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2022 Canadian Digital Trust Insights

The C-suite guide to simplifying for cyber readiness, today and tomorrow

Explore the key findings

66% of Canadian organizations expect their cyber budgets to increase in 2022

Investments continue to pour into cybersecurity. Sixty-six percent of Canadian organizations (69% globally) predict a rise in cyber spending in 2022, compared to 56% last year (55% globally). Twenty-one percent (26% globally) predict cyber spending hikes of 10% or more; only 11% said that last year (8% globally).

The consequences for an attack rise as our systems’ interdependencies grow more and more complex. Critical infrastructures are especially vulnerable. And yet, many of the breaches we’re seeing are still preventable with sound cyber practices and strong controls.


Canada
Global
Increasing by 15% or more
%
%
Increasing by 11%–14%
%
%
Increasing by 6%–10%
%
%
Increasing by 5% or less
%
%
No change
%
%
Decreasing
%
%
Unknown
%
%
Question: How is your cyber budget changing in 2022?
Base: 53 Canadian tech and security executives (1,638 globally)
Source: PwC, 2022 Global Digital Trust Insights, October 2021

Simplifying cyber

Duration: 00:01:00


As digital connections multiply, they form increasingly complex webs that grow more intricate with each new technology. The Internet of Things lets us perform myriad tasks by uttering a simple command, enables factories to all but run themselves and lets our health-care providers monitor our health from a distance.

But the processes needed to manage and maintain all these connections—including cybersecurity—are getting more complicated too. Runaway complexity evokes the Lernaean Hydra from Greek mythology: cut off one head, and two grow in its place.

2022 Canadian Digital Trust Insights

Is the business world now too complex to secure? Leaders are sounding the alarm.

Some 80% of Canadian respondents (75% globally) say that too much avoidable, unnecessary organizational complexity poses “concerning” cyber and privacy risks.

But because some complexities are necessary, your enterprise shouldn’t streamline and simplify its operations and processes thoughtlessly, but consciously and deliberately.

Our 2022 Canadian Digital Trust Insights survey offers the C-suite a guide to simplifying cyber with intention. It focuses on four questions that tend to get short shrift but, if properly considered, can yield significant dividends.

Tech, in itself, isn’t the answer to simplified security. Our focus, instead, is on working together as a unified whole, from the tech stack to the boardroom—starting at the top with the CEO. Security is a concern for the entire business, in every function and for every employee.

  1. How can CEOs make a difference to your organization?
  2. Is your organization too complex to secure?
  3. How do you know if you’re securing your organization against the most important risks to your business?
  4. How well do you know your third-party and supply chain risks?

Based on respondents’ answers to these questions, we determined the top 10% of global organizations that are most advanced in their practices. These most advanced respondents are twice as likely to report significant progress on important cyber goals: instilling a culture of cybersecurity, managing cyber risk, enhancing communication between boards and management, and coordinating cyber strategy with business strategy.

The multiplier effect of simplifying cyber

Globally, the top 10% reporting significant progress toward meeting these goals—the most improved—are many times more likely to be doing the right things.


x

more likely to have streamlined operations enterprise-wide


x

more likely to have a formal process fully implemented for data trust practices


x

more likely to have high levels of understanding of cyber and privacy risks from third parties


x

more likely to say their CEOs give them the support they need


x

more likely to state data and intel tools and approaches are integral to their operating model


x

more likely to say they have achieved public-private sector collaboration goals “very effectively”

We’ve seen Canadian organizations follow a similar path. Those that have made the most progress on their cyber goals are significantly more likely to have adopted these practices.

Key findings and takeaways

1. Can the CEO make a difference to your organization’s cybersecurity? 

Make ‘simply secure’ your business mantra. 

Learn more

2. Is your organization too complex to secure?

Be deliberate about simplicity and simplification. 

Learn more

3. Are you securing against the most important risks today and tomorrow?

Size up your risks — using data you can trust — to realise opportunities. 

Learn more

4. How well do you know the risks posed by your third parties and supply chain?

Shrink the large blind spot hiding the risks in your business relationships. 

Learn more

About the survey

The 2022 Global Digital Trust Insights is a survey of 3,602 business, technology and security executives (CEOs, corporate directors, CFOs, CISOs, CIOs and C-suite officers) conducted in July and August 2021. There were 114 respondents in Canada.

Global and Canadian respondents operate in a range of industries: tech, media and telecom; industrial manufacturing; financial services; retail and consumer markets; energy, utilities and resources; health; and government and public services.

PwC Research, PwC’s global Centre of Excellence for market research and insight, conducted this survey.

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Jennifer Johnson

Jennifer Johnson

National Cybersecurity, Privacy and Financial Crime Markets Leader, PwC Canada

Tel: +1 416 947 8966

Sajith Nair

Sajith Nair

Partner & National Leader - Cybersecurity, Privacy and Financial Crime, PwC Canada

Tel: +1 416 815 5185

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