Study indicates Canadian companies paying ransomware demands

NOVIPRO has shared results of its sixth annual IT Portrait of Canadian Businesses report in collaboration with Leger, which demonstrates the different ways Canadian companies may be vulnerable to computer attacks.

The study found that 56 per cent of organizations targeted by malware have paid the amounts requested by cybercriminals. Of these, one in three companies or 33 per cent retained the services of a negotiator, while 23 per cent proceeded without the help of an intermediary.

In Quebec, 70 per cent of companies were less likely to review security practices due to the pandemic compared to Ontario and British Columbia organizations where this figure stood at 82 per cent respectively in 2021.

Over half of Ontario businesses  are more afraid of a cyberattack whereas in Quebec only 32 per cent of those surveyed reported feeling concerned.

One quarter of respondents say they have already been victims of a computer threat, similar to the previous year. In 2020, Quebec was the most affected province with 24 per cent of respondents reporting attacks; however, Ontario has overtaken this spot in 2021 at 29 per cent.

The survey also showed that 40 per cent of companies have more confidence in their IT team when it comes to security in the wake of COVID-19 and hybrid, remote work models.

A third or 33 per cent of respondents cite telework as one of the reasons IT professionals encourage or would encourage companies to opt for cloud computing.

For the second year in a row, investment plans in advanced data analytics and artificial intelligence are declining, falling to 18 per cent, from 29 per cent in 2020.