Security incidents up for 51% of Canadian businesses: EY survey

More attention needed on technologies and trends on the horizon

TORONTO, Nov. 19, 2013 /CNW Telbec/ - While Canadian organizations say they're focused on fending off cyber risks, more than half of those surveyed report an increase in security incidents over the last 12 months, EY finds in a new survey. That's a 29% spike over the 2012 results.

The news comes despite the fact that a further 53% of Canadian respondents said they'd increased their security budget over the last year.

"Canadian companies acknowledge the threat of known cyber risks, but they're comparatively conservative in the way they're tackling that threat," says Rafael Etges, EY's Information Security practice leader in Toronto. "It's not so much about handling what's happening right now, but uncovering the still hidden or unknown cyber threats that are right around the corner, and planning accordingly."

Under cyber-attack: EY's Global Information Security Survey 2013 shows only 13% of Canadian respondents prioritize the innovation of security services and technologies to address new and emerging threats.

"Leading businesses do an excellent job of scanning the horizon for the vulnerabilities and risks that often come with new technology," Etges explains. "Organizations need to review, rethink and, in some cases, completely redesign their information security program to prepare for future technologies in order to capture the full potential benefits of innovation."
In fact, the survey finds Canada is lagging behind most developed economies in terms of innovation, and trails emerging economies such as Latin America and Asia. Etges pegs this to a mix of factors, including risk appetite, market and culture. The good news is that unlike their global counterparts, Canadian respondents name overall cyber security/threats as a top priority for the next 12 months.

Etges concludes: "Businesses need to be more forward looking. That means having an ongoing process in place for assessing risks. Such a rigorous and robust, paired with innovative information security solutions, will bolster a business's ability to plan for the future, and react quickly should challenges arise."

About EY
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

For more information, please visit ey.com/ca. Follow us on Twitter @EYCanada.

EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

SOURCE: ERNST & YOUNG

For further information:

Julie Fournier
julie.fournier@ca.ey.com
514 874 4308   

Erika Bennett
erika.bennett@ca.ey.com
416 943 5497   

Sarah Shields
sarah.j.shields@ca.ey.com
604 648 3607


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