Canadian auditors failing on cyber security

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Audit committees in Canada are falling behind the rest of the world by not spending enough time assessing cyber security, warned a KPMG report this month.

According to the accounting firm's "2014 Global Audit Committee Survey Report," only 31 percent of Canadian audit committees were satisfied with the amount of time spent evaluating cyber security, including data privacy and protection of intellectual property.

This compared to a global average satisfaction rate of 55 percent, and a 57 percent satisfaction rate in the U.S. Canada was ahead of only one country – Thailand – where no one was satisfied with cyber security audits.

In Canada, just over half of respondents said that the audit committee was responsible for assessing cyber security risks, with 36 percent explaining that the full board was responsible. Canadian audit committees had the most responsibility for cyber security, along with New Zealand.

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