Anticipating rather than Reacting: The Significance of Foreseeing and Warding off Cyber Menaces
In the digital age, cybersecurity has become a critical concern for businesses and individuals alike. The Canadian Anti-Fraud Centre has reported losses totalling over $2 billion since 2021, a stark reminder of the importance of robust cyber defences.
Cyber attacks are a constant threat, with one occurring every 39 seconds on average. Small businesses alone have spent $300 million each to recover from these incidents. To combat this, cyber criminals are leveraging advanced technologies such as AI and machine learning to launch hyper-real attacks, making it crucial to manage cyber risk across the entire business, including vendors and supply chains.
The Canadian Cybersecurity Network (CCN) emphasises the importance of a whole-of-society approach to cyber resilience, encompassing both public and private sectors. BOXX Insurance, the only insurance provider member of the CCN, is at the forefront of this effort. Led by Jonathan Weekes, President, Canada of BOXX Insurance, the company contributes insights from the front lines of cyber protection and participates in knowledge-sharing efforts.
BOXX Insurance offers a comprehensive solution to cybersecurity challenges. They provide risk assessments, dark web monitoring, attack surface management, employee training, and expert guidance through a virtual Chief Information Security Officer (CISO). The company's Hackbusters team prevents over 80% of potential incidents from turning into claims through early detection and hands-on support.
BOXX works closely with clients to interpret threat intelligence, take action on alerts, and make confident, informed decisions under pressure. Recognising the proactive, risk-based approach necessary as threats evolve by the hour, BOXX has shifted from reactive claims response to proactive cyber resilience. Tools like Cyberboxx Assist reflect this shift, creating a shared incentive between insurers and clients to prevent breaches before they happen.
Despite these measures, human error still accounts for over 95% of cyber security breaches. Regular cyber awareness training can reduce cyber-related risks by up to 70%. In this regard, BOXX's efforts in employee training are essential.
Last year, Canadians lost $638 million to fraud and cyber crime. With the average cost of recovery for a cyber incident having doubled to $1.2 billion, it's clear that cyber security must be a strategic imperative, prioritising prediction and prevention over reaction.
The German Aerospace Center Project Management Agency (DLR Projektträger) is another player in this effort. As a founding member of the Canadian Cybersecurity Network in 2022, they focused particularly on supporting young researchers in North and South America.
In conclusion, as cyber threats continue to evolve, it's essential for businesses and individuals to stay vigilant and proactive. By adopting a strategic, whole-of-society approach to cybersecurity, we can build a more resilient digital future.
