Canadian firms say cybersecurity budgets falling short as attacks grow: survey

A new survey indicates Canadian firms are losing confidence in their cybersecurity budgets' ability to handle increasing and complex threats. The Canadian Internet Registration Authority surveyed 503 individuals responsible for cybersecurity decisions, finding 76 percent of respondents reported organizations that increased their cybersecurity budgets over the past year.

Most organizations have IT budgets of at least $50,000, with several well-capitalized with funding exceeding $100,000. However, most organizations only allocate 5-15 percent of their overall IT budgets to cybersecurity, with 17 percent believing their current spending insufficient. Sixty-seven percent felt their cybersecurity budgets were adequate, down from 74 percent last year.

Jon Ferguson, vice-president of cyber and domain name system at CIRA, stated that security teams face more threats, greater complexity and higher expectations amid economic and operational uncertainty. Many Canadian schools and hospitals have recently been targeted by cyber attacks, while 87 percent of participants had a response plan in place for cybersecurity incidents, and 82 percent pay for cybersecurity insurance.

However, 80 percent of cybersecurity decisionmakers are concerned about AI-based threats. Canadian ownership and data residency have shifted from preference to requirement for many respondents, with 91 percent stating it matters that cyber records are stored and processed in Canada, and 89 percent caring about vendors they partner with being Canadian-owned or headquartered.