Canadian Lawyer Magazine quotes Toronto and Québec City lawyers Daniel Fabiano and Kateri-Anne Grenier in an article about how data breaches increase with COVID.
“It’s amazing the sophistication resulting from COVID,” says Daniel Fabiano, a partner in Fasken Martineau DuMoulin LLP in Toronto. Individuals are anxious, stressed, and the ground has shifted; “that’s fertile ground for someone to exploit.” And although employee training in avoiding fraud is vital, even well-trained senior IT professionals can be duped by some of these hackers, he says.
For smaller companies, the cost of these attacks is proportionately very high, says Fabiano’s colleague Kateri-Anne Grenier, a partner in Fasken in Quebec City. The loss of business, reputation, and providing compensatory credit monitoring to perhaps 100,000 people can be pricey, she notes, and today even smaller companies are purchasing cyber insurance.
“It’s one of the aspects that we’ve seen develop during the past year,” she says: a cyber insurance policy so that companies can afford the cost resulting from data breaches.