Canadian Organizations Pay Record CAD 7.11 Million Per Data Breach

Canadian organizations paid a record average of CAD 7.11 million per data breach in 2026, up from CAD 6.98 million the previous year. According to the 2026 IBM Cost of a Data Breach report, companies in Canada took an average of 205 days to identify and contain breaches. The energy sector experienced the highest costs at CAD 9.21 million per breach, with the technology sector following closely at CAD 9.02 million.

IBM identified phishing as the primary entry point for hackers, noting that vishing and smishing resulted in the highest overall costs. The report analyzed 602 global organizations between March 2025 and February 2026.

Chris Sicard, IBM Canada security leader, warned that longer containment times mean organizations take more time to identify and remove threats. He noted that these financial losses and operational disruptions may be passed to consumers through higher prices and service interruptions, while the theft of personally identifiable information increases risks of identity theft and fraud.