By: Saeed Akhtar, The Milton Reporter
A recent research conducted by NordPass regarding consumer data breaches has rang alarm bells for businesses in Milton, which may face data leaks from hackers. The study on cybersecurity incidents between December 2019 and July 2023 revealed that Canada ranks eighth globally regarding companies leaking consumer data.
Key findings from the study indicate that over 200 companies across Canada have suffered data breaches during this period, exposing sensitive consumer information such as email addresses, passwords, and usernames. Although Canada is responsible for only 2% of the approximately 10,000 global companies implicated in exposing client data to cyber threats, the impact remains significant.
Furthermore, these Canadian companies, which have collectively generated over $3 billion in revenue and employed around 40,000 individuals, represent a concerning pattern in the country’s cybersecurity landscape.
“This research underscores the pressing need for Milton businesses to prioritize data security. Cybercriminals are becoming increasingly sophisticated, and companies must invest in robust cybersecurity measures to safeguard consumer information,” said a Milton-based IT expert, Shujat Ali.
NordPass Chief Technology Officer Tomas Smalakys emphasized the need for companies to prioritize client data security, even without comprehensive legislation. Smalakys recommended employee training, network security solutions, and robust password management practices to combat cyber risks effectively.
The research also highlighted a troubling trend among businesses worldwide, including those in Canada, with up to 32% of passwords containing direct references to the company. NordPass encourages the adoption of password managers and passkeys, a secure alternative to traditional passwords, as part of an overall strategy to enhance data security.
NordPass’s findings remind Milton businesses of the importance of cybersecurity vigilance.
Another businessman, who has only 50 employees, Diraya Khan, said: “I established a tiny company in Milton some five years ago. Per the research, a company like myself with limited employees has their data compromised the most. Even technology companies struggle to protect client data, highlighting the complexity of modern cybersecurity threats.”
“Smaller businesses, particularly those with up to 50 employees, are at a heightened risk of data breaches. This study serves as a wake-up call for them to establish comprehensive cyber resilience plans and consider alternative authentication methods like passkeys,” said a prospective investor, Mukhatar Ahmad, who landed at Milton from Pakistan last month to start his new business.