Increasing Security Breaches in Canada Causing Loss of $637,000 a year

Security software vendor - TELUS - in partnership with Roman School of Management conducted a study, which said that fraud; phishing and other kinds of data breaches are rapidly soaring in Canada.

According to reports, the TELUS survey, involving over 300 Canadian businesses, revealed that IT security violations are costing Canadian companies a median loss of over $637,000 a year.

Further, according to TELUS, the government's expenses on controlling Internet crimes such as phishing and data breaches on account of computer viruses and other malware are shooting to $320,000 per organization. On the other hand, similar expenses for private companies amount to $294,000 per year.

Moreover, researchers and analysts said that security breaches commonly involve computer viruses, worms, phishing and other malware that fraudulently attempt to steal sensitive information like usernames, passwords as well as payment card particulars by impersonating as a trustworthy organization in an e- communication.

Meanwhile, according to Walid Hejazi, Economics Professor at Rotman School of Management Business, although organizations have got success in stopping people from gaining illegal access to information, people, who want to break into the security systems, seem to get even more sophisticated technically, as reported by THE VANCOUVER SUN on July 29, 2008.

Hejazi further added that the number of spamming and phishing attacks has been steadily increasing in Canada in recent times, causing a considerable damage to people.

Meanwhile, security analysts have found that as the level of IT sophistication keeps growing, virus authors also develop an increasing number of equally sophisticated malware aimed at ruining such securities. Also, given that the IT security is a cornerstone for business, successful protection of inbound and outbound data from breaches requires customers' ability in addition to that of businesses', to evaluate, analyze and enhance the protection of information from security threats.

Furthermore, according to the analysts, IT security violations come with different types of direct and indirect expenses on a computer or a complete network. Finally, TELUS study clearly indicates that inadequate collection and unsafe storage of information can severely restrict the growth possibilities of any organization.

Related article: Increase in Broadband Use in NZ Brings Trouble

» SPAMfighter News - 12-08-2008

All SPAMfighter products offer a free trial!

SPAMfighter is a free spam filter for Outlook, Outlook Express,Windows Mail, Windows Live Mail and Thunderbird.

Optimize your Slow PC for better performance. Try FREE scan now

Disk space recovery
and disk optimization. Try FULL-DISKfighter free

SPAMfighter Exchange Module is a Spam filter for Exchange server - Free 30 days trial.

Remove Spyware with SPYWAREfighter - Free 30 days trial

Antivirus software for your Windows PC - Free 30 days trial