A report released today from CBC News says that cybercrime has cost Canadians $19 million in 2014 alone. It highlights the technique of “ransomware” where hackers basically hold a company’s files hostage until they pay a fee. They use existing information from the web to create false email addresses so that employees are duped into believing that they are receiving a legitimate email from an employee or boss.
We encourage everyone to read this report to understand the full implications of “ransomware” and other forms of cybercrimes. Just this past spring one of our customers was a victim of an email scam to the tune of $18,000, a very significant amount. It’s not a matter of if it’s a matter of when for all of us.
The insurance industry is slowing developing products to help business deal with the data breach aspects of the crime. They mostly cover a business's liability for a data breach in which the business’s customers' personal information, such as Social Security or credit card numbers, are exposed or stolen by a hacker or other criminal who has gained access to the firm's network.
To learn more about Cybercrime protection please contact one of our business insurance solution specialists.