO had claimed that the canadian companies overstate their preparation in the face of cyber risks.

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