Cyber Crime Remains a Major Threat Against the Canadian Economy

Cybercrime is a major threat to the Canadian economy that is gaining momentum. Small, medium-sized, and large businesses are affected almost daily by cyber incidents, which has a trickle-down effect on local residents. Cybercrime can cause disruption and harm, affecting major municipalities such as Toronto and Ontario.

Incidents in the past have included hospital shutdowns, offline systems, consumer information stolen and sold on the black market, and privacy and financial hardship seen by Canadians in every province. Businesses and consumers must understand how cybercrime is a major threat to the economy and the steps taken to ensure valid protection as a whole.

Common Cyber Issues

Cybercrime is a major issue that is now at the forefront of economic crises in many countries, including Canada and the United States. It is not uncommon for a sector to be hit with cybercrime, such as financial institutions or casinos. In the past, banks have been targeted, with cybercrimes stealing information and the hard-earned money of citizens. Banks are home to millions of dollars and a large portion of personal data.

Consumer data is stored within banks, including private information such as social security numbers, credit card numbers, addresses, emails, and bank account numbers. Criminals can use this information in many ways to wreak havoc on the economy and shut down spending.

Banks play a major role in the economy as they are the starting point for all transactions. If banks are shut down, money does not exchange hands, and the economy comes to a complete standstill. A major cyberattack involving several banks would be catastrophic for Canada and other countries associated with trade and commerce.

Casinos are often targeted as well due to the information stored in databases and the amount of money exchanging hands. In the United States, Caesars and MGM Resorts were hit hard in 2023, with systems shut down and no way to provide standard services to guests. Online services and in-person casinos were affected.

Canadian online casinos have yet to be seriously threatened by attacks, but this could happen at any time. After the US attacks, online operators were encouraged to add more security protocols to ensure that consumers’ personal and financial information is protected in every way possible.

Upgrading Security Systems

Because today’s economy is based on online services, it’s imperative that businesses are proactive in providing essential security protections. This can include two-factor authentication for accounts, SSL encryption for data, and other common protocols.

Businesses can consistently upgrade systems to ensure that new technology is integrated to protect consumer information and financials. Consumers must also take matters into their own hands and utilize additional security protocols, such as two-factor authentication with Bitwarden or Authy, to protect personal information.

With additional security in place, consumers can feel better about completing transactions with businesses, both online and in person. Most transactions occur online now, and for the economy to remain stable, security protocols for transactions and personal information must be constantly implemented.

Embracing AI Technology

One way that Canada and other countries can upgrade security systems is with Artificial Intelligence (AI). AI is already growing significantly in several sectors and could be used to ensure data protection.

Just this week, Prime Minister Justin Trudeau announced a $2.4 billion package for the Budget 2024, including securing AI technology. As part of the package, there will be a strengthening process for the Artificial Intelligence and Data Act.

The Office of the AI and Data Commissioner will receive $5.1 million. The Act aims to use AI innovation positively to help ensure that Canadians are protected from potential data risks. Canadian businesses are being encouraged to implement AI as a standard practice for data protection.

AI is also considered a key job creator and driver of productivity and economic growth. In 2022-23, there were over 140,000 active AI professionals in the country, a 29% increase from the previous year.

Along with using AI for additional protection measures, Canada has figured out how to implement the technology as a new career path. As AI becomes even more prevalent around the world, Canada will remain at the forefront of the technology, embracing new and exciting ways to bring more revenue and stability to the country’s economy.

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