Cybercrime can be a serious threat to Canada's security and prosperity
The country's intelligence agency expects cybercrime to reach a new level in the next 2 years.
Organized crime will pose a threat to Canada's national security and economic prosperity in the next 2 years. This was announced on Monday in a report by Canada's national signal intelligence agency.
The Communications Security Establishment (CSE) in its report named Russia and Iran as the main breeding grounds for cybercrime where criminals can operate against Western countries.
The report also notes that cyber ransomware attacks on critical facilities like hospitals or pipelines can be particularly lucrative. Cybercriminals continue to be resilient and modernize their modus operandi and "business model".
"Ransomware is almost certainly the most disruptive form of cybercrime facing Canada because it is pervasive and can have a serious impact on an organization's ability to function," the CSE said.
According to official figures, there were nearly 71,000 reports of cyber fraud in Canada last year. As a result of these crimes, people lost more than CAD 530 million.
Chris Lynam, General Director of the Canada's National Cybercrime Coordination Centre, believes that not all victims of cybercrime report to the competent authorities, so the real number of cyberfraud cases in 2022 may be many times higher than the official figures: CAD 5 billion and more may have been stolen by cyber extortionists.
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