Ransomware attacks cost Canadian organizations a staggering $1.1 million

However, for those that did pay, 36% faced a cost above $1 million this year, up from 8% in 2021. The average amount demanded has more than doubled to more than $906K.

While the financial sector remains at risk, the manufacturing, construction, and health care sectors are the most targeted by ransomware attacks, the survey found.

“The threat landscape in Canada has evolved since the first Ransomware Barometer study as more and more businesses recognize the need to be proactive and have the right security strategy in place to prevent attacks, and to lessen the impact of an attack,” said Daniel Roy, vice president and Canada country manager at Palo Alto Networks. “The study found that since 2021, companies are doing their share to improve their security posture by investing in cybersecurity as well as prioritizing employee training to better combat emerging threats.”

Existing and emerging risks

The report also highlights emerging risks facing Canadian organizations with seven in ten respondents saying that AI has increased the threat level they face, although breaches, phishing and ransomware remain as top threats.

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