October was Cybersecurity Awareness Month in Canada. This has become an internationally recognized campaign to encourage the public to learn more about cybersecurity.
In 2024 alone, the news has been flooded with cyber attacks and security breaches faced by some of the world’s largest institutions. This includes Ticketmaster, AT&T, Microsoft and even the UK Ministry of Defense. Even small institutions are targeted, as seen in our own backyard with both the Toronto Public Library and the Art Gallery of Ontario falling victim to cyberattacks and information leaks. Finally, individual citizens with less security measures in place are commonly targeted by bad actors.
These incidents sound scary but the benefits of using online services have made it hard to walk away from given the increased productivity and convenience for users. Many of us will recall the pandemic , where our banking needs, grocery shopping, socialization and even doctors appointments were done online. For many, this has become an accepted and normalized practice.
Despite the advantages of online services, our government heeds all Canadians to pay attention to unsuspected online traps. The Honourable Bill Blair, Minister of National Defence, said in a statement, “With Canadians and Canadian businesses living and working online more than ever, cybersecurity has never been more important. While large scale cyber incidents can seem overwhelming, individuals have the power to strengthen our country’s overall cyber resilience. I encourage Canadians of all ages to participate in Cybersecurity Awareness Month and learn simple and proactive measures they can take to defend against cyber threats."
Royal Bank of Canada has created a Cybersecurity checklist outlining some ways to mitigate potential threats and to bank online safely. To summarize, the list includes:
1) Two- or multi-factor authentication on your mobile app
2) Auto-deposit for e-transfers
3) Card Lock
4) Alerts
5) Use strong security questions
6) Use a secure internet connection
7) Avoid logging into accounts that hold private or sensitive information
8) Use a secure and encrypted VPN
9) Be aware of who is around you and who may be looking over your shoulder.
10) Use strong, complex passwords
11) Never share your passwords with anyone
Speak with your banking advisor to learn more about these features for your online profile. At RBC Dominion Securities, we treat fraud and cybersecurity very seriously. Your dedicated Wealth & Investment Advisor knows you, your voice and can discern which behaviors may be out of character. Hence, your trusted advisor serves as a very effective defense against bad actors.
On an investment basis, we expect the cybersecurity industry to rapidly grow. At the time of this writing, our discretionary investment model has included market leading cybersecurity companies in the portfolio. To learn more about investing in the theme of cybersecurity, speak to your advisor for more details.