Is your cybersecurity legally sufficient?
It’s an old saw at this point: a cyber attack is not a question of if but when. An average of almost one in five Canadian businesses (one in three for large organizations) experienced a cybersecurity incident in 2021. It’s a fact of life, like bad weather or fire. And, as with those risks, organizations need to be adequately prepared or they may be at fault for the consequences of a cybersecurity incident when it occurs.
Multi-factor authentication (MFA)
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Cyber risk
Cybersecurity must haves:
43.2
of companies do not
have multi-factor authentication
Regulators in the U.S. and Canada agree, and are setting a new baseline for minimally required protections. So are cyber insurance companies, who won’t even sell you the coverage if you don’t have certain controls. The general public expects more, too, and they are taking complaints over mismanagement of privacy and inadequate cybersecurity to the courts.
Assemble your key decision makers — your CISO, privacy officer and GC, if you have them, or your IT leaders if you don’t — and determine whether your cybersecurity safeguards meet industry standards. If they don’t, make 2023 the year you get cyber secure.
%
80 to 90
Daniel J. Michaluk
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Cyber risk management guidance for Canadian corporate directors
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DMichaluk@blg.com
T 416.367.6097
National Co-Leader, Privacy & Cybersecurity
ECharleston@blg.com
T 416.367.6566
National Co-Leader, Cybersecurity
Eric Charleston
BFreedman@blg.com
T 604.640.4129
Senior Counsel
Bradley Freedman
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ARoss@blg.com
T 403.232.9656
Partner
Alan Ross
JCocker@blg.com
T 416.367.7283
Partner
Jonathan Cocker
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Yet tech execs say it can prevent
of cyber attacks
Segregated backups from your networks
Training for people
Incident response plan
Onboarded incident response legal counsel and digital forensics in advance of an incident
Strong data retention practices
1 Source: CyberEdge Cyberthreat Defense Report 2022
It’s an old saw at this point: a cyber attack is not a question of if but when. An average of almost one in five Canadian businesses (one in three for large organizations) experienced a cybersecurity incident in 2021. It’s a fact of life, like bad weather or fire. And, as with those risks, organizations need to be adequately prepared or they may be at fault for the consequences of a cybersecurity incident when it occurs.
Regulators in the U.S. and Canada agree, and are setting a new baseline for minimally required protections. So are cyber insurance companies, who won’t even sell you the coverage if you don’t have certain controls. The general public expects more, too, and they are taking complaints over mismanagement of privacy and inadequate cybersecurity to the courts.
Assemble your key decision makers — your CISO, privacy officer and GC, if you have them, or your IT leaders if you don’t — and determine whether your cybersecurity safeguards meet industry standards. If they don’t, make 2023 the year you get cyber secure.
43.2
%
80 to 90
%
1
2
2 Source: The White House press briefing, Sept 2021
1
2
1 Source: CyberEdge Cyberthreat Defense Report 2022
1
/ 5
Multi-factor authentication (MFA)
Segregated backups from
your networks
1
/ 5
Training for people
Incident response plan
1
/ 5
%
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FWilson@blg.com
T 514.954.2509
National Co-Leader, Privacy
Frédéric Wilson
