Although the average number of records hacked in Canadian cyberattacks has increased, victims are getting better at spotting and responding to the intrusions, reducing the costs to an average of $6.32 million in 2024, IBM’s cybersecurity arm reported. That’s based on a sample of 28 Canadian incidents. The average cost is down from $7.05 million in 2022, and contrary to the global trend of rising costs for breaches. (The Logic)

Talking point: IBM credits automation and AI tools, which it sells, for speeding the recovery from intrusions. Phishing attacks, in which a fraudulent communication entices an employee to give up a password or other key security information, are the most common type, accounting for 14 per cent of breaches in Canada. Across all countries it examined, IBM found nearly two-thirds of firms that suffered breaches intended to pass the costs along to customers by hiking prices.