Canadian Underwriter

Keyword
ransomware

News Insurance

Why hackers are zeroing in on your manufacturing clients

July 10, 2020 by Adam Malik

Online hackers are targeting manufacturers because they’re between a rock and a hard place: Pay up or see operations grind to a halt. All sectors are susceptible to data breaches, ransomware attacks and phishing, but criminals are narrowing their focus

News RiskTechnology

Ransomware’s latest victim: a child welfare authority

November 25, 2019 The Canadian Press

HEADINGLEY, Man. – An Indigenous child welfare authority in Manitoba has called in the RCMP after being hit by a cyberattack that’s corrupted its computer files and potentially compromised the privacy of its clients. Southern First Nations Network of Care

News Commercial LinesTechnology

Computer woes continue for government after cyber attack

November 7, 2019 The Canadian Press

IQALUIT, Nunavut – The government of Nunavut is still struggling with computer systems paralyzed by a cyber attack last weekend. “Network recovery is ongoing as the (territory) works to uncover information, prepare recovery plans and work on department priorities,” said

News InsuranceMarkets / Coverages

Government services affected by weekend ransomware attack

November 4, 2019 The Canadian Press

IQALUIT, Nunavut – Crucial Nunavut government services from health to justice were still impaired Monday after a weekend cyberattack locked out civil servants from access to electronic information. “We are working non-stop to resolve this issue,” said Premier Joe Savikataaq

News InsuranceMarkets / Coverages

Insurers reveal a popular attack of choice for cyber-criminals

November 1, 2019 by Jason Contant

Another insurer is reporting a rise in ransomware attacks. Specialist insurer Beazley said Thursday that the targeting of IT vendors by cyber criminals contributed to a 37% increase in reported ransomware incidents in the third quarter of 2019 compared to

News Insurance

Chubb finds ‘alarming’ rise in ransomware attacks

October 23, 2019 by Adam Malik

Malware cyber attacks are on the rise compared to one year ago, according to Chubb, with a new type of strain on the rise. The first half of 2019 has seen more ransomware attacks than 2018, catching the eye of

News Insurance

Payouts from insurance policies may fuel ransomware attacks

September 20, 2019 Kathleen Foody - THE ASSOCIATED PRESS

CHICAGO – The call came on a Saturday in July delivering grim news: Many of the computer systems serving the government of LaPorte County, Indiana, had been taken hostage with ransomware. The hackers demanded $250,000. No way, thought County Commission

News ClaimsInsuranceTechnology

Ransomware: should your client pay the demand?

September 11, 2019 by Jason Contant

If your client suffers a ransomware attack, should they pay the ransom to get their systems up and running again? And if they do pay, does that guarantee the cyber criminals who locked down the systems in the first place

News ClaimsInsurance

New ransomware strain results in surge of claims

August 28, 2019 by Jason Contant

A new strain of ransomware caught the attention of one cyber insurer after it experienced a surge in claims over the past few months. The Sodinokibi strain first came to the attention of specialist insurer CFC in April. Cyber criminals

Feature Technology

Holding taxpayers at ransom

August 6, 2019 James Steele, Lawyer, Robertson Stromberg LLP

How cybercriminals are stealing municipal data – and how to prevent it

News InsuranceTechnology

Why cyber insurers can expect to make more (and bigger) claims payments

May 29, 2019 by Jason Contant

Not only is the frequency of ransomware attacks skyrocketing, attackers are targeting larger organizations and demanding higher ransom payments. Specialist insurer Beazley released its Beazley Breach Insights report for May last week, finding that ransomware attack notifications against clients increased

News ClaimsTechnology

What ransomware attacks cost your clients

March 21, 2019 by Jason Contant

Brokers selling cyber insurance may want to pay attention to a recent statistic: the average financial cost of downtime to a Canadian business following a ransomware attack is 7.5 times higher than the average ransom requested per incident. Canada not