Bank of Canada more worried about cyberattack than recession

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The governor of the Bank of Canada is not holding his fear of a cyberattack back.

In an interview with the Canadian Press, Stephen Poloz said that more than anything else, a cyberattack on a large Canadian financial institution is what worries him the most about the future:

“It leaps up to the top of your consciousness pretty quickly — I think in many ways it’s more worrisome than all the other stuff…

Every [cybersecurity breach] you hear of sounds different, or happens in a different way…. There’s all these things you and you think, ‘My God, how do I get my arms around that whole risk and what are the consequences?’…

If you continue just to add institution-by-institution guidelines, you will not create enough of an umbrella to protect anybody from the social consequences of a cyber event and, therefore, almost definitionally there will be one…

What are the social consequences if our payments system goes down for any length of time? Big disruption to the economy. So, it becomes a macroeconomic consequence from maybe only one member of the payments system having a vulnerability that wasn’t guarded against.”

Poloz is right that a system is only as strong as its weakest link – this is true for cybersecurity as much as any other topic. At Evizone, we consistently tell our clients to look at their own clients and vendors to make sure they are safeguarding their data properly. Getting hacked puts not only your own company at risk, but every other company you deal with as risk too. This was the case when HBO’s Orange is the New Black was leaked early after the audio-post production company Larson Studios had their systems compromised.

With tough new regulations being passed in New York, the EU, and other jurisdictions that penalize poor attention to cybersecurity, it’s time for companies to step up to the plate and ensure that they protect and encrypt their data.

Ignoring the issue is not only bad for your company, but for the whole economy.

About Evizone Ltd.
Evizone Ltd. is a revolutionary secure communications, encryption and compliance software and service provider based in Montreal, Quebec, Canada. Evizone offers innovative enterprise solutions in secure messaging (next generation beyond encrypted e mail) and encryption, encryption at rest, regulatory compliance, compliance archiving, WORM compliance, 17a-4 compliance, document life cycle management and communications governance and risk management. Evizone’s services protect organizations through best in class security, encryption, recipient controls, document life cycle management, discovery management, compliance management, compliance archiving, tamper proof WORM and 17a-4 compliance archiving and complete audit records against the enormous damage caused by communications breaches. Evizone’s patented technologies offer a level of security impossible to obtain with conventional or encrypted email and fast, powerful, user friendly compliance archiving. Evizone’s services are immediately available on multiple platforms and provide the strongest commercially available communications security and compliance archiving. You can follow Evizone on Facebook, Twitter, and LinkedIn.

Tom Kott, HATLEY Strategy Advisors, 514.316.7082,


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