Royal Bank of Canada (TSE:RY) has released a new study on the cybersecurity risks facing Canadians.
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The study found that 38% of Canadians had “…moderate to high-risk potential” of becoming the victim of a cyberattack. It noted that “using public Wi-Fi” is a “risky online behavior.” The report also points out that most Canadians are using “…at least some good cyber practices.”
While public Wi-Fi comes up regularly as a security risk, just under a third of Canadians use a virtual private network (VPN) when using such services. However, 71% of Canadians regularly keep their software and operating systems updated to take advantage of the latest security features.
Potential Layoffs?
Separately, employees at Royal Bank are facing a new round of potential layoffs as an agreement with bank HSBC Canada following its acquisition comes to an end. Some Royal Bank employees were temporarily protected after the HSBC acquisition, and with that guarantee coming to an end, so too may their jobs.
Royal Bank agreed, as part of the acquisition, to keep 3,000 former HSBC staffers on the payroll for six months. Although no layoffs have yet been announced, that could change at any time, and that is keeping the HSBC staff on edge.
Is Royal Bank of Canada a Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on TSE:RY stock based on 11 Buy and two Hold recommendations assigned in the past three months, as indicated by the graphic below. The average TSE:RY price target of C$171.71 per share implies 2.52% upside potential.
