The Huge Responsibility of Businesses in Cybersecurity

by Hugues Foltz Executive vice-president

Technology, Artificial intelligence

We hear more and more about cyberattacks and data breaches. In fact, according to a KPMG survey, 63% of Quebec SMEs were victims of cybercrimes in the past year. These numbers may seem shocking, but keep in mind that artificial intelligence is making hackers’ jobs even easier!

Whether large or small, businesses can no longer ignore the reality of this threat—it can have disastrous consequences. Imagine for a moment that your company is completely paralyzed by a cyberattack and you lose all your customer data… Terrifying, isn’t it?

It’s crucial to understand these risks now, which is why I’m bringing them to your attention today.

Evolving Threats

While cyberattacks and phishing attempts are nothing new, they are becoming increasingly sophisticated and convincing. Have you ever received an eerily realistic email from your “bank” containing some of your personal information? Or a persuasive text message from Canada Post instructing you on how to pay (fake) customs fees for a package you actually ordered? You’re not imagining things! AI is now enabling hackers to personalize and automate their attacks. They use increasingly advanced and powerful algorithms to bypass security systems—outdated protection methods are no longer sufficient, and even the most vigilant users are at risk!

In fact, 74% of businesses surveyed in the same KPMG study admitted that their systems and infrastructures are outdated compared to the latest cyberattack technologies.

And you—when was the last time you accidentally clicked on a fraudulent link? We’ve all been there, even if we don’t like to admit it!

Cyberattacks aren’t just a distant threat; they are a real and immediate risk that can impact any organization—including those essential to our daily well-being. For example, in 2023, a cyberattack targeted five hospitals in Southwestern Ontario, compromising the personal data of at least 267,000 patients and 1,800 employees. The breach caused an IT system shutdown, disrupting medical records and emails and even leading to postponed medical appointments.

Reputation, Trust, and Financial Losses

Remember the massive data breach at Desjardins in 2019, which affected 9.7 million people in Quebec? Of course you do—because data leaks like this leave a lasting impact. Once personal data is compromised, it remains at risk forever—it can be resold at any time. For Desjardins, this event resulted in huge financial losses and irreparable damage to its reputation.

Similarly, in 2018, global shipping giant Maersk fell victim to a ransomware attack, which cost them an estimated $300 million in lost revenue and recovery expenses.

AI as an Ally

My goal isn’t to scare you—AI isn’t just a threat; it’s also a powerful weapon against cyberattacks. AI-powered security systems can analyze millions of potential threats in real time, detecting and neutralizing attacks before they cause damage. Plus, AI continuously learns and updates itself, allowing it to adapt to new threats as they emerge.

Quebec is making significant strides in AI-driven cybersecurity solutions. For example, the Cilex incubator-accelerator (a non-profit organization) has launched a program encouraging startups to develop AI-powered cybersecurity solutions. These innovations will soon be available to Quebec businesses and ready for market deployment. Meanwhile, the Government of Canada has also taken action by creating a national cybersecurity innovation network aimed at supporting research and development, accelerating commercialization of cybersecurity products and services, and fostering talent in this critical field.

The Responsibility of Businesses

Companies bear a huge responsibility when it comes to cybersecurity. They must not only protect their own data but also that of their customers. That’s why I strongly recommend stepping up efforts to mitigate risks and strengthen resilience by 2025. With threats constantly evolving, investing in enhanced cybersecurity technologies will be essential to your operational strategy.

That said, technology alone isn’t enough. Employee training is crucial to reinforcing your cybersecurity posture. According to KPMG, only 38% of companies report that their employees have received cybersecurity training! Yet, recognizing and avoiding threats is key. After all, security starts with users and requires a collective effort.

Toward a Secure Future

Investing in cybersecurity is no longer an option—it’s a necessity. The threats are real, and the consequences of an attack can be devastating. By protecting your data, complying with regulations, preventing financial losses, and maintaining customer trust, you ensure your company’s long-term sustainability and growth.

As AI continues to evolve, I encourage you to stay vigilant and adapt to emerging threats. Yes, cyberattacks are becoming more sophisticated, but thankfully, so are the solutions. By adopting a proactive approach—integrating AI-powered cybersecurity solutions and continuously training your employees—you’ll be well-equipped to safeguard both your data and that of your customers.

So, are you ready to take on the cybersecurity challenge in the age of AI?