CIRA finds cyber-attack to cause reputational damages

As the number of cyber-attacks has risen in recent years, a new survey finds that the incidents are leading to reputational damages amongst impacted organizations.

 

The Canadian Internet Registration Authority (CIRA) released the results of its latest annual Cyber Security Survey on Tuesday. The survey found that over the last 12 months, 44 per cent of organizations experienced a cyber attack. Meanwhile, 28 per cent of those surveyed said a cyber attack negatively impacted their organization’s reputation, a figure that has quadrupled from six per cent in 2018.

 

“Cybercrime is affecting relationships in every corner of the supply chain and organizations are waking up to the liabilities and risks they face,” Jon Ferguson, the vice president of Cybersecurity and DNS at CIRA, said in a press release Tuesday.

 

“Customers demand businesses safeguard their data and organizations want to ensure that those they work with have proper cybersecurity measures in place.”

The survey found that the number of cybersecurity incidents has spurred more interest in cybersecurity insurance among organizations, with 82 per cent of those surveyed now with coverage, up from 59 per cent in 2021.

 

“Across all sectors, organizations are taking proactive steps—the focus now needs to be widespread adoption, otherwise Canadians pay the price,” Ferguson said.

 

The survey found that 28 per cent of professionals reported being the victim of a successful ransomware attack over the last year, a figure that has risen 17 per cent compared to 2021. Of that group, 79 per cent reported the impacted organization paid the ransom demands.

 

Amid increased cyber attacks, the survey said 74 per cent of respondents support legislation that would ban ransom payments, as organizations were found to have paid between $25,000 and $100,000 in ransomware attacks.

 

As AI tools become more accessible to cyber attackers and groups looking to thwart attacks, the survey found 70 per cent of respondents said they are worried about generative AI’s impact on cyber threats.

 

However, 57 per cent of cybersecurity professionals surveyed indicated their organization has integrated AI tools, rising from 44 per cent in 2023.

 

Methodology:

Survey results were compiled from responses of 500 cybersecurity decision-makers in an online survey conducted between July and August 2024. All organizations surveyed had at least 50 employees.

 

 

 

 

This article was first reported by BNN Bloomberg