Privacy and cybersecurity in Canada: What every business needs to know

In 2022, nearly all Canadian organizations reported a cybersecurity attack, with 25% experiencing at least one daily attack. The average cost of a data breach is $5.64 million US dollars. Businesses can mitigate risk through strong privacy protocols, effective data segregation, vulnerability management, and a robust breach response plan. If a breach occurs, it is essential to assess whether notification is required under federal or provincial privacy laws, and businesses can face significant penalties for not reporting.