The national signals intelligence agency disclosed that organized cybercrime will pose a danger to Canada’s national security and economic success during the next two years.
Research by the Communications Security Establishment (CSE) disclosed that Russia and Iran are cybercrime safe havens where criminals may operate against Western targets.
Ransomware attacks against key infrastructure, such as hospitals and pipelines, might be extremely rewarding. According to the report, cybercriminals continue to demonstrate resilience and the capacity to adapt their business models.
“Organised cybercrime will very likely pose a threat to Canada’s national security and economic prosperity over the next two years,” CSE, Canada’s counterpart to the US National Security Agency, stated.
“Ransomware is almost certainly the most disruptive form of cybercrime facing Canada today because it is pervasive and can have a serious impact on an organisation’s ability to function,” the report stated.
Official data disclosed that there were 70,878 cases of cyber fraud in Canada in 2022, with over C$530 million ($390 million) taken.
However, Chris Lynam, director general of Canada’s National Cybercrime Coordination Centre, claims that relatively few crimes were reported last year and that the true amount taken may possibly be C$5 billion or more.
“Every sector is being targeted, as well as all types of businesses. People really need to make sure they’re taking this seriously,” he said during a briefing.
Russian intelligence and law enforcement probably definitely retain contacts with cyber criminals and enable them to operate with near impunity as long as they focus on targets outside the former Soviet Union, CSE disclosed.
Moscow has long denied carrying out or assisting in hacking activities.
Tehran presumably tolerates cybercrime operations by Iranian-based cybercriminals that match the state’s strategic and ideological aims, report said.
