Leading the Global Cybersecurity Future
In an increasingly interconnected and digital world, accelerated by the pandemic, cybersecurity is an ever more vital topic for Canadians, government, and businesses alike.
Investment in cybersecurity is essential to boosting the productivity and efficiency of the Canadian economy. With privacy and data protection critical in our modern economy where Canadians are frequently accessing digital services, the risks are meanwhile at an all-time high. Canadians deserve strong protections to ensure their personal data is safe.
Canadians should be proud that our country has a strong cybersecurity foundation in place, with a number of significant global companies calling Canada home. While the recently released 2021 federal budget did dedicate significant investments in cybersecurity to secure government IT infrastructure, it made no specific commitment to help Canadian businesses boost their cybersecurity measures.
At the same time our most direct competitors in the U.S., Israel, and UK are investing billions. The OECD has also raised a red flag: while the majority of the OECD is increasing R&D investment – being led by the United States, Japan, Germany and Korea – Canada is one of only a few countries where R&D investment is “stagnant”. With far less investment in Canadian cybersecurity, Canada now finds itself at risk of being left behind.
Small and mid-sized organizations in particular are in need of greater cybersecurity threat awareness, protection, and training to utilize the full suite of tools at their disposal to keep Canadians safe from bad actors. Cybersecurity expertise should be supported to provide the necessary protection and training.
Cybersecurity is part of a vast digital ecosystem that connects communities across Canada and around the world. In 2018, Canada’s 340 cybersecurity companies contributed $2.3 billion to Canada’s GDP and 22,000 high-skilled, well-paying jobs. Continuing to sustain innovation and build trust in this digital world demands continued growth of cybersecurity capacity. Digital expansion, hastened by COVID-19, has created significant opportunity right now to create high-skilled, well-paying jobs, increase exports, and contribute to Canada’s economic recovery. This moment might never come again.
Canada is well-positioned on cybersecurity, but our global competitors are moving fast. Increased investment in cybersecurity stands to benefit communities across Canada from both job creation and from improved Canadian cybersecurity accessibility and protection.
- Canada has a strong cybersecurity foundation in place, with some of the top global cybersecurity companies being Canadian.
- More than 60 of the Fast 500 North American technology companies are Canadian.
- Four of the top 150 global cybersecurity companies are Canadian.
- Investment in cybersecurity is essential to boosting the productivity and efficiency of the Canadian economy. Despite our strong cybersecurity foundation, Canada is now at risk of being left behind.
- Canada’s R&D investments are “stagnant,” according to the OECD.
- Canada’s federal investments in cybersecurity are orders of magnitude smaller than the investments being made by our global competitors.
- Digital expansion has been accelerated by COVID; there is a significant opportunity right now to seize the moment and solidify Canada’s position as a global cybersecurity leader. This moment might never come again.
- Cybersecurity has tremendous potential to create high-skilled, well-paying jobs, increase exports, and contribute to Canada’s economic recovery.
- Cybersecurity best-practices and awareness are crucial elements in keeping your business and your customer information safe from bad actors. Canadian cybersecurity companies are among the best in the world to provide the protection and training you need.
- The 2021 budget provided funding for SMEs to invest in digital tech. This is a clear message that cybersecurity investments should go hand-in-hand with investment in IT modernization and other digital technologies.
- Increased investment in cybersecurity stands to benefit communities across Canada from both job creation and from improved made-in-Canada cybersecurity accessibility and protection.
- Keeping our data secure and protected matters to every single one of us.
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