Michael Parent, Professor, Management Information Systems, Simon Fraser University – THE CONVERSATION The recent cyberattacks in August on Bombardier Recreational Products and the Ontario Cannabis Store highlight the continuing scourge of cyber criminals and ransomware. Ransomware is a piece…
Businesses in Canada and the United States are increasingly concerned about how they will pay ransomware demands and more than half would like governments to cover damages when future attacks are linked to other nation states, according to a new…
One cyber insurance specialist is warning brokers and clients of a ransomware attack method that subverts common cybersecurity controls by tricking victims into phoning a call centre – rather than clicking a link – and instructing them to download malicious…
Cybercriminals are now specifically searching for terms like ‘insurance’ when looking for data, a partner with Norton Rose Fulbright Canada LLP said during an industry event last week. “They’re not just looking for any data. They’re actually quite smarter,” says…
Sadly, many of your clients will have fallen victim to cybercrime over the past couple of years – their data held hostage, systems suspended, or payments redirected by some faceless criminal halfway around the world. Worse, despite the clear benefit…
Cyber insurance was once seen as a bright spot for the commercial insurance industry, with lower loss ratios and higher profitability than other major areas of commercial coverage. Fast forward a few years and Fitch Ratings is reporting 2020’s direct…
Cyber exposure is a bit of a moving target, and efforts to quantify the risk are challenging some of the underwriters in the business. “Cyber is fairly unique in that you are playing against a human adversary,” said Tim Zeilman,…
ST. JOHN’S, N.L. – An Irish expert says the fact Newfoundland and Labrador has to rebuild “from scratch” systems affected by an Oct. 30 cyberattack provides a new clue about the attack and its progress. Brian Honan said in an…
OTTAWA – Citing a dramatic increase in ransomware attacks on organizations – including health providers and vital utilities – federal ministers are urging Canadians to bolster their cybersecurity. In an open letter Monday, the ministers encouraged people to adopt the…
Cyber insurers are taking a “multi-pronged” approach to ensure they can actually make money off the product. More carriers are expanding their offerings to include cyber, more commercial clients are buying cyber coverage and more insurance buyers are aware of…
Toronto’s public transit authority says it now believes the personal information of up to 25,000 employees, former transit workers and pensioners was stolen in a ransomware attack last month. Names, addresses and social insurance numbers were taken, said the Toronto…
Businesses in Canada, with 62 attacks, are the third most likely worldwide to have their data held hostage, said new research by NordLocker. Researchers, who analyzed 1,200 companies hit by ransomware gangs in 2020 and 2021, said the U.S. (732…