EXECUTIVE SUMMARY:
As more pandemic-level cyber attacks crop up, one thing becomes clear: The interconnected nature of businesses accentuates the dangers associated with cyber security. For that reason, Bank of Canada is calling for more collaboration and unified approaches to tackling the problem.
Three trends have inspired this call to action:
- Rapid digital innovation and increased reliance on third-party services driving interconnectedness and systemic vulnerability
- Increasing sophistication of cyber attacks alongside rising security costs
- Cyber security regulation examples set by U.S. counterparts
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