Data breaches cost Canadian businesses nearly $6M on average: Mastercard data

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Data breaches cost Canadian businesses nearly $6M on average: Mastercard data
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A new report from Mastercard shows that the average data breach costs Canadian businesses $5.64 million while only 39 per cent of businesses are implementing adequate cybersecurity tools.

Canadian banks are combating cyberattackers by hiring their own in-house ethical hackers and investing in cybersecurity research. Networking cables on a batch board are shown in Toronto on Wednesday, Nov. 8, 2017. THE CANADIAN PRESS/Nathan Denettefrom Mastercard shows that the average data breach costs Canadian businesses $5.64 million while only 39 per cent of businesses are implementing adequate cybersecurity tools.

Mastercard also surveyed Canadian businesses and consumers and found that only half of consumers change their passwords when prompted by a platform, when hacked, or not at all. Half also say use the same password on most of their accounts. To avoid potential risks, 68 per cent of Canadians consumers prefer to use a third-party payment platform as 82 per cent don’t trust a company to protect their data, according to the research.

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