TORONTO – 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 – 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…
TORONTO – 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…
Vehicle 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…
Arthur 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,…
With 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…
Insurance 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,…
Failure 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…
It 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…
Since 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…
While 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…
COVID-19 last year might have been the end of the world as we know it, to riff on a song by R.E.M., but Canada’s P&C insurance industry is doing fine — financially, at least. After a full year of the…