A Thriving Industry
With over 500 active cybersecurity firms, Canada's digital defense sector is a cornerstone of the national economy, fostering innovation and protecting critical infrastructure.
Projected Market Growth
The Canadian cybersecurity market is on a rapid growth trajectory, expected to more than double by 2029 as businesses increase investment in digital protection in response to a heightening threat landscape.
The Preparedness Divide
Anatomy of an Attack: Common Threats
Cyber attacks in Canada take many forms, but phishing and ransomware remain the most prevalent and damaging. These attacks often serve as the initial entry point for more significant data breaches and financial fraud, targeting both employees and system vulnerabilities.
A Closer Look at the Vulnerable 40%
The Attack Lifecycle on an Unprepared Business
For businesses without adequate defenses, a cyber attack follows a predictable and devastating path from initial intrusion to lasting damage.
Initial Contact: A phishing email is sent to an employee, appearing legitimate.
Compromise: The employee clicks a malicious link, installing malware or revealing credentials.
Intrusion & Escalation: The attacker gains access to the network and escalates privileges to access critical systems.
Execution: Ransomware is deployed, encrypting files, or sensitive data is exfiltrated for sale or extortion.
Why SMEs are Prime Targets
- Limited Resources: Lack of dedicated IT security staff and budget.
- Insufficient Training: Employees may not be trained to recognize sophisticated phishing attempts.
- Perceived as Low-Risk: Owners often believe they are too small to be targeted.
- Supply Chain Links: Can be used as a gateway to attack larger corporate partners.
Further Reading & Data Sources
The data presented is synthesized from reports by leading Canadian authorities. For a deeper analysis, consult the original sources: