The silent cyber risk isn’t going away, as global reinsurer Willis Re reported in a recent survey that more than 60% of the close to 700 respondents said that they were likely to experience more than one cyber-related loss for every 100 non-cyber covered losses over the next year across all lines of business except for workers’ compensation.
In Canada, the Federation of Sovereign Indigenous Nations (FSIN) was the most recent target of hackers, suffering a data breach and then paying a $20,000 ransom demand to regain access to internal files and its email system. Yet as human activity and business dealings get more intertwined, with people using the cloud to store services and the Internet of Things to link up devices, the cyber threat is expected to worsen.
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