Cyber Insurance
Cyber Risk for Boards and Management Teams
We have all read cyber risk statistics: 60% of businesses are out of business within 6 months of falling victim to a cyber attack 43% of attacks involve SMEs (Verizon) Beyond being such a drain on resources, the average cost of a cyber breach is approximately $5.9 million (IBM/Ponemon) Meanwhile, the cybersecurity gap remains significant leaving many organizations (of all sizes) [...]
Protect Your Assets from Cyber Risks
“Data is the new oil of the world.” Not only businesses are storing their intellectual property, proprietary, and confidential information in digital format but also the personal and sensitive personal data of their employees and clients. The question is, are they taking enough measures to secure the data and their liabilities and risks associated with it? As reported in 2019 Scalar [...]
Phishing in COVID-19 waters
The COVID-19 outbreak continues to disrupt our lives. There are many experiencing a heightened sense of concern for their personal safety and the safety of their loved ones. Unfortunately, people hungry for information are also perfect targets for phishing scams. One of the most frequent is the fake World Health Organization email that prompts readers to download a Safety Measures report. CEO of Darn IT [...]
What is Sodinokibi Ransomware?
No company can eliminate the risk of being hacked, not even the CEO of Amazon. Do what you can to mitigate falling victim to a ransomware attack or similar cyber risk while also ensuring your organization considers cyber risk transfer seriously too. Here is a common statement you may hear expressed from an executive at a company actively focusing on cyber [...]
Why should my business care about Ransomware-as-a-Service?
What is the difference between Ransomware and Ransomware-as-a-Service? Ransomware is not a new threat for businesses. It is one of the most commonly talked about cyber security issues facing companies today. This comes with good reason. It is very profitable for cyber criminals and the barrier of entry is getting smaller and smaller. Because of the ability to make money [...]
What is phishing and how does it work?
Imagine your personal information as the fish and the scammer the fisherman out to catch the fish of the day. The fisherman has many fishing rods on his boat and is constantly casting them, waiting for someone to bite. Phishing is a method scammers and hackers utilize to lure people into giving up their sensitive and personal information including passwords, credit [...]
Planet Money explores “The Price of a Hack”
What is the price of a hack? It is an important question that Dina Temple-Raston and Karen Duffin, hosts of NPR’s Planet Money, seek to find out. Though the discussion is focused around a hack with a US-based company, the situation is the same for Canadian businesses as well. Hackers are an expensive headache for companies. But there might be a [...]
How does the Digital Privacy Act change data breach reporting requirements?
Is your business prepared for Canada's data breach notification rules? What does the cyber risk landscape look like today? Across the globe, both in severity and size, we have seen an increase in the number of malicious cyber attacks. These cyber events are impacting companies and customers alike. Small and medium-sized businesses are the most common victims of cyber breaches. [...]
The Digital Privacy Act is Changing is your Business Prepared?
The time is now to get a clear picture on your Cyber Insurance needs It is a challenge to wrap our heads around the threat from the online digital world. What we see is a screen and know it is connected, somehow, to the world wide-web. Going down a layer from there - we are aware of digital gatekeepers, security [...]
The Cost of a Data Breach for a Trucking Operation is More Than You Think
The cost of a data breach is going up with Digital Privacy Act amendments The Digital Privacy Act amendments that alter PIPEDA (Personal Information Protection and Electronic Documents Act) came into effect November 1st, 2018. The amendment makes it mandatory for any company that experiences a data breach to report it to the Privacy Commissioner of Canada and any potentially impacted clients, employees and [...]