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The most common cyber claims in Canada

Ransomware remains a serious threat to Canadian businesses, costing on average $596,000 per incident, according to NetDiligence’s 2023 Cyber Claims Study. Other common risks include business email compromise, staff mistakes, and malware/viruses. Interestingly, the most expensive cost to organisations is wire transfer fraud, averaging $615,000 per occurrence, although it accounted for fewer claims. The study emphasises the importance of robust incident response plans to mitigate financial and operational impacts.

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