On the heels of what is being deemed the world’s largest ransomware attack of encrypted data, many businesses – large and small – face uncertainty moving forward. What isn’t uncertain is the need for businesses to have cyber insurance coverage.
According to an Insurance Business report, the most high-profile compromises included the United Kingdom’s National Health Service, FedEx in the United States and Renault (carmaker) in France.
In Canada, telecoms company Bell Canada reported 1.9 million customer email addresses as stolen from a recent, separate attack. With cyber attacks increasing in severity and frequency, now is the time to protect your business.
5 Types of Privacy Breach
Privacy breaches can happen in many different ways. Intact Insurance, one of Surex’s partner insurers, cities these five scenarios as the most common:
- Stolen or lost devices (laptop, PC, mobile phone, flash drives, etc.)
- Improper document or office equipment disposal
- Theft of non-computer data (paper files or records)
- Computer system or network virus
- Unauthorized use/access to a system or network by an individual
‘’Ransomware is the easiest way to monetize cybercrime because there seems to be so few consequences, because a lot of the times it’s coming from another part of the world,’’ Greg Markell, CEO of cyber at MGA Ridge Canada, said. ‘’It’s a faceless crime. However, we’re hearing about some of these organized crime syndicates setting up helplines to help walk people through what to do to get their data back. So, you even have criminals setting up customer service lines to extort you.’’
