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Canadian Security: The foundation for Canada to become a global leader in cybersecurity is set – we must seize the moment now

In an article published May 30, 2022 Board of Trade CEO, Jan De Silva

Digitalization has been a boon for our economies. The combination of connectivity, data, processing power, and technologies such as artificial intelligence, machine learning, and blockchain among others has transformed how we do business, compete globally, and relate with one another. While essential, this transition has not come without significant risk – cyber security breaches are ever-present and lead to devastating consequences for businesses and governments alike.

As our economy struggles to recoup pandemic-related losses, cyber-attacks are an overwhelming financial threat. According to a report from IBM Security, the average cost of a data breach in Canada was $6.75 million per incident in 2021. And incidents – some small, some massive in scale – are cropping up daily.

Throughout the world, businesses are investing heavily in cybersecurity out of necessity. This move is an opportunity for Canada to position itself as a global cybersecurity leader. For this to happen, the federal and provincial governments will need to turbo-charge support for the Canadian tech sector.

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The Toronto Region Board of Trade is one of the largest and most influential business chambers in North America and is a catalyst for the region’s economic agenda. We pursue policy change to drive the growth and competitiveness of the Toronto region and facilitate market opportunities with programs, partnerships and connections to help our members succeed – domestically and internationally.

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