Ransomware and business email compromise accounted for 68% of claims for Canada from 2019 to 2023.
Key takeaways
The average five-year total incident cost for Canada was US$584,000.
Understanding the ongoing cybersecurity threats to the middle market
As cybersecurity threats and data security events continue to increase, understanding the costs and resources necessary to respond to a data breach is essential. RSM is a proud sponsor of the 14th annual NetDiligence® Cyber Claims Study, a report detailing the actual losses from data breaches and other cyber-related incidents covered by leading cyber insurance carriers.
This year’s report features an analysis of almost 10,000 claims arising from events that occurred between 2019 and 2023. Ransomware and business email compromises were the two leading causes of loss in the NetDiligence survey, accounting for 53% of all claims during that five-year period.
Despite the relatively low frequency of cyber incidents in Canada, the significant financial impact on high-revenue organizations highlights the urgent need for robust cybersecurity measures. Proactive risk management and incident response planning are essential to safeguard against evolving threats.
Tabish Gill, risk consulting partner, RSM Canada
Almost all the claims in the survey (98%) were from small to medium-sized enterprises with less than US$2 billion in annual revenue. While large companies represented only 2% of claims, they accounted for 51% of the total incident costs in the report. However, the study shows no clear correlation between company size and the cost of a breach. Smaller organizations experienced large losses as well, with perhaps more of an impact compared to larger companies.
Download the report
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