Jennifer Quaid
Executive Director, Canadian Cyber Threat Exchange
Robert Gordon
Strategic Advisor, Canadian Cyber Threat Exchange
Cyber attacks on Canadian businesses are increasing at an alarming rate and costing impacted companies millions of dollars (not to say anything about damage to reputation). That’s the bad news. The good news is a one-of-a-kind Canadian organization is bringing business together to share knowledge of cyber threats and collaborate on mitigation strategies.
The Canadian Cyber Threat Exchange, a not-for-profit organization, is the country’s only cross-sector cyber threat collaboration forum and source of cyber threat intelligence. It provides robust data on threats and vulnerabilities, and access to a network of member organizations. “It’s hard for companies on their own to stay on top of the evolving sophistication of hackers,” says Robert Gordon, the Exchange’s strategic advisor. “They wouldn’t typically have the financial or people resources to be aware of cyber threats and how to mitigate them, but leveraging the experiences and expertise of our community, organizations can easily understand the strategies that are working, the ones that aren’t, and the latest trends.”
Cyber resilience
Emerging technologies, including artificial intelligence, are creating huge business advantages. But that same tech is used by cyber attackers, and their level of cleverness is increasing. It’s no longer just phishing emails, hackers are cloning voices, and using other sophisticated means. Technology is also making it easier for small-scale hackers to get involved and scale up the attacks.
Gordon urges companies to realize that it’s not if an attack will happen, but when. Many businesses might not see themselves as having huge stores of data, but hackers aren’t always after the company’s secret sauce, but will steal data or hack into systems and disable them until a ransom is paid.
As a highly connected and wealthy country, Canada is a huge target for criminals wanting to take advantage of weak systems.
Having a comprehensive approach to cyber security, in which all departments are at the table to discuss risks and determine mitigation strategies is key. “With technology being so accessible, business groups can often bypass IT, but everyone needs to be aware of the risks. It’s a different dialogue that has to happen,” says Gordon. “At the very least, businesses need to know the cyber security basics, but they also need to consider cyber resiliency and have a business continuity plan. Assume a risk will happen and be as prepared as possible, so you can respond quickly.”
Increasing the aperture of information
The exchange is unique in that there is no other organization in North America that has the kind of cross-sectoral lens on cyber security. “Cyber threats aren’t unique to one sector,” says Jennifer Quaid, the Exchange’s executive director. “Attacks can come through a third-party HR or payment system, and it’s likely those systems are used across sectors.”
A cyberattack can be catastrophic for a company, leading to a temporary shutdown or even bankruptcy. In Canada, it’s estimated that the cost of a data breach is more than $5 million. As a highly connected and wealthy country, Canada is a huge target for criminals wanting to take advantage of weak systems. “If we don’t focus on cyber security, we’ll continue to be a target and drive emerging technology and research investment out of the country, impacting economic growth,” says Quaid.
Learn how you can protect your business by joining the Canadian Cyber Threat Exchange at cctx.ca.
