Over two thirds (70%) of Canadians experienced a cyber security incident in 2022. The strategies used by bad actors are getting more and more complex. Many of us are inundated with what feels like never-ending phishing emails, scam text messages and fraudulent phone calls. It’s rare to talk to someone who hasn’t experienced some form of a cyber attack. 

The situation is no different for Canadian businesses. Identity theft, scams, fraud, and ransomware are only some of the ways cyber attackers are targeting businesses today. One cyber security breach can cost a business thousands of dollars and valuable time resources to neutralize. We wanted to know: Is cyber crime on the rise in Canada? What is the relatively new phenomenon of cyber risk insurance? And in what way are consumers affected when a business experiences a security breach? 

The Canadian Survey of Cyber Security and Cyber Crime has published new data and, in this episode, we sat down with Howard Bilodeau, an economist at Statistics Canada to answer our questions about how cyber security is changing for businesses and what it means for the rest of us.