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Fake abduction, Bitcoin ransom latest criminal tactics: RCMP

July 19, 2018 The Canadian Press

RICHMOND, B.C. – Mounties in Richmond, B.C., say it appears criminals have added Bitcoin ransom to the growing list of manoeuvres to swindle money from unsuspecting victims. Officers responded to a report of an abduction on July 16 where a

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Bank of England chief slams cryptocurrencies; urges action

March 2, 2018 Pan Pylas - THE ASSOCIATED PRESS

LONDON – Bank of England Governor Mark Carney on Friday launched a withering attack on cryptocurrencies such as bitcoin and urged regulators around the world to monitor them in the same way as other financial assets. In a speech to

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Securities regulators issue warning on risks with cryptocurrency products

December 19, 2017 The Canadian Press (CPSTF)

MONTREAL – The Canadian Securities Administrators has issued a warning about risks associated with products linked to cryptocurrencies as interest in the space continues to rise. The umbrella organization for Canada’s provincial and territorial securities regulators singled out futures contracts

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Buying Bitcoin ‘means buying risk,’ says Bank of Canada governor

December 15, 2017 Armina Ligaya and Andy Blatchford - THE CANADIAN PRESS

TORONTO – Bank of Canada governor Stephen Poloz is sounding the alarm on Bitcoin, calling the purchase of the cryptocurrency “closer to gambling than investing.” In a speech at the Canadian Club Toronto on Thursday, the governor said Bitcoin is

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AEIC speaker predicts blockchain applications in insurance

October 6, 2017 Greg Meckbach, Associate Editor

Blockchain technology – which forms the basis for the Bitcoin cryptocurrency – could enable insurers to collaborate with each other when two share the same customer and enable coverages through “smart contracts,” a speaker suggested Thursday at the annual Insurance

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Chubb broadens cyber enterprise risk management solutions for Canadian and American clients

August 30, 2017 by Canadian Underwriter

Chubb announced on Wednesday that it has broadened its enterprise risk management solutions for Chubb commercial cyber policyholders in the United States and Canada. Two new policy forms, Cyber Enterprise Risk Management and DigiTech Enterprise Risk Management, combine cyber insurance

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Ransomware, alternative crypto-currencies and increased deception tactics among key cyber threats: Accenture Security

July 31, 2017 by Canadian Underwriter

Destructive ransomware, alternative crypto-currencies and increased use of deception tactics are among the threats driving the lucrative cybercriminal marketplace, the security branch of professional services company Accenture said in a recent report. “The first six months of 2017 have seen

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New cyberattack causes mass disruption globally

June 27, 2017 by Canadian Underwriter

One month after the massive global WannaCry ransomware attack, “a new and highly virulent outbreak of malicious data-scrambling software appears to be causing mass disruption across the world, hitting companies and governments in Europe especially hard,” the Associated Press reported

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FIN10 intrusion operations predominately targeting Canadian organizations: FireEye

June 16, 2017 by Canadian Underwriter

FireEye, Inc. has observed an actor carrying out financially motivated intrusion operations – targeting organizations in North America, but predominately in Canada – that may require a different type of response, the company suggests in a new report. Believed to

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Modernization of payment systems long overdue amid rapid changes: Bank of Canada official

May 26, 2017 Andy Blatchford - THE CANADIAN PRESS

The country’s payments infrastructure is long overdue for an update to ensure financial system stability amid the rapid advance of new technologies and the risks that accompany them, a senior Bank of Canada official said Thursday. Deputy bank governor Sylvain

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Canadians want more regulatory review of emerging technologies: Accenture

May 25, 2017 by Canadian Underwriter

Canadians prioritize regulatory reviews of drones, autonomous vehicles and online user agreements above those of other emerging technologies, according to new research from global professional services company Accenture. For the research, an Ipsos I-Say panel interviewed a sample of 1,003

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WannaCry ransomware attack “arguably the first ever cyber-catastrophe”: RMS cyber expert

May 16, 2017 by Canadian Underwriter

The global WannaCry ransomware attack is “arguably the first ever cyber-catastrophe,” an expert in cyber risk management from RMS said on Tuesday. Tom Harvey said in a statement that the cyberattack “clearly demonstrates the systemic nature of the risk, with