Are Canadian Businesses Taking Action on AI and Cybersecurity?

NOVIPRO Group, a leading Canadian IT solutions provider, has released its ninth edition of its annual IT Trends Report, highlighting artificial intelligence (AI) and cybersecurity as top priorities for businesses. The report, which has been published since 2016, examines trends in Canadian businesses across sectors by surveying over 450 respondents. The survey helps guide businesses building effective IT strategies by combining data and real-world insights.

Investments in AI and cybersecurity have grown in importance, ranking among the top five challenges and investment priorities over the next two years. Cybersecurity topped the list of the most planned areas of modernization investment. Companies need to modernize and stay current by investing in more training for their people and looking at regulations. However, there is a gap between companies’ perception of these issues versus their actions, with cybersecurity solutions not being deployed widely enough despite concerns and companies rushing into AI investments without properly assessing risks.

Cost and return on investment (ROI) remain concerns, with cost generally being the biggest tech modernization barrier. Other concerns, such as ROI and system compatibility, have been evened out by the current economic climate. Investment in security also dropped six percent from last year. With each passing year, NOVIPRO Group finds companies fear security threats and ransomware while not doing enough to protect themselves until an attack hits. Tied with budget as the top challenge, cybersecurity remains key as attacks increase, even as economic uncertainty hinders investment. Four out of 10 Canadian businesses consider it a major investment goal.

While cyberattacks are always a concern for businesses, many of those companies are not being proactive enough. The survey shows 30% of companies reporting cyberattacks, a nine percent increase from last year. Larger enterprises and financial institutions are more likely to invest in cybersecurity. However, 28% of Canadian companies have not offered cybersecurity training, with only 27% carrying insurance against cyberattacks.

AI is now the fourth-biggest challenge facing Canadian businesses, with 81% of Canadian companies intending to make at least one significant investment in technology in the next two years. About half of the companies polled cite reduced costs and increased productivity as drivers for investment. Data analytics is another major focus, with 86% of Canadian companies using data to make their business decisions. A portion of respondents cite cost, ROI, and uncertainty regarding the technology’s impact as investment challenges.

Source: Financial Post

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