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MALICIOUS SOFTWARE IS THE NUMBER ONE WAY THAT CYBER CRIMINALS INFILTRATE BROKER SYSTEMS

Malware can be installed on your computer in numerous ways, resulting in an overwhelming majority (70%+) of brokers in Canada reporting malware related cyber attacks. With cyber threats evolving each day, now is the time to understand the threat malware may pose to your business and how to protect against it. 



Malware is a software designed to disrupt, damage and gain unauthorized access to a computer system. Cyber criminals often access data from a member of your staff by covertly downloading malware into your systems through attachments, unsafe links, or files.

Fortifying your cybersecurity posture is an important journey. To better protect from malware specific threats, experts advise brokerages to focus their defence efforts on:

1. Regular software updates. 
2. Cyber specific employee training/ phishing testing. 
3. Tested and fortified access controls. 
4. Data encryption. 
5. Regularly tested backups.
6. Cyber-specific requirements in vendor agreements.
7. At least $2m coverage limit in cyber liability. 

In June 2023, a leading brokerage in Toronto, experienced a sophisticated malware attack when an employee unknowingly clicked on a malicious link in a phishing email. The malware quickly spread throughout the network, compromising sensitive client data.

In response, the Intact partner brokerage notified all affected parties, provided credit monitoring services, and strengthened cybersecurity measures. They prioritized employee training, conducted regular audits, and partnered with external cybersecurity firms.

With these preventative measures in place, this broker is more secure than ever today.