Bank of Montreal, operating as BMO Financial Group, and Simplii Financial, a banking subsidiary of the Canadian Imperial Bank of Commerce, were hit with a significant data breach. According to reports, the banks have recorded that a combined 90,000+ customer’s personal identifiable information was exposed by the cyber attack.
To make matters worse, the cybercriminals stated in an email that they would share their customers information if they don’t pay the hacker group $770,000 in a popular cryptocurrency, Ripple. The CBC reports that the accused Russian hackers used an algorithm to generate authentic account numbers, which enabled them to pose as legitimate account holders and begin a “lost password” process that enabled them to reset security questions and gain access to accounts. A
s these ransomware attacks continue to exploit businesses by stealing sensitive information while demanding ransom, Evolve MGA will continue to encourage businesses of all sizes across all industries to get equipped with a Cyber Insurance policy before instances like this happen.
Evolve MGA offers cyber insurance that covers policyholders in the event their cloud data is hacked, lost, or stolen. Get in contact with our cyber insurance specialists for a FREE Quote!
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