While 77 percent of Canadians believe they are knowledgeable on cyber security, only 16 percent could identify the majority of cyber terms correctly.

Protecting your assets is a central part of any wealth management strategy. While most of us may plan for the usual threats, taking precautions such as installing home-security systems and working with trusted advisors, not all of us are vigilant about the possibility of cybercrime.

In 2017, there were more than 27,000 cyber-related incidents reported to police and, according to the Canadian Chamber of Commerce, nearly half of small and medium-size businesses in the country have been the victim of a cyberattack, with cumulative costs to Canada's economy representing billions of dollars a year.

In a 2017 Campden Research study, 38 percent of ultra-high-net worth (UHNW) families, family offices and family businesses internationally, with an average wealth of US$1.1 billion, reported they didn't have a cyber security plan in place.

If you fall into that category, you could potentially be more vulnerable to an attack by savvy cyber thieves.

 

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