Cybersecurity standards emerging in Canada as ransomware business booms

Recent victims have included large corporations such as retailer London Drugs, as well as the City of Hamilton, Ont., and the government of Newfoundland and Labrador.

Toronto-based lawyer Eric Charleston says it's not so simple, and he's seen cases where a ban would have meant"a punishment of the victims." "The fact that all these transactions are recorded on the blockchain the breadcrumbs are there on where this money is going," he said. Targeted companies can face class-action lawsuits over data breaches — last month, victims of a 2019 breach at LifeLabs Inc. started receiving payments of $7.86 each. That doesn't sound like much, but the total settlement amounted to $9.8 million.

Callow said the good news for individual employees is that typically, nothing further happens with their stolen data."It just sits there on the dark web," he said. Certain foreign states were conducting"wide-ranging and long-term campaigns" to compromise Canadian government and private-sector computer systems, the statement said, singling out China, Russia, Iran and North Korea.

Charleston said that bill and another in Ontario showed that parameters for cybersecurity controls were being drawn in Canada.

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.

Cybersecurity standards emerging in Canada as ransomware business boomsThe ransomware business is booming in Canada. Recent victims have included large corporations such as retailer London Drugs, as well as the City of Hamilton, Ont., and the government of Newfoundland and Labrador.
Source: SooToday - 🏆 8. / 85 Read more »

Cybersecurity standards emerging in Canada as ransomware business boomsThe ransomware business is booming in Canada. Recent victims have included large corporations such as retailer London Drugs, as well as the City of Hamilton, Ont., and the government of Newfoundland and Labrador.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »

Cybersecurity standards emerging in Canada as ransomware business boomsThe ransomware business is booming in Canada. Recent victims have included large corporations such as retailer London Drugs, as well as the City of Hamilton, Ont., and the government of Newfoundland and Labrador.
Source: PGCitizen - 🏆 65. / 51 Read more »

Cybersecurity standards emerging in Canada as ransomware business boomsThe ransomware business is booming in Canada. Recent victims have included large corporations such as retailer London Drugs, as well as the City of Hamilton, Ont., and the government of Newfoundland and Labrador.
Source: timescolonist - 🏆 15. / 75 Read more »