Cybersecurity investments for companies in Canada increased 82% over the past year

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Investments in cybersecurity by Canadian companies increased 82% over 2015 into 2016.

However “security incidents” increased by about 160% over the same time span, as reported at this beginning of 2016 by Price Waterhouse Cooper.

Cybersecurity spending in 2015 represented about 5% of overall IT-spending average within datacenters. The PwC report indicates that Canadian companies are more likely than the global average to employ an information security strategy and/or active monitoring analysis or what is generally termed “security intelligence”.

PwC states: All Information Technology businesses need to better understand the full range of problems that cybersecurity breaches can have on their organizations. Beyond data loss there are impacts on: competitiveness, service quality, financial and reputation damages, employee retention, and in some cases the health and safety of both employees and the public. The Global State of Information Security (GSIS) Survey 2016 indicates a gap in executive understanding of the threat landscape.

In Canada, “cybersecurity insurance” coverage grew to 59% of companies in 2015, the report stated, 54% percent now use big data security analytics, and use of cloud-based security services has grown to 64%, right on par with global averages for cloud security services.

The PwC Canada report states there are three areas where public & private sector organizations are investing in cybersecurity right now: solutions to manage how employees and customers and third parties access and use data, outsourced “Managed Security Services” to monitor & detect security events more efficiently, and “data privacy compliance” for mandatory breach notifications.

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