2014-02-28 00:19:46 - • Over 90% of Canadian respondents confident their businesses are equipped to prevent cyber attacks
• 80% of Canadian businesses surveyed expect the number of cyber attacks to increase
• Canadian respondents least confident that their Boards fully appreciate business risk posed by cyber
A new international report from BAE Systems Applied Intelligence today reveals a curious combination of confidence and concern amongst Canadian respondents when asked about their attitudes towards cyber security. On the one hand, the research found that of all the countries surveyed, Canadian respondents were the most likely to be confident that their organizations were well equipped to prevent targeted cyber attacks – with 92% of Canadian respondents saying they were confident, compared to 90% in the UK, 87% in the US and 84% in Australia.1
On the other hand, however, Canadian respondents were least likely to be confident when asked about their Board’s grasp of the cyber threat, with a significant proportion of Canadian respondents (36%) saying they did
not believe that their Board of Directors fully understood the risks presented by cyber.
The new research, “Business and the Cyber Threat: the rise of Digital Criminality”, which was conducted in Fall 2013, details business concerns and opinion around cyber and indicates a strong demand from major global companies for greater intelligence on the nature of new cyber threats and a better understanding of business vulnerability. The research found that the majority of Canadian respondents (80%) expected the number of targeted cyber attacks to increase over the next two years. However, of all the countries surveyed, Canadians were least likely to say this number would increase significantly (30% compared to 40% of all respondents).
In another divergence away from the international survey group as a whole, when asked which groups were most likely to mount a targeted cyber attack, Canadian respondents identified hobbyist hackers (60%) as the top ranking threat, compared to 46% internationally. In contrast, each of the other countries ranked organized groups of fraudsters as the chief threat group (55% of respondents internationally), compared to 48% of Canadian respondents.
To investigate further, the research then explored which tools respondents believed would help their Boards to take greater action to prevent cyber attacks. Having case studies from within their sector (advocated by 58% of respondents in Canada) and having a clear understanding of vulnerabilities (52%) were the most popular responses. Canadians were less likely than respondents in the US and UK to have engaged in cyber security initiatives – 38% of Canadian respondents, compared to 52% of US respondents and 43% of UK respondents.
Additional research carried out by BAE Systems Applied Intelligence in the past month quantifies the impact on Canadian businesses following a wave of high-profile cyber attacks in December 2013 and January 2014. The attacks on international businesses, which included banks and retail giants such as Target, led to a significant 54% of Canadian businesses increasing their cyber security budget.
This second wave of research also found that that 77% of Canadian respondents said that their organization had increased their cyber security budget in the previous 12 months and that 54% of Canadian companies regard the threat from cyber attacks as one of their top three business risks, mirroring the recent warning from the World Economic Forum that cyber attacks are among the 5 biggest threats facing the world in 2014.2 This suggests that in spite of concerns around board engagement, the majority of Canadian businesses are taking significant steps to respond to the growth of digital criminality.
Martin Sutherland, Managing Director, BAE Systems Applied Intelligence, said:
“The research demonstrates there is a growing attentiveness of the increasing cyber threat, but more work needs to be done to raise awareness levels across Canadian organizations of the unique risks inherent in a coordinated cyber attack. We are now seeing a dangerous combination of organized criminal groups using highly-sophisticated cyber techniques to carry out financial crime on an industrialized scale.”
“As recent high-profile attacks around the world have demonstrated, there is no ‘silver bullet’ and a combination of robust processes, and controls, user awareness and vigilant security operations all have to play a part in protecting the enterprise. In order to adapt to the ever evolving threat landscape, companies will need to develop holistic threat intelligence management programs supported by security platforms that not only provide the raw intelligence data but also the ability to process and analyze large amounts of complicated information as quickly and clearly as possible.”
Further Canadian findings:
• Cost: Canadians were least likely to have made a financial estimate in the event of a successful cyber attack—42% compared to 48% overall. Twenty-nine percent of Canadian respondents who had made an estimation expected that a successful cyber attack would cost their organization up to CAN$16 million, a further 24% said more than CAN$80 million.
• Concern: Canadian respondents were more concerned about theft of information that details their strategic plans than any other market (28% compared to an overall response of 21%). When asked what they would be most concerned about in the event of a successful attack, the most common response was loss of customer data (58%), followed by theft of intellectual property (38%) and reputational damage (34%).
• Confidence: Canadians were the most confident when asked if their company and their sector were well equipped to prevent targeted cyber attacks. The vast majority (92%) were confident in their organization’s ability to prevent targeted attacks compared to 88% overall. A similar majority (90%) were confident in their sector’s ability to prevent attacks versus 78% overall.
• Crisis Plans: 30% of Canadian organizations surveyed did not have, or were unaware of, crisis plans in the event of a cyber attack on their company. Of those respondents who did have crisis plans, Canadians were the least likely to say these plans were well publicized, 37% compared to 54% overall.
The full report can be found at: www.baesystems.com/ai/cyberthreat
– Ends –
Jena Murphy, US PR Manager, BAE Systems Applied Intelligence:
Tel: 001 617-235-8862
Mobile: 001 617-513-0265
Eric Hazard, Articulate Communications on behalf of BAE Systems Applied Intelligence:
Tel: 001 212-255-0080 EXT 23
Mobile: 001 917-664-9434
Notes to editors
1. Our North American report, “Business and the Cyber Threat: the rise of Digital Criminality”, is based on 350 online interviews conducted by Ipsos MORI with strategic and IT decision makers in private sector companies in the US (300) and Canada (50), carried out online using a business panel in Fall 2013. Participants were drawn from companies with a turnover in excess of Canadian $560 million from a range of business sectors including Financial Services (Banking and Insurance), Telecoms, Energy, Transportation, Technology, Engineering, Mining, Legal, Media and Pharmaceutical. Additional research conducted with 177 respondents in North America (151 in the US and 26 in Canada) was conducted online in February 2014 among a comparable audience.
2. From Global Risks 2014, published by the World Economic Forum in January 2014.
About BAE Systems Applied Intelligence
We deliver solutions which help our clients to protect and enhance their critical assets in the intelligence age. Our intelligent protection solutions combine large-scale data exploitation, ‘intelligence-grade’ security and complex services and solutions integration.
We operate in four key domains of expertise: cyber security, financial crime, communications intelligence and digital transformation.
Leading enterprises and government departments use our solutions to protect and enhance their physical infrastructure, mission-critical systems, valuable intellectual property, corporate information, reputation and customer relationships, competitive advantage and financial success.
Applied Intelligence is part of BAE Systems, a global defence, aerospace and security company with approximately 90,000 employees worldwide. BAE Systems delivers a wide range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services. For more information, please visit www.baesystems.com