Businesses in Canada will soon have a new network to guard against cyber crime, which is costing them more than $3 billion a year.

Nine major Canadian companies, including the big telcos and some of the Big Five banks, along with the Canadian Council of Chief Executives on Friday announced they are forming the Canadian Cyber Threat Exchange (CCTX), a non-profit organization that will allow firms to share information amongst themselves, government and research institutes about cyber attacks.