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FSCO warns of cyber attacks

By Andrew Rickard | October 31 2016 01:31PM

Photo: Freepik

The Financial Services Commission of Ontario (FSCO) says life insurance agents are responsible for protecting their clients' personal information from cyber attacks.

In a message posted to FSCO's web site last week, Superintendent of Financial Services Brian Mills warned that there have been a growing number of cyber security breaches in the financial services sector. With companies and consumers increasingly reliant on information technology, proprietary data and personal information are more vulnerable to theft.

"All licensed businesses and individuals should be prepared for such events"

"Although many attacks have targeted larger, high-profile companies, all licensed businesses and individuals should be prepared for such events, regardless of their size or complexity," says Mills.

FSCO defines a cyber attack as "an attempt by an individual or group to obtain unauthorized access to a computer network or system". The attack may be executed for financial gain, to obtain data, or to damage an individual or company's reputation.

Ontario's insurance regulator recommends that intermediaries consult with a professional technical service provider about how to incorporate cyber security measures into their daily activities.

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