A EY Global Fraud Survey reveals that Canadian business leaders are more fearful of cyberattacks than their counterparts. For example, in Canada 66% of them think they are the greatest threat to their business.
37% of business leaders around the world consider cyberattacks to be the main risk for their company, compared to two-thirds of Canadian business leaders! They then cite the changing regulatory context, at 48%. With the recent data protection scandals, Canadians seem to be particularly aware of the cybersecurity challenge, both in business and from a more personal viewpoint.
Who is responsible?
Integrity within the company creates a split over who has to ensure that it is respected. According to 62% of business leaders interviewed, this is the responsibility of management. 24% think it is up to the employees and 8% to human resources.
The problem is that it is difficult to put into practice, even with the best of intentions. So while more than three quarters of companies involved in the survey have put into place clear sanctions in the event of a violation, only 46% of business leaders have already encountered cases where a violation was indeed followed by sanctions.
Integrity and performance
The study finally reveals that Canadian companies do not always understand how integrity can have an impact on the company’s performance. Most of the country’s business leaders (76%) believe that the benefits of integrity are mostly linked to public perception and 62% to that of customers, but less than half (46%) relate it to the company’s good performance, compared to 59% on average worldwide and 70% of the North American average.