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How costly cyber incidents are quietly shaping the future of business security As organizations globally find themselves besieged by cybercriminals, Victor Canada is paving the way with its deep expertise in cyber risks while equipping businesses with the tools they need to stay a step ahead
MGA VICTOR INSURANCE MANAGERS INC. (Victor Canada) leads the charge in helping to protect businesses from the rising tide of cyber incidents. The quiet hum of cyber threats often goes unnoticed – until it’s too late. Organizations across the globe are finding themselves besieged by an invisible enemy, one that evolves as swiftly as the technology it targets. While the repercussions are severe, many still underestimate the true cost of a cyber incident. The financial toll of cyber incidents has reached alarming levels. According to a 2023 report by NetDiligence, the average cost of a cyber incident has surged by 150 percent in just five years. This dramatic increase highlights the growing financial burden that cyber threats impose on organizations. As the costs continue to rise, the importance of being prepared becomes even more critical.
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As Kevin Auger, managing director of cyber, technology, and errors & omissions at Victor Canada, aptly puts it: “Given the urgency in responding to cyberattacks, how many of your clients have access to industry experts and possess the financial means to cover the associated costs? Do your clients have a cyber insurance policy in place? Are their coverage limits adequate to address the escalating costs of cyber incidents in today’s landscape?” The surge in cyberattacks across Canada, such as ransomware, has left a trail of disruption, claiming victims as prominent as London Drugs and the City of Hamilton. Ransomware is a type of malicious software that holds a company’s data hostage. In exchange for the decryption key, cybercriminals demand a ransom, often in volatile cryptocurrencies like Bitcoin. AutoCanada is the latest to fall
prey, grappling with a cybersecurity breach that threatens to upend its operations. This incident comes on the heels of a severe cyberattack on CDK Global. These breaches underscore the relentless rise of ransomware. As Victor Canada president, Dave Cook, explains, “Today’s cyber landscape demands more than just reactive measures. It requires a proactive approach that empowers brokers and their clients to stay one step ahead of cybercriminals. We’re committed to providing comprehensive cybersecurity solutions that not only help protect businesses from cyberattacks like ransomware but also enable them to thrive in the face of evolving threats.” From the moment a company becomes a Victor Cyber policyholder, cybersecurity experts work around the clock to protect their business against cyberattacks using
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