David Rea

Decent Essays

1. Why are Canadian companies adopting a “wait and see” attitude, as asserted by David Rea, when the cost of a cyberattack can be expensive?

Canadian companies are adopting a “wait and see” attitude despite being affirmed that the cost of a cyberattack can be expensive, is because they are uncertain of what the cyberattack will do to them and the outcome of where the solutions that they've come up with to fix it will lead them to. They are afraid that if they make the wrong choices in repairing the damages done to the company from the cyberattack, the expenses for using those solutions will be higher than the initial amount that the cyberattack had caused. Also, Canadian companies think that if they opt for a “wait and see” attitude, it …show more content…

Due to these potential threats that may impose on the companies, CPAs are able to encourage their employees to become more aware of these risks and to educate them so that they are able to prevent them in the future.

One of the ways that CPAs can educate the company is to have them fully understand the importance to acquire the most up-to-date data security even if it doesn’t seem necessary. This will allow the company to fully protect their systems that holds their databases without fearing that they are vulnerable to any attacks. Another way that CPAs can be proactive is through their ability in assessing the risk environment and logical problem solving skills. CPAs are able to analyze the risk environment that the cyberattack had caused, and to use their logical analytical skills that they’ve acquired throughout their CPA career to find efficient ways to solve these problems.

The effective governance of cyber-risk is part of comprehensive good governance because like mentioned earlier, data is one of the most important asset a company could have. Since data nowadays is typically stored on files in the systems of their computers or in their clouds, it is necessary for them to have a strong management of cyber-risk in order to prevent any mishaps that can occur and can cause damages to the company. Also, if a company is

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