Canadian privacy watchdog reveals 2020 cyberattack on gov't agencies led to COVID-19 benefit fraud, identity theft, and heightened 2023 cyber incidents in banks.
The Canadian federal privacy watchdog found that a 2020 cyberattack on Canadian institutions, including the Canada Revenue Agency and Employment and Social Development Canada led to the fraudulent collection of payments, fraud, and identity theft, including applications for COVID-19 emergency response benefits. The organizations underestimated the level of identity authentication needed and failed to promptly detect and contain the breach. In 2023, Canadian banks reported nearly triple the number of high-impact cyber incidents from the previous year, prompting concern from the banking regulator as high-impact cyberattacks are a significant risk for Canadian financial institutions.
February 16, 2024
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