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ARTICLE · 20 JULY 2017

Cyber Security, Risk, Response and Cyber Insurance

Relying on cyber infrastructure to operate has become fundamental to most businesses.

CanadaTechnology

Relying on cyber infrastructure to operate has become fundamental to most businesses. Critical infrastructure, such as the power grid, hospitals, emergency response, water and transportation (land, water and air) rely heavily on cyber infrastructure that is often networked with many other systems. Attacks on cyber infrastructure are increasing in frequency, together with such attacks' sophistication and scope. The attacks range from those that deny access to data (ransomware), to those that target and steal data and those that shut down or manipulate operations which, in the case of critical infrastructure, is significant to the general public.

While the number of cyber security experts continues to increase, the majority of business people are still unsure of how to protect against this increasing risk. For instance, a recent report by the analytics firm FICO (the "Report") revealed a discrepancy between the perceived risk of imminent cyber attacks in Canada and

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