TTC says personal info of up to 25,000 current, former employees accessed in cyberattack
November 9, 2021 Christopher Reynolds - THE CANADIAN PRESSToronto’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…
Canada ranks third for ransomware attacks
November 1, 2021 Philip PoradoBusinesses 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…
As cyber attacks increase, insurers in the space face rising losses
October 13, 2021 James Langton - Advisor's EdgeAmid rising losses and increasing claims on cyber insurance, companies that provide insurance against online hackers are facing growing risks, says Fitch Ratings. In a new report, the rating agency said that while cyber insurance has been a profitable line…
Double extortion: The new cyber threat
October 12, 2021 by Jason ContantYour cyber clients may now be exposed to two risks in one, as the sophistication of ransomware attack patterns continue to increase. “There’s double extortion tactics which are just crippling organizations now,” said Greg Markell, president and CEO of Ridge…
7 in 10 Canadian organizations facing ransomware attacks paid demands: survey
October 5, 2021 Salmaan Farooqui - THE CANADIAN PRESSCybersecurity experts say a new poll that suggests nearly 70 per cent of Canadian organizations facing a ransomware attack last year paid the demands is evidence that such payments should be made illegal. Of the businesses surveyed, 17 per cent…
Pandemic leading to ‘ticking time bomb’ for cybersecurity
September 17, 2021 by Jason ContantMost IT teams believe that working from home has become a “ticking time bomb” that might lead to a corporate network breach, according to a recent survey from HP Inc. The HP Wolf Security Rebellions & Rejections report, released Sept.…
Cyber insurance caught in “perfect storm” as losses surge: Coalition Canada
September 7, 2021 Canadian Underwriter StaffCorrection: This article has been corrected to reflect that Coalition Canada has not sub-limited its ransomware coverage. We regret the error. The cyber insurance industry is battling “a perfect storm between widespread technology risk, increased regulations, increased criminal activity and…
How to secure your brokerage’s data
August 23, 2021 Canadian Underwriter StaffBrokers must secure their client data to protect their trusted advisor status, a cyber insurance provider has warned. “What many brokers fail to realize is that when customers engage them as a trusted risk advisor, it implies they’re also trusting…
How much ransom demands are increasing for your cyber clients
July 27, 2021 by Jason ContantAverage ransom demands have increased nearly threefold and smaller companies are experiencing more cyberattacks, according to the results of Coalition Inc.’s latest cyber insurance claims report. From the first half of 2020 to H1 2021, the average ransom demand made…
How the cyber threat landscape is evolving
July 16, 2021 by Jason ContantCyberattacks used to traditionally target specific industry sectors like healthcare, but one cyber insurance writer is now seeing a wide range of sectors in the line of fire. “When you look at our 2020 stats, we see a big difference…
Manufacturers increasingly targets for ransomware attacks, study finds
May 19, 2021 The Canadian PressTORONTO – 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…
Why ransomware victims are deciding not to pay up
April 15, 2021 by Adam MalikIt 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…