The Role of AI and Cybersecurity In Shaping Mississauga's Business Future

TREVOR McPHERSON

President & CEO

Mississauga Board of Trade

In an era of rapid technological evolution, businesses in Mississauga are at the forefront of innovation. The adoption of artificial intelligence (AI) and the focus on cybersecurity are pivotal trends reshaping the business landscape. Mississauga, with its robust infrastructure and skilled talent pool, is poised to establish itself as a global centre of excellence in these fields.

Consider the surge in artificial intelligence (AI) interest, often highlighted by colleagues sharing their experiences with OpenAI’s ChatGPT. The thing is, it is not just a craze. AI’s transformation from a futuristic concept to a business essential is strikingly evident. A recent study from Deloitte reveals that forty-six new AI companies were founded in our country in 202223. At the same time, the same study showed that only 26% of surveyed organizations had launched one or more AI implementations, compared with 34% globally. The rise in AI usage is enhancing efficiency, driving innovation, and giving businesses a competitive edge. Mississauga, with its thriving tech scene, is a significant contributor. While

Canada ranks 3rd in per capita venture capital investment in AI companies, adoption of these technologies has some catching up to do here at home.

Mississauga’s rich ecosystem, which includes renowned public and private educational institutions and various tech hubs, offers an ideal environment to source solutions for AI-focused ventures. The city’s skilled workforce, comprising both local and international talent, further contributes to our standing in this rapidly growing space. Of course, it is also extremely important to protect our technology – or more accurately – our data.

According to the most recent IBM Data Breach Report, 83% of organizations experienced more than one data breach during 2022. In Canada, a 2023 CDW Canada report found that the number of successful cybersecurity breaches has more than doubled for Canadian businesses in the past year. In 2022, Canadian businesses lost approximately CAD $3 billion to cyber-attacks, significantly impacting productivity and revenue. PwC Canada notes that 11% of Canadian CEOs believe their company will be either highly or extremely exposed to cyber risks over the next 12 months and 18% over the next 5 years. Notably, AI is predicted to play a significant role in addressing the problem.

The current digital era demands that businesses not only adopt new technologies but fully embrace digital transformation. This shift is essential for safeguarding operations, remaining relevant, and staying competitive. By integrating advanced technologies like AI and robust cybersecurity measures, businesses can enhance their efficiency, protect their assets, and seize new market opportunities.

If you are convinced by the argument, you may be wondering where to start. The Mississauga Board of Trade boasts a vibrant membership network that includes many leading-edge companies specializing in cybersecurity and artificial intelligence. This network offers invaluable opportunities for businesses to find partners, share knowledge, and tackle modern challenges like talent acquisition and technological advancements. Membership in MBOT is not just a connection to a network but an investment in the future of your business, providing insights and access to the forefront of technology and business solutions.

Mississauga is navigating a pivotal journey in technology. Let’s collaborate and innovate, fostering an environment that will distinguish Mississauga as a leader and early adopter in these emerging areas.