31 October 2018 | by admin

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Opportunity, the Flip-Side of Cyber-Risk

Thought Leadership Series

We all get them: unsolicited e-mails that don’t look quite right. The latest version might be a weird bank request, an amazing prize with a catch, an unexpected attached invoice, a link to an unusual software update, or a note from a friend who is seemingly lost while travelling somewhere. News broadcasts now regularly feature the resulting data breaches, disruption, and unauthorized access to networks or financial impact from these unwelcome incidents. We are becoming desensitized to repetitive examples of cyber-risk.

Is cyber-risk a necessary cost of doing business?

More than 1 in 5 Canadian businesses have reported a cybersecurity incident that affected operations (Source: Statistic Canada reports 2017). Big businesses account for a larger portion of reported incidents in comparison to small and medium-sized enterprises. Costs incurred include downtime, revenue loss as well as ransom payments. Because of these intrusions, business productivity suffered, and repair and recovery costs were incurred. In an increasingly connected world, the risk of attack is growing.

What can you do?

Consider the opportunities. In New Brunswick, CyberNB recognizes these risks, but we also recognize the flip-side of the coin, that there are opportunities to invest and build a stronger, resilient, safer and secure cyber future. Statistics Canada reports that Canadians spent more than $14 billion in 2017 to prevent, detect and recover from cybersecurity incidents.

Cyber threat is only one side of the coin. The flip-side involves addressing and investing in capabilities that mitigate the evolving threats. CyberNB is spearheading efforts to build private sector partnerships and capacity to confront the growing cybersecurity threats. CyberNB initiatives include trust and compliance products, workforce development, innovation and infrastructure, growth and commercialization.

If you’re an entrepreneur interested in developing a cybersecurity startup or a business owner wanting to add cybersecurity products and service, CyberNB can connect you to the cluster of academic, government and private entities in the region.

Claude Innes (pictured in the cover photo) is Director of Broadband and Director of Growth & Commercialization. As Business Partnership Specialist, Eddie Kinley works closely with Claude and is eager to connect, identify and facilitate opportunities for growth in our cybersecurity ecosystem.

Connect with a member of the team at CyberNB.

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CyberNB is a Special Operating Agency of Opportunities NB.

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