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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

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Ransomware cyberattack cripples hospitals across the United Kingdom

May 12, 2017 by Canadian Underwriter

A large ransomware cyberattack has “crippled” computer systems at hospitals across the United Kingdom on Friday, with appointments cancelled, phone lines down and patients turned away, the Associated Press has reported. Britain’s National Health Service (NHS) said that a number

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Confront risks of financial technologies to reap benefits: FINTRAC

February 22, 2017 Andy Blatchford - THE CANADIAN PRESS

OTTAWA – The head of Canada’s financial intelligence unit warns that regulators must grapple with the challenges of emerging financial technologies, some of which he says have been exploited by terrorism and organized crime. But while it’s necessary to safeguard

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Blockchain for enterprise applications market to reach US$19.9 billion by 2025: report

December 14, 2016 by Canadian Underwriter

The blockchain for enterprise applications market will reach US$19.9 billion by 2025, according to market intelligence firm Tractica. The Blockchain for Enterprise Applications report, released on Wednesday, said that annual revenue for enterprise applications of blockchain will increase from US$2.5

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U.S. prosecutor’s office paid bitcoin ransom in cyberattack

December 6, 2016 Joe Mandak - THE ASSOCIATED PRESS

PITTSBURGH – A state prosecutor’s office in Pennsylvania was among hundreds of thousands of victims of a now-shuttered international cybercrime operation, paying nearly $1,400 in a bitcoin ransom to free up its infected computer network, authorities disclosed Monday. Federal prosecutors

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More than half of polled P&C insurers aware of implications and potential of blockchain: Strategy Meets Action

November 11, 2016 by Canadian Underwriter

More than half of P&C insurers surveyed by insurance strategic advisory firm Strategy Meets Action (SMA) are at least aware of the implications and potential of blockchain in the industry, a new report from the company has found. In particular,

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Researchers: Newer type of ransomware is harbinger of danger

April 13, 2016 Tami Abdollah - THE ASSOCIATED PRESS

WASHINGTON – An unusual strain of virus-like hacker software that exploits computer server vulnerabilities – without requiring human interaction – is a leading example of a new generation of “ransomware,” according to a new report by Cisco Systems Inc. Hackers