Solfix’s Post

Do you have a company in BC, Canada? In a recent reversal, the BC Court of Appeal just re-opened the door to THIS LAWSUIT for... DATA BREACH. Think your business is protected just because the hackers did the stealing? Think again. Let me explain: Two Canadian courts have made opposite decisions about whether people can sue companies after their personal information gets stolen in a hack. What Changed: - In Ontario, courts said you can't sue companies, only the hackers (who are usually impossible to find) - Now in BC, courts say you CAN sue companies that were careless with data Companies can be held responsible even if no money was lost - just the privacy violation is enough Why This Matters Recent cases showed the impact: - Capital One: hackers stole millions of people's financial data - TransLink: 39,000 employees' personal info (including SINs, banking details) stolen What Your Business Must Do? Protect personal data. How? - Proper encryption - Limited access controls - Updated security systems - Regular security audits - Staff training If You're Hacked, You'll Need 1. Privacy Lawyers to: - Handle legal requirements - Manage regulatory reporting - Coordinate customer notifications 2. Forensic IT Specialists to: - Determine breach scope - Find the cause - Fix vulnerabilities Average cost? $20,000-$36,000 CAD! Source: "Nationwide" claim data from 2022 (so probably more now) The good news? A proper cyber insurance policy can cover these costs and provide expert support when you need it most. I can help you with this! Have you had a scare or attack before? What happened?

Our hearts go out to Discovery Limited and all its clients affected by the recent #databreach. This unfortunate event underscores the critical importance of robust data protection measures and the empowerment of individuals within the data structure. A comprehensive #datastrategy is essential in preventing such incidents. It involves not only securing data but also empowering employees to take ownership of data security. Regular security audits, comprehensive training programs, and advanced encryption techniques are pivotal in this regard. Empowering humans within the data structure ensures a vigilant and proactive approach to data security, fostering a culture of responsibility and awareness. Furthermore, valuing data ownership enhances accountability and trust, which are key to maintaining customer confidence. Let's use this moment to reflect and strengthen our #dataprotection protocols, ensuring we safeguard our customers and uphold their trust. #datamanagement #dataassets #datagovernance Moneyweb Andrew Ball Rachel Puodzius Shaun Parkes Drew Kennedy Chris Kayiya Wicus Coetzee Werner Koegelenberg https://lnkd.in/deCMcWD3

"In a report published today, it said that 41pc of directors aren’t aware of the personal responsibility in relation to the new rules. The new rules, under the European Union’s NIS2 directive, seek to attain a high common level of cyber security across the trading bloc." ⁉️ Did you know that you can insure your own personal liability by taking out a Directors & Officers insurance policy ⁉️ Directors & Officers Insurance protects individuals in leadership roles from personal liability related to their decisions and actions taken in their official capacities. Directors & Officers Insurance Covers defence costs, settlements, or judgments if directors or officers are sued due to alleged wrongful acts in their role, such as mismanagement, breach of fiduciary duty, or failure to comply with regulations. If you are a director of a business and want to find out how you can protect your own personal liability then reach out to me at: ✉️ [email protected] #Directors #Officers #Protection #NIS2 #Insurance MBC Insurance The Clear Group Techinsure.ie https://lnkd.in/ePzt9xwp

With the rise of scams and NRIC already leaked through the many data breached occurred, it is critical to further increase the security for individuals especially with regards to certain sectors like telecommunication (for National security), Finance (Banks & Insurance), Healthcare and Education. I understand the much talk about issue due to the recent exposure of the NRIC by ACRA due to a misunderstanding on an internal communication. I guess it is indeed a call to RETHINK on the authentication procedure to safeguard an individual's personal information and assets. Currently, the so call "assistance" through MyINFO to disclose personal data to private organisations is something I disagree because it will implicate the government sooner or later, because government acts as Regulator, and should not be implicated as a Data Controller disclosing Personal Data. It is true government in Singapore does not come under the PDPA, and has a much stringent guidelines in its due diligence, however, not much was shared on the penalty if a major breach occurs or is it government is waived from from all penalty? Thus, it is best for government to stay in their role as Data Regulator and should not complicate the process. As for the NRIC issue, it is about time, a clear mandatory direction is given to organisations, and also a 2nd level of security is added to those sectors which need strong authentication of individual identity. This can be in the form of SingPass, and for verification, MyInfo can transit from disclosing personal data to verify data without disclosing any personal data to ascertain its proper role. I have previously feedback on the MyINFO case, but it seems they said they know what they are doing, thus I simply kept quiet after that since they do not want anyone to voice out on their decision. https://lnkd.in/g6xwwWiV?

Many of our customers struggle with unexpected bill shocks. The incredible complexity that origin-based charging is bringing to the telecoms market is causing challenges for many operators - and opening doors for fraudsters to make huge profits. In this paper we discuss how Wavecrest are responding to this new front in the war on cost and fraud, and how we can help you resolve these issues in your own business. Pritom Roy Chris Adams James Ferguson Ellie Thompson Pete Marcus Louie St Claire Peter Morris

📞 𝐒𝐮𝐫𝐜𝐡𝐚𝐫𝐠𝐞 𝐒𝐡𝐨𝐜𝐤𝐬: 𝐖𝐡𝐲 𝐨𝐫𝐢𝐠𝐢𝐧-𝐛𝐚𝐬𝐞𝐝 𝐬𝐮𝐫𝐜𝐡𝐚𝐫𝐠𝐢𝐧𝐠 𝐢𝐬 𝐚 𝐜𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐫𝐢𝐬𝐤 𝐭𝐨 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬! In today’s telecoms landscape, international calls are burdened with unforeseen costs, thanks to origin-based rating (OBR). If you’re not in control of when and how surcharges apply to your traffic, you might end up paying up to 300 times the expected rate, escalating bills to catastrophic levels. Our latest whitepaper looks at this issue and provides some ideas on how to navigate an increasingly complex environment. Origin-based surcharging emerged in 2015 when European mobile operators, in a move to offset reduced termination charges mandated by the European Commission, started charging more for calls originating outside the EU. This trend, initially limited to European countries, has now expanded globally, with more operators piggybacking on the move. This transformed telecom environment has led to serious and unintended consequences. It’s left businesses with complex and expensive challenges to overcome: ► Hugely complex tariff structures: Prices vary based on originating numbers.  ► Fraud risks: Fraudsters exploit more costly routes, netting billions in fraudulent revenues.  ► Cloud operations: Providers offering multiple originating numbers face higher costs if numbers are from surcharged regions.  ► Mistakes in Calling Line Identification (CLI) presentation: Incorrect or missing CLIs can lead to exorbitant charges. Today, 40 countries impose origin-based surcharges, and more are likely to follow – so this issue will keep affecting more routes and more operators. Incorrect CLI formatting alone can result in charges hundreds of times higher than standard rates, leading to devastating financial shocks for businesses. The whitepaper goes through strategies to help mitigate this, from due diligence to transparent pricing to fraud protection. Wavecrest has developed a platform uniquely equipped to handle these challenges. Our solution offers compliant and transparent numbering, straightforward settlement processes, and robust fraud prevention mechanisms. If you want to discuss specifics for your business please do get in touch with us. 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐭𝐡𝐞 𝐩𝐚𝐩𝐞𝐫 𝐟𝐨𝐫 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐛𝐞𝐭𝐭𝐞𝐫 𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐡𝐨𝐰 𝐭𝐨 𝐩𝐫𝐨𝐭𝐞𝐜𝐭 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐩𝐢𝐭𝐟𝐚𝐥𝐥𝐬 𝐨𝐟 𝐎𝐁𝐑. ➡ https://lnkd.in/eRGa54hE

Another fantastic paper from Wavecrest highlighting the complexity of origin-based rating and the growing concern for many operators. ➡ Download for free to help protect your business https://lnkd.in/e6ETZJAw

Cyber has become an unpredictable risk for all coporates, and if you still don’t have insurance to cover this risk, I think now is the perfect time to review it internally and speak to our WTW professionals.

Patrick Cannon FCII, Chief Claims Officer at Onda said: ‘It's true that cyber business interruption (BI) claims can be difficult to quantify and substantiate. ‘In the immediate aftermath of a cyber-attack there's a lot going on. Understandably, legal and regulatory concerns usually take priority. So tracking all of the extra expenses incurred and monitoring revenue impact often isn't front of mind, and it can be very challenging to do this retrospectively!’ Brokers, we’ve put together 3 useful tips that will help your clients navigate the waters of cyber-BI claims, in the event of an incident. We have simplified cyber insurance to enable you to confidently offer protection to your clients. Please get in touch if you would like to find out more about our cyber insurance policy and our low-touch broker platform: [email protected] #CyberInsuranceSimplified #BILosses #BIClaim #CyberInsurance #BusinessInterruption

𝐏𝐫𝐞𝐯𝐞𝐧𝐭𝐢𝐧𝐠 𝐅𝐫𝐚𝐮𝐝 𝐢𝐧 𝐘𝐨𝐮𝐫 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬: 𝐊𝐞𝐲 𝐒𝐭𝐞𝐩𝐬 𝐭𝐨 𝐏𝐫𝐨𝐭𝐞𝐜𝐭 𝐘𝐨𝐮𝐫 𝐀𝐬𝐬𝐞𝐭𝐬 As a business owner, safeguarding your financial health is crucial. Scammers are becoming increasingly sophisticated, leveraging new technologies to target businesses with fraudulent schemes. In 2022, Australian businesses saw a 73% increase in scam losses, totaling $23.2 million, highlighting the urgency of proactive fraud prevention. Here are a few key steps to protect your business: 🟥 𝐈𝐝𝐞𝐧𝐭𝐢𝐟𝐲 𝐑𝐞𝐝 𝐅𝐥𝐚𝐠𝐬: Look out for unusual financial discrepancies, suspicious transactions, or employees avoiding time off. 🟥 𝐈𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭 𝐒𝐭𝐫𝐨𝐧𝐠 𝐏𝐨𝐥𝐢𝐜𝐢𝐞𝐬: Establish clear procedures for financial transactions, secure payment methods, and regular record reviews. 🟥 𝐄𝐦𝐩𝐥𝐨𝐲𝐞𝐞 𝐄𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧: Train staff to identify and report suspicious activity and follow security protocols. 🟥 𝐑𝐞𝐯𝐢𝐞𝐰 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞: Ensure you have the right coverage, such as crime and cyber insurance, to mitigate potential losses. By taking these actions, you can better protect your business from financial loss and reputational damage due to fraud. Stay vigilant and proactive! #YTM #YTMG #YourTimeMatters #Businessfrauds #Scams