indicatorCybersecurity and Fraud Protection

Failing to report a data breach could cost you hundreds

By ATB Financial 5 April 2019 1 min read

New federal mandatory cyber breach notification may fuel fines and litigation; is your company prepared?

The frequency of successful cyber attacks is increasing. The value of what is taken is increasing.

Is your company prepared to contain potential damage caused by cyber theft?

Last year, Canada had the highest average detection and escalation costs for data breaches in the world -- $1.78 million.

There are many other costs and consequences to theft and payment fraud, which can impact a company’s ability to survive a cyber attack. Damage to company reputation and value. Erosion of the customer base. Litigation is another increasingly costly outcome of cyber breaches. Class action lawsuits are on the rise and new federal mandatory notification legislation is expected to fuel litigation when victims seek compensation.

As of November 1, 2018 companies across Canada will be subject to new federal legislation requiring them to report data breaches when personal information is compromised. Not only could your business face fines of $100,000 or more for failing to report a data breach when personal information is compromised, you could be at risk of significant damages.

Download ATB's Cybersecurity Toolkit to learn why Calgary lawyer James Swanson warns, “Ignorance of the law is no excuse. If the Office of the Privacy Commissioner investigates a cyber breach at your company, you’ll need to be able to show that you took all reasonable steps to avoid it. If the subsequent investigation shows that you didn’t – it won’t go well for you.”

Find out how cyber attacks are impacting Alberta businesses today, your obligations under the law, and the leading-edge solutions that can reduce risks for your business in the newest white paper from ATB Financial.

Need help?

Our ATB Business Solutions team will be happy to assist.