Be sure who’s in your computer network – Your Community Voice

Canadian businesses have been hit hard by cyberattacks this past year.

Cybercriminals have targeted everything from household-name stores like Sobeys and Indigo to numerous government departments, hospitals and other public service organizations, including the
Canadian Armed Forces. These attacks have impacted millions of Canadians, crippled business operations, and according to the Canadian Cyber Threat Exchange, cost the Canadian economy more than $3 billion a year. In the midst of this, the possibility of a reduction in cyberattacks seems unlikely.

Diego Matute is the CEO and founder of Cyphercor, a Canadian startup that makes multi-factor authentication solutions. Cyphercor is based in Kanata North – the country’s largest technology park and Matute lives nearby in Stittsville. He said the pandemic saw a sharp rise in cyberattacks, in part due to the number of people working remotely, which required authentication each time an employee tried to log into a distant computer network. While remote work increased that insecurity, it also brought the issue to the forefront, and in Matute’s view, sped up innovation in the cybersecurity sector.

BUSINESS TO BUSINESS

Cyphercor’s products allow businesses to deal with other businesses online, with certainty that only the right person gets access. The process is called multi-factor authentication, or MFA.

“There’s a second confirmation that this is OK,” Matute said of Cyphercor’s top product, called LoginTC. “It adds an extra layer of protection.”

A recent study suggests that Covid accelerated both the efforts of cybercriminals, as well as innovations in cybersecurity technology to defend against those more sophisticated attacks.

“In the last few years, the scope of MFA has broadened in terms of what it can do and where you can implement it. This accelerated innovation has made companies realize MFA now gives you a lot of bang for your buck.”

The company’s MFA products can be used in organizations with as few as 15 users, so Cyphercor is well suited to work with small businesses as well as big companies and governments. And it’s all coming from Kanata: sales and support are all provided in house.

“We can easily deploy and maintain a system – it’s built for enterprise in under an hour,” Matute said.

Matute grew up in Ottawa and attended the University of Waterloo. He later moved to San Francisco, and a visit there from his father sparked an idea. He said his dad showed him an MFA system “and I thought it would be cool if you could do this on a phone,” he said. Cyphercor was born shortly thereafter, in 2011.

A surprising partner in these initiatives has been the federal government. In Matute’s mind, this makes perfect sense.

“Every dollar the government invests in cybersecurity means at least two they get back. Either by reducing the blow to a business’s bottom line from a preventable cyberattack, or by promoting built-in-Canada cybersecurity solutions.”

One way the government is supporting cybersecurity initiatives is by leveraging the Cyber Security Procurement Vehicle, which enables the government to purchase cybersecurity technologies in an expedited manner. Participation in the program involves a strict and strong vetting process. Several of Cyphercor’s solutions are available for purchase through the CSPV program.
Another government initiative is the Innovative Solutions Canada program from Innovation Science and Economic Development Department. ISED, which was formerly known as Industry Canada, oversees 17 departments and agencies and supports an additional four organizations, which power Canada’s business, technology and innovation sectors.

The Innovative Solutions program offers companies the opportunity to match with a government department that tests and deploys their pre-commercialized product. One of the outcomes of this initiative is an in-depth report provided by the matching department that helps companies commercialize their innovations for domestic and export markets.

SHORTAGE OF WORKERS

There are roughly 125,000 cybersecurity professionals in Canada, but experts say that number should be closer to 150,000, leaving a shortage of 25,000 much-needed cybersecurity personnel.
Matute said universities are now offering programs and certifications in cybersecurity and he sees no sign demand will wane for professionals in the field.

“Those positions are going to be filled because there’s a need,” he said.

For more information on Cyphercor, please visit cyphercor.com.