Canadian companies are among those who still pay the most when it comes to data breaches.
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According to data released by IBM on Monday, Canadian companies would pay $6.94 million on average for a data theft incident, the third highest amount in the world.
Last year, this amount was $7.05 million.
Financial and energy companies bear the most costs in the event of a security breach, since the Canadian financial sector pays almost $12 million on average, compared to $9.37 million for 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 are able to reduce the average breach lifecycle by 33 days and costs by $1.74 million, compared to those not using AI and automation.
“Employee training is the best way to reduce the costs associated with data breaches. Canadian companies 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 breach.