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According to the 2020 Cyberthreat Defense Report (CDR), 78% of Canadian companies were victims of a cyberattack. This astronomical number has pushed the Canadian government to take new measures to stop the export of sensitive technologies to foreign states. Canada decided to implement a new strategy to effectively respond to national security threats, including cyberattacks, espionage, and theft. Work on the new National Cybersecurity Strategy started soon after Prime Minister Justin Trudeau asked senior cabinet ministers to devise a strategic cybersecurity plan in December 2021.
Four federal suggestions for new measures against national security threats
According to the country's security officials, two countries in particular – Russia and China – have their eyes on Canada's advanced technology. Among the many suggestions for improvement in security measures, the four that stood out were:
1. Specific export permits: For Canadian businesses to feel more secure while exporting goods, the federal government suggested creating a list of companies, governments, research institutions, etc., that engage in the Canadian export business and subjecting them to specific export permits. It will ensure that the seller knows to whom their products are being shipped.
2. Stricter penalties for rule-breaching: The proposal to raise penalty amounts on those breaching investment screening rules will help reduce insider crime and protect the Canadian economy from national security threats.
3. Assistance in discovering vulnerabilities in the supply network: The government also decided to assist companies engaging in export and import to check for vulnerabilities in their global supply chain network. It can include training in cybersecurity and an objective-based penetration test to spot potential and existing vulnerabilities.
4. Venture capital offerings to technology firms: The Canadian government understands that foreign investment is a driving factor in the Canadian economy. However, it can be a national security threat if some non-state actor forges the country's commercial partnerships and jeopardizes its national security. Therefore, the government will now offer venture capital to companies developing sensitive technology to eliminate the need to seek foreign investment from adversaries.
Cybersecurity: A rising concern for Canadian technology firms
“Cybersecurity is a vitally important issue that affects businesses large and small since breaches can mean losses to customer privacy as well as operational productivity. So that one really stands out to me as such an important part of the conversation around the threats to national security,” said Mark Agnew, senior vice-president for policy and government relations at the Canadian Chamber of Commerce.
The Canadian government is taking a massive step toward ensuring no loss to the economy by budgeting almost $160 million to implement all new cybersecurity measures, starting from 2022 effectively.
Improving your cybersecurity posture with Infrastructure Penetration Testing
If you are a technology company in Canada communicating with foreign investors or purchasers, you should strongly consider looking into potential vulnerabilities in your cybersecurity posture to proactively protect your assets from an attack.
At Packetlabs, we specialize in providing Canadian companies with expert cybersecurity testing services. Our team of certified ethical hackers will work with you to understand your business and design a tailor-made solution that meets your specific needs.
An infrastructure penetration test report will provide you with:
A detailed report outlining the vulnerabilities in your system
Strategic recommendations to improve your IT security
A list of vulnerabilities in your IT systems, applications, and network components
and more...