Biggest Cybersecurity Threats in Canada Going Forward

There are a lot of Canadians out there who would prefer to have their home broken in than to have someone take over their online presence. Why? Well, there’s a potential that, in this scenario, their financial losses would be higher, privacy concerns would go through the roof, reputational damage would be astronomical, and they wouldn’t even be able to rule out threats to their physical safety.

So, to delve a bit deeper into this topic, here are some of the biggest cybersecurity threats that Canadians are exposed to in 2024.

1. Security of data in transit

When your data travels from one place to another, it’s exposed to potential interception. This means that every time you send an email, transfer a file, or use a digital payment, someone can access it. Keeping it secure protects privacy, valuable information, and financial assets. 

Encryption scrambles your data, making it unreadable to anyone without the proper access key. It’s like locking your suitcase with a code only you know. This way, even if hackers intercept your data, they won’t be able to make sense of it, keeping your information safer.

A VPN adds another layer of encryption to your data, acting like an invisibility cloak. When you use a VPN, your data travels through a secure tunnel, making it much harder for anyone to track and intercept it. It’s an easy way to boost your online security. All in all, using some of the top Canadian VPN services could make you much more resilient to this nature of cybersecurity threats.

Besides encryption and VPNs, try avoiding public Wi-Fi for sensitive tasks. Public networks are a hacker’s playground, so use your own network or a trusted connection when handling important information. Also, two-factor authentication adds a quick, additional layer of security during data transfers. 

2. Ransomware attacks on critical infrastructure

Hackers are increasingly targeting essential services, knowing that disruptions here cause widespread chaos. Hospitals, transport systems, and energy providers are particularly vulnerable, and attacks on them can cripple public resources and harm communities. This focus makes ransomware a top concern for Canada’s cybersecurity defenses in 2024.

Ransomware attackers usually demand high payouts to release hijacked data or systems. This drains financial resources, especially for public institutions with limited budgets. Also, paying these ransoms doesn’t guarantee systems will be restored, putting organizations in a difficult position that often ends up costing millions.

Once data is encrypted in a ransomware attack, recovery options are limited. Many instructions aren’t prepared with backups, leaving them with few ways to recover these files. Data hijacking forces organizations to consider paying the ransom or face severe operational disruptions, making it a difficult choice. 

Organizations should invest in regular backups and secure storage options to prepare for ransomware. This way, they have something to fall back on if data is hijacked. Moreover, training staff on recognizing potential ransomware attacks can help reduce the risk of infection in the first place.

3. Phishing attacks and social engineering

Phishing scams have grown more convincing, often mutating official emails or texts. These messages look professional, tricking people into sharing sensitive information. Scammers know that the more realistic they appear, the more likely people are to fall for them, making these attacks a growing concern. 

The first big boom of these attacks across Canada happened during the pandemic, but the exponential growth of this threat hasn’t stopped (nor has it slowed down).

One effective tactic in phishing attacks is pretending to be trusted institutions. Hackers might mimic a bank or government organization to gain credibility, preying on people’s trust. By using familiar names and logos, they make it hard for victims to identify the scam, increasing the likelihood of success. 

The best defense against phishing is education. Teaching people to recognize suspicious emails or texts can go a long way in preventing these attacks. Also, organizations that encourage reporting suspicious messages can stay ahead of threats and protect their teams from falling victim to phishing scams. 

4. Risks of IoT vulnerabilities

IoT devices, from smart speakers to home cameras, often lack strong security protocols, making them messy targets. Manufacturers prioritize functionality over security, leaving loopholes for hackers. This lack of protection is a weak link in cybersecurity, as it gives unauthorized users an entry point into your network.

The problem is even bigger than you think because the number of IoT devices is expected to reach 40 billion by 2030.

The convenience of IoT in smart homes and cities comes with risks. Hackers could manipulate devices to disrupt daily life, from tampering with traffic signals to unlocking doors. As these systems become more integrated, securing them becomes essential to avoid severe consequences for communities and individuals. 

Managing IoT security can be tricky since these devices are often not centrally monitored or updated. Unlike computers, IoT devices don’t always receive regular security patches. This makes them easy to exploit, as outdated software allows attackers to infiltrate your network.

To secure IoT networks, use strong, unique passwords on every device and enable any available security features. Moreover, regularly update the firmware when possible and keep these devices on a separate network. By isolating IoT gadgets, you protect other devices if one is compromised. 

5. Growing threat of supply chain attacks

Hackers increasingly target vendors and third-party providers as a backdoor into larger companies. By breaching a trusted partner, they can access systems and data that are otherwise out of reach. This approach makes supply chain attacks a serious threat since it relies on the vulnerabilities of interconnected organizations. 

One method used in supply chain attacks is hiding malware in trusted software updates. When companies unknowingly install these updates, they spread malware within their systems. Also, these attacks often go undetected, as companies assume the software update is legitimate, giving hackers prolonged access to sensitive data.

Supply chain attacks compromise businesses’ and consumers’ data. When hackers infiltrate a supply chain, they gain access to customer information, risking identities, finances, and more. Consequently, these attacks create widespread damage that extends beyond the initial target. 

Businesses can reduce risk by carefully vetting their supply chain partners. Ensuring that vendors follow strong cybersecurity practices protects both companies and consumers. Moreover, regular audits and security checks help maintain high-security standards, making it harder for hackers to use supply chains as weak links.

6. AI-powered cyber attacks

With AI, phishing attacks are becoming smarter and more convincing. AI can personalize scams to target specific individuals, making them more believable. This makes traditional phishing protections less effective, as these attacks now use advanced techniques to bypass basic security measures and trick even cautious users.

AI can adapt to security measures faster than humans, allowing attackers to bypass traditional defenses. Analyzing patterns and weaknesses allows AI-powered malware to exploit vulnerabilities that regular malware might miss. This evolution means that businesses must constantly update defenses to keep up with these smarter attacks. 

AI-generated threats are challenging to detect because they mimic legitimate activities. For example, AI-driven bots can act like real users to avoid detection. Moreover, these bots can quickly adjust their tactics, making it even harder for security systems to keep up with their movements and block them. 

Companies are turning to AI-driven security measures to counter AI-powered threats. Machine learning can detect and flag unusual patterns before they become full-blown attacks. Also, by continuously learning, AI security tools evolve to combat new threats, helping to level the playing field in cybersecurity. 

The digital landscape is dangerous for Canadians in 2024

As these cybersecurity threats become more sophisticated, proactive measures are crucial to safeguarding personal and organizational data. From securing IoT devices and mobile phones to training employees on phishing risks, each step plays a part in building a safer online environment.

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