What the P&C industry is telling Wall Street about cyber risk
February 9, 2021 by Greg MeckbachCommercial insurers are taking a good look at their exposure to widespread cyber events and some are forming partnerships with tech vendors in the hopes of improving their clients’ cyber risk management. “The next pandemic – the exposure that looks…
New Brunswick city rebuilding its IT system after major cyberattack
January 15, 2021 The Canadian PressSaint John, N.B., is rebuilding its computer network rather than submitting to criminals who launched a cyber attack against the city in November. City manager John Collin updated council Monday on the city’s efforts to rebuild its IT system following…
Locked-up computer systems only part of ‘terrifying’ ransomware scourge
September 28, 2020 Colin Perkel - THE CANADIAN PRESSTORONTO – A shadowy group of cyber criminals that attacked a prominent nursing organization and Canadian Tire store has successfully targeted other companies with clients in governments, health care, insurance and other sectors. Posts on their NetWalker “blog” indicate the…
Payouts from insurance policies may fuel ransomware attacks
September 20, 2019 Kathleen Foody - THE ASSOCIATED PRESSCHICAGO – 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…
How not to deal with a ransomware attack
December 19, 2018 by Greg MeckbachYour client should never have to negotiate with a cyber criminal even if that client has suffered a ransomware attack, cyber security experts advise. Ransomware is a type of computer malware that prevents clients from either using their computers or…
Two charged in 2016 ransomware attack that hit University of Calgary
November 29, 2018 The Canadian PressCALGARY – The FBI says it has charged two men in Iran as part of an investigation into cyberattacks that targeted the University of Calgary and computer networks in the United States. The university paid a ransom of $20,000 after…
Why brokers need to talk about ransomware
November 28, 2018 by Jason ContantRansomware attacks are increasing, and as a result, there will likely be a shift in brokers and clients alike starting to recognize the value of the business interruption component of a cyber insurance policy, a specialist insurer said Monday. “Cybercrime…
Hacked Ontario town recently purchased cyber insurance
September 14, 2018 The Canadian PressPolice in Ontario are warning municipalities about a rash of cyberattacks targeting local governments in which hackers demand a ransom in exchange for access to systems. Ontario Provincial Police did not provide firm numbers on the ransomware incidents but say…
One easy way to reduce ransomware risk
March 2, 2018 Greg Meckbach, Associate EditorRisk managers who teach employees what suspicious email looks like can drastically reduce the risk of being hit with ransomware, a commercial insurer executive said Wednesday. Ransomware is when criminals hack into computer systems, encrypt files and demand a ransom…
Cyber risk management starts with preparing children ‘around a whole different mindset,’ says former Toronto deputy police chief
March 6, 2017 Greg Meckbach, Associate EditorCyber security is more of a human resources issue than a technological issue, while cyber security threats are often detected more than six months after they occur, speakers told insurance professionals at a conference last week. “The nature of IT…