Canadian insurance company lost nearly US$1M in ransomware attack

  • 📰 CTVNews
  • ⏱ Reading Time:
  • 46 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 99%

Business News News

Business Business Latest News,Business Business Headlines

Computers at a Canadian insurance company were disabled for more than one week due to a ransomware attack that resulted in a payout of nearly US$1 million.

The attack happened last October, but is only coming to light now as efforts to reclaim the ransom make their way through the British court system.

Neither company is named publicly in the lawsuit the British company has filed against the unknown attackers. Inmade last month and published Jan. 17, Justice Simon Bryan ruled that hearings in the case would be held in private and that the involved insurance companies' names would not be published, saying anything else would open the insurance companies up to retaliatory and copycat attacks while also potentially giving the hackers a chance to cover their tracks.

The Canadian company got in touch with its British insurer, which hired ransomware response specialists. The hacker told the specialists they were demanding US$1.2 million in Bitcoin, but eventually agreed to US$950,000 "as an exception." Even with the program, it took five days to run the program on each of the company's 20 servers and five more to decrypt and unlock all 1,000 desktop computers.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Stock photo of library computers. So sad. So cheep no class

It’s no problem, the public will pay for it.

Could it have been ICBC?

It’s always good news to see insurance companies and banks losing money

Should’ve had.... insurance. 😎

No problem, because of the insurance companies incompetence in safe guarding their systems, the cost will be passed on to their clients in higher insurance rates.

If you aren't naming the insurance company then your story is shallow 😡

What ransomware was it

A picture of computers in a library, really is this the best you can do?

Which company was it?

So they will just raise rates

back your system up regularly and keep the backup drive offline

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Canadian companies feel impact of coronavirus as it strikes across sectorsI bet that “Bat Soup” restaurant is out of business now too in China.
Source: CTVNews - 🏆 1. / 99 Read more »

Canadian companies envision new way to reduce cannabis environmental footprintCanadian companies envision new way to reduce cannabis environmental footprint via TheGrowthOp TheGrowthOp 🥴
Source: VancouverSun - 🏆 49. / 61 Read more »