Cyber security-related budgets on the rise: KPMG

Attacks continue to pose a mounting risk to Canadian business of all size, consultancy says.

March 9, 2015   by PLANT Staff

TORONTO — More than 60% of respondents to a KPMG C-suite survey say they have recently increased their budgets to secure data against cyber security attacks.

The survey, which is part of the consultancy’s Fraud Prevention Month, notes that these attacks and related cyber security-based threats continue to pose a mounting risk to Canadian business of all size.

“It’s no longer a question of if an attack will occur, but when,” the survey says.

To kick off Fraud Prevention Month, KPMG has identified three themes that are particularly applicable to Canadian business.

Executive impersonation fraud:In these scams, criminals use email to impersonate a company executive and trick the organization’s finance team into transferring money to a fake account. Often, the habits of the executive are studied by criminals who use irregular circumstances to make out of character transactions and urgent requests for funds.

Financial institution fraud: Banks and financial institutions face a myriad of complex cyber security challenges including compliance pressures, emerging threats and material risks. These challenges are compounded by the rising risk posed to banks by third party data loss incidents that force financial institutions to assume the costs incurred through the cancelling and reissuing of credit and debit cards.

Small and medium enterprise fraud: Small businesses regularly focus on the bare minimum to meet compliance requirements and stay in business, despite being just as vulnerable to hackers and cyber-attacks as larger organizations. Unlike larger organizations, these enterprises are often unable to recover from the financial and reputational repercussions of an incident.

Visit the Competition Bureau of Canada for more cyber-security resources.

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