No time to Reduce Security

In the face of the pandemic, companies are cutting expenditures, and as often happens, it appears they are cutting expenditures on cybersecurity. “Gartner estimates a $6.7 billion decrease overall in global security spending in 2020 for software and services as a result of the economic impact of the pandemic, while Forrester Research has warned security teams to expect to see leaner budgets and trimming of their already-thin staffs.”

At the same time, increases in online business and offsite working have led to new security challenges. It seems the wrong time to be cutting cybersecurity expenses.

Part of the reason for the cuts is that companies are increasingly moving to cloud systems, and using cloud based security (SOC). This may not be a good thing. As companies outsource their security they tend to lose some control over it which presents a new set of issues. They may find they need to renew their security spending sooner than they thought.

Data Breaches No one is safe

by Donald E Sheehy, CPA, CA, CISA, CRISC, CITP/C

Effective November 1, 2018 businesses in Canada became subject to new mandatory breach reporting regulations under Canada’s federal private sector privacy law, the Personal Information Protection and Electronic Documents Act (PIPEDA). Previously, data breach reporting was done on a voluntarily basis only.

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The Restoration of Data Analytics

Over recent years, predictive analytics has become an essential part of business management, especially in the era of big data. But now, the models being used have been blown by changing behaviours. People are working at home, ordering more take-out, using less cash and more electronic payments, shopping online – the list goes on. Predictive analytics depends on historical data. There’s really only one good answer; companies need to focus on rebuilding their data banks to reflect the new behaviours – a necessary but time-consuming activity.

CPA Founding Partner

Chartered Professional Accountants of Canada (CPA Canada), one of the largest national accounting organizations in the world, has chosen to become a founding partner of ThinkTwenty20.