Canadian companies are still among those paying the most for data breaches.
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Canadian companies pay an average of $6.94 million for a data theft incident, the third-highest amount in the world, according to data released by IBM on Monday.
Last year, that amount was $7.05 million.
Financial and energy companies bear the highest costs in the event of a security breach, with Canada’s financial sector paying an average of nearly $12 million, compared to $9.37 million in the energy sector.
The study found that the use of AI by Canadian organizations with extensive use of AI and automation in their security operations can reduce the average breach lifecycle by 33 days and costs by $1.74 million compared to organizations that do not use AI and automation.
“Employee training is the best way to reduce the costs associated with data breaches. Canadian organizations that combine this training with threat intelligence, encryption, identity and access management, proactive threat hunting, and AI can significantly reduce the total cost of a security breach.