The most relevant risks to Canadian businesses are constantly in flux. Only by observing trends and planning appropriately is it possible to reduce these risks and prevent being caught unprepared. According to experts, the following are the biggest risks for Canadian businesses to watch out for in 2020.
The number of reported cyber threats targeting data, such as ransomware, continues to rise, indicating an increased need for data protection and privacy. This risk is further underscored by the growing amount of data being collected and number of devices being connected to each other, each representing a new potential avenue to exploit.
Risks increase as organizations become more interconnected, sharing data, systems and technology. Organizations need to not only worry about their own security and risk management, but also about every other organization that they share resources with, as each one represents a new potential vulnerability for cyber attacks. In fact, 24 per cent of ransomware incidents reported in the third quarter of 2019 were caused by a vendor or managed service provider.
Employees, business partners, stakeholders, consumers and the public are increasingly holding organizations accountable for unacceptable behaviour or conduct. High-profile cyber breaches and social movements such as #MeToo have shown that damaging news travels faster than ever through major media and social network channels. Organizations must closely examine and refine their approach to dealing with risks, and emphasize crisis and contingency planning.