Topic Cyber
Cyber insurance experts debunk conspiracy theories
May 26, 2021 by Adam MalikOne cybercriminal recently mused online that hackers are incentivized to launch cyberattacks because companies have cyber insurance coverage, a theory recently debunked by cyber insurance experts. The cybercriminal’s rationale? Since insurance exists for the victims, the hackers will be paid.…
Manufacturers increasingly targets for ransomware attacks, study finds
May 19, 2021 by The Canadian PressTORONTO – A new report says North American manufacturing companies are increasingly targets for cybercriminal gangs that use malicious software to shut down businesses if they don’t pay a ransom. Research from Toronto-based eSentire says that six known criminal gangs…
Montreal library closes after hacking attack on daycare registration website
May 17, 2021 by The Canadian PressMONTREAL – A large library in Montreal will be closed until Tuesday morning in the wake of a hacking attack on Quebec’s public daycare registration website. Quebec’s Treasury Board Secretariat issued a recommendation on Friday evening urging all government bodies…
Cybersecurity experts say Canadian businesses can learn from U.S. pipeline attack
May 13, 2021 by David Paddon - THE CANADIAN PRESSTORONTO – Canada’s two largest pipeline companies say they have taken a proactive approach to avoid the type of cyberattack that has disrupted gasoline supplies in the U.S. Southeast and contributed to higher retail gasoline prices across North America. Hackers…
A cybercriminal hijacks an autonomous vehicle. Who’s responsible for a crash?
May 12, 2021 by Adam MalikVehicle manufacturers are likely going to be on the hook for damages following autonomous car crashes in which no human being is controlling the vehicle, a cyber insurance specialist says. “Certainly, one of the more dramatic ways of thinking about…
Gallagher to acquire certain Willis Towers Watson assets
May 12, 2021 by Jason ContantArthur J. Gallagher & Co. has announced an agreement to acquire certain Willis Towers Watson reinsurance, specialty and retail brokerage operations as part of a proposed “regulatory remedy” for the pending Aon and Willis Towers Watson deal. Under the agreement,…
Latest cyberattacks on insurers ‘a wakeup call’ to shore up security
April 26, 2021 by Adam MalikWith a new cyberattack focused specifically on the insurance industry, a cyber expert is urging insurance companies need to up their security game in order to protect themselves and their customers. Otherwise, insurers could be on the hook for a…
Watch out insurers: You’re in the crosshairs of a new form of cyberattack
April 20, 2021 by Adam MalikInsurance companies are in the crosshairs of a new set of cyberattacks, prompting a cyber leader to ring alarm bells for Canadian insurers. The vulnerability lies in the P&C industry wanting to make life easier for consumers, explained Matt Cullina,…
Small business clients are making these cyber security errors
April 16, 2021 by Greg MeckbachFailure to install patch updates, relying too much on passwords, and failure to train employees are three sources of cyber security losses all too common among small business clients, a technology vendor suggests. One of the most common cyber security…
Why ransomware victims are deciding not to pay up
April 15, 2021 by Adam MalikIt appears ransomware victims are less willing to give in to cybercriminals and pay up, according to a recent report by ransomware incident response platform Coveware. Commercial clients are considering the tradeoffs and are increasingly opting not to hand over…
Cautionary tale for brokers when payment time quickens
April 12, 2021 by Adam MalikSince insurance brokers act as intermediaries between client and insurer, the risk of them falling victim to fraud increases as payment turnaround time decreases, says a cyber insurance expert. In fact, brokers “regularly top our list of industries that are…
Canada to see a faster payments system in 2022. Opportunity knocks for brokers
March 29, 2021 by Adam MalikWhile many are eager to see the imminent arrival of a new system that promises to make day-to-day financial transactions quicker, cyber risk experts are warning that such a system may elevate the risk exposure to cybercrime, potentially opening the…