Scammers' hands into your data. Recent CanPost breach
Canada Largest Shipper in Trouble
One of Canada’s largest shippers, Canada Post, recently dropped a bombshell announcing that one of its bigger “electronic data interchange suppliers,” Commport Communications, suffered a malware attack.
Not only was Commport’s system breached, but the criminals were also able to steal personal information from more than 900,000 thousand clients from this Canada Post data breach incident.
According to Canada Post and Commport Communications, they have already taken the matter into action and have a cyber security team to investigate the events. However, what if this happens to you or your small business? Are you insured against cybercrime and malware attacks? How do you prevent cybercrime?
What is a malware attack?
Malware is short for “malicious software,” hence the combination of those words together. Cyberattacks develop malicious software intending to steal personal data such as financial details, address, and contact information. In general, malicious software comes in the form of viruses and ransomware.
Protection against cyber attacks
One of the most effective ways to protect yourself from cyber attacks is to have cyber insurance. Cyber insurance acts as a shield against troubles related to the internet, such as covering liability for a data breach involving social insurance number, credit card number, bank account information, addresses, and other confidential information.
You can also protect yourself from cyber attacks by taking other actions on your end. This can include changing your password to a more complex one, limiting the amount of information you share on social media, and ensuring your software stays up to date. For instance, you may have a simple password of “apple123.” Let’s make this more complex together, so it makes it harder for criminals to guess. You can add capital letters and special symbols and turn it into “Appl312345#.” There you go! That password is a lot more difficult for others to guess. It is that easy to fix. Just be sure to keep track of all your passwords in a notebook, so you do not forget.
Is everyone exposed to cybercrime?
Anyone can be a victim of cybercrime. No one can be completely safe as cyberattacks are clever and constantly come up with innovative ways to steal other people’s personal information. The cyberattack does not care who you are; they just want to collect the reward: your confidential data. Therefore, to limit your potential of being attacked, be mindful of what you post online, as that will stay online forever, even if you delete it. Cybercriminals can easily find that information again, thereby making you an easier target.
Why is it essential for companies such as Canada post to have protection against cybercrimes?
Companies dealing with postal information have a lot to lose if they suffer a malware attack. Especially Canada Post, Canada’s primary postal operator and deals with all mail sent by the government. Can you imagine hackers accessing your personal information and information sent to you about your tax assessment? Not only would your address and your full name be compromised, but also confidential information such as your social insurance number can be in danger. Fortunately, big companies such as Canada Post will likely have extensive cyber insurance coverage if they suffer a cyber attack. This might allow them to recuperate frozen data and information. However, once the data is leaked to malware, people’s personal information will be out there, and the hackers can easily do with it as they please. It will be ultimately hard to recover from a malicious cyber-attack completely. Therefore, preventive measures need to be always in place.
What should I do if I have been exposed to a cyber attack?
After damage has occurred, there is no way to go back and prevent the attack. Therefore the only thing left to try is to mitigate the damage.
- By investigating the data breach, the cyber expert team provided by your cyber insurance can get to the attack source and therefore work to reinforce their systems.
- Once the breach source is discovered, it will be necessary to take steps to avoid further damage. The involved networks on the malware attack need to be controlled and monitored.
- Make sure you make an inventory of all the data and information that was breached or lost. Included all the affected systems, equipment and also the information that was compromised. This will facilitate the process if you later decide you need to claim for losses.
- You will also want to notify the respective authorities and even file a police report required when you file for losses to your cyber insurance.
- If the personal information of people who work with you or even your clients’ data are affected, you will want to inform them of the breach to take all the necessary steps to avoid being victims of frauds and other scams.
What does cyber insurance cover?
- Network security. This helps cover your business if you happen to experience a data breach, malware attack, or ransomware.
- Private liability. This includes sensitive customer and employee information.
- Network business interruption. This is when your business network suddenly stops working. You can be covered for profit loss, and the costs for repairing the network.
- Media liability. This is when your advertisements, whether printed or digital, go against the law.
- Errors and omissions. This covers claims against errors in your performance for the services your business offers.
What does cyber insurance not cover?
- Expenses that go towards improving technology systems. (Ex. Upgrading your cybersecurity software to the latest update)
- Profit loss during downtime. (Ex. COVID-19)
- Loss from theft of your businesses’ intellectual property (Ex. Plagiarism)
Does how much time I spend online affect how much cyber insurance coverage I need?
Similar to clothes, a one size fit all policy is not ideal because you have no choice in your products. Although they are designed to fit everyone, every single person is unique. Cyber insurance is different and unique for everyone. Depending on your business and what network risks you may face, it will affect your cyber insurance coverage.
For example, if you are prone to phishing, which is when you receive a fake email imitating a reputable organization, you may consider social engineering coverage. It can help cover your business when you encounter fraud situations, such as an employee falling for a fake email and sending money to the cyber attacker.
Make sure the cyber attack serves as a lesson for you and your company to take more preventive measures to protect your information. Remember that your business information is at risk, as well as the information of those who work with you and sometimes even third parties such as clients and suppliers. Cyber insurance not only serves an extra layer of protection to yourself and your business, but also to your staff, clients, and services.