Cybersecurity and insurance are increasingly intersecting as the number, frequency, and severity of cyber incidents rise. More businesses and individuals are transferring cyber risks to insurers. Insurers are improving special-purpose coverage options while limiting or excluding coverage under general liability policies. Consumers should assess needs and policies carefully to understand coverage limits and adequacy.
Instances of ransomware have exploded in the past five years. In 2020 alone, it is estimated that the total cost to Canadian organizations in paid ransoms and lost productivity was US$4 billion.
The Investment Industry Regulatory Organization of Canada has published a Cybersecurity Notice on Ransomware, which flags a recent uptick in ransomware attacks on IIROC firms and provides guidance on how IIROC firms should prevent, detect, respond to and recover from ransomware attacks.