Canadian government websites were taken offline temporarily to address a critical vulnerability in the PHP language (~75% of global websites), which was discovered using AI - illustrating the driver behind cybersecurity outperformance through 2026.

While the pure-play cyber names are US-listed, Open Text (OTEX) is the closest we’ve got in Canada - with nearly a quarter of its revenue coming from cybersecurity.

With its Secure Communications segment accounting for nearly half of the top line in fiscal 2026, BlackBerry (BB) provides cyber-adjacent exposure…

… and so does Calian Group (CGY), whose IT & Cyber Solutions segment generated 24% of 2025 revenue - which should now be lower following the sale of its US business in August.

With AI’s rapid development, we expect this theme to be topical going forward - as a risk for most and an opportunity for some.

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