PETERBOROUGH (ON) CHAMBER OF COMMERCE | PETERBOROUGH, ON
  • COVID-19
    • Financial Support Programs
    • Business Resources for Recovery
    • Government Responses
    • Workplace Guidelines
    • Wellness Support
    • Vaccine Information
    • Rapid Screening Kits
  • What We Do
    • Influence
    • Profile
    • Knowledge
    • TeamPtbo
  • Find A Member
    • Online Directory
  • Membership
    • Member Discounts
    • Promoting Your Business
    • I'm Here Campaign
    • #lovelocalptbo campaign
    • Join Us
    • Solar Panel Installers
  • Events
    • Calendar
    • 2022 Business Excellence Awards
    • 2022 Business Summit
    • Power Hour 2023
  • Advocacy
    • Voice of Business
  • Connect With Your Chamber
    • Join Us
    • Board of Directors
    • Your Chamber Team
    • Social Media
    • Business Resources
    • Feedback >
      • Accessibility
    • Subscribe to e-Newsletter
  • #lovelocalptbokawarthas sponsors
  • Canadian Digital Adoption Plan
  • 2022 Municipal Election
Picture
Picture

Grassroots advocacy goes federal on cyber security

11/24/2017

 
Picture
​A Peterborough Chamber of Commerce driven policy resolution around cyber security to help small and medium-sized enterprises (SMEs) stay current was approved by delegates at the 2017 Canadian Chamber of Commerce Annual General Meeting in Fredericton.  The resolution was the result of discussions with local Chamber member MicroAge Peterborough  and then co-sponsored with five other chambers of commerce across the country.

The resolution will now be presented to the federal government by the Canadian Chamber of Commerce (CCC).  The resolution asks that SMEs be allowed to write-off 100% of their business investments in cyber security-related software, equipment and other costs (support services and outsourcing costs) in the year those investments are made.

It’s an important change that, if adopted by the federal government, would encourage continued cyber security investment by one of the more vulnerable business sectors.   

The internet is the road on which the majority of business is conducted in the 21st century and while business is responsible for its own portion of that road, help is needed to make sure it is maintained.   

Earlier this year the CCC released a report called “Cyber Security in Canada”.Within that report it was found that “the primary concern for SMEs is resources—most have no or limited financial or human resources (technical expertise) to address the challenges presented by cybercrime; therefore, there is little inclination to invest in protection”.
​
The Canadian economy is comprised primarily of SMEs (98%) representing about 51% of Canada’s GDP and that is reason for concern.  By incentivizing the adoption of cyber security solutions, the federal government can ensure that small and medium-sized business is not only protected, but if attacked can recover quickly and effectively.

The CCC report lays out the three main reasons criminals target smaller business:
  • Due to a lack of resources, small businesses are less equipped to handle an attack.
  • The information hackers want—credit card credentials, intellectual property, and personally identifiable information—is often less guarded on a small business’s system.
  • Small businesses’ partnerships with larger businesses-the value chain-provide back-channel access to a hacker’s true target

According to StaySafeOnline.org, 71% of data breaches happen to small businesses, and nearly half of all small businesses have been the victim of a cyber attack.

At the same time, the dollar value of [cyber security] incidents is also on the rise, according to the CCC report. It goes on to sa that, in a recent PwC survey, business executives note the cost of cybercrime on the bottom line is increasing. These costs include downtime, compensation for breached records and loss of intellectual property. The Ponemon Institute surveyed 24 companies across all sectors for IBM in a report called "2016 Cost of Data Breach Study." It noted that the average cost of data breach was $6.03 million.

Given the numbers and the three points above it’s clear to see why helping SMEs protect themselves is important to the Canadian economy.

To see the resolution go to peterboroughchamber.ca/lobbying

Comments are closed.

    Author

    The Peterborough 
    Chamber of Commerce acts as a catalyst to enhance business growth, opportunity, innovation, partnerships and a diverse business community. 

    Archives

    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    September 2015
    August 2015
    June 2015
    May 2015
    April 2015
    January 2015

    Categories

    All

    RSS Feed

Copyright © 2021 Greater Peterborough Chamber of Commerce.  ​All rights reserved.
175 George Street North, Peterborough, ON, K9J 3G6
Phone: (705) 748-9771  |  (705) 743-2331  
Home    |    Calendar    |   Site Map   |    Privacy    |    Accessibility
Join the Chamber
MemberClicks
  • COVID-19
    • Financial Support Programs
    • Business Resources for Recovery
    • Government Responses
    • Workplace Guidelines
    • Wellness Support
    • Vaccine Information
    • Rapid Screening Kits
  • What We Do
    • Influence
    • Profile
    • Knowledge
    • TeamPtbo
  • Find A Member
    • Online Directory
  • Membership
    • Member Discounts
    • Promoting Your Business
    • I'm Here Campaign
    • #lovelocalptbo campaign
    • Join Us
    • Solar Panel Installers
  • Events
    • Calendar
    • 2022 Business Excellence Awards
    • 2022 Business Summit
    • Power Hour 2023
  • Advocacy
    • Voice of Business
  • Connect With Your Chamber
    • Join Us
    • Board of Directors
    • Your Chamber Team
    • Social Media
    • Business Resources
    • Feedback >
      • Accessibility
    • Subscribe to e-Newsletter
  • #lovelocalptbokawarthas sponsors
  • Canadian Digital Adoption Plan
  • 2022 Municipal Election