Connect with us

Business

LifeLabs hack: What Canadians need to know about the health data breach – Global News

Published

 on


A data breach at LifeLabs, potentially affecting up to 15 million Canadians, was revealed Tuesday.

The company, which performs medical lab tests, apologized for the security breach in a statement, adding that it was first discovered several weeks ago.


READ MORE:
LifeLabs reveals data breach, possibly affecting up to 15 million Canadians

The CEO of the company, Charles Brown, called the incident a wake-up call for the industry.

“Whether you’re a private company, a government, a hospital, we’re all seeing these attacks rise and there’s more and more of them and we’ve collectively got to do more to make sure all our customers feel secure,” he said in a letter to customers.

Here’s what you need to know.






2:03
LifeLabs hack exposes personal data of patients


LifeLabs hack exposes personal data of patients

What information was compromised?

Information that was compromised included health card numbers, names, email addresses, login, passwords and dates of birth. However, LifeLabs said it wasn’t sure how many of the files were accessed during the breach.

Story continues below advertisement

It added the hackers did obtain test results from as many as 85,000 Ontario residents, dated 2016 and earlier.

The company said it hired cybersecurity experts to secure the system and determine the scope of the attack, and paid an undisclosed amount of money as ransom to secure the information.

How serious is the hack?

Ann Cavoukian, the former privacy commissioner for Ontario and executive director and founder of Privacy by Design, told Global News Radio that the “most sensitive of information” was compromised in the hack.

“You would think that a company that is entrusted with so much of that information would have the strongest security measures imaginable,” she said. “Clearly, they didn’t.”

Cavoukian said an investigation into the hack, currently being conducted by the Ontario and B.C. privacy commissioners, will evaluate how something like this could have happened — and why the company took weeks to reveal it.

In his letter, Brown said system issues related to the breach have been fixed and Tuesday’s announcement is “in the interest of transparency.”

What can you do?

Cavoukian added that there’s not much those affected by the data breach can really do at this point. For starters, she said those who are unsure whether their data was affected should contact LifeLabs. They can also take steps such as changing their passwords.

Story continues below advertisement

While the company is still determining exactly how many people were affected, it said the majority are from Ontario and B.C. It also said it would contact Ontario customers whose test results were accessed.

The company has set up a phone line specifically to handle related inquiries.

LifeLabs also said Tuesday that customers concerned about the safety of their data will be able to receive “one free year of protection that includes dark web monitoring and identity theft insurance.”






2:23
How to protect yourself from a data breach


How to protect yourself from a data breach

Why was a ransom paid?

Brown said in the release that the decision to pay a ransom was not easy, but he felt the responsibility to do everything possible to retrieve data.

“We wanted to get the data back,” he said. “We thought it was the smart thing to do because it was just in the best interests of our customers.”

Paying ransom is a fairly common business decision that can have some negative consequences, according to David Masson, director of enterprise security for cybersecurity firm Darktrace.


READ MORE:
More than 28 million Canadians impacted by a data breach in past 12 months, privacy watchdog says

“If you pay, you’re telling the threat actors that you will pay. You’re quite likely to get hacked again or they’ll tell other threat actors that these people pay. So you could put yourself in a whole world of pain,” he said.

Story continues below advertisement

It also implies that the company has no other option to get the data back and doesn’t guarantee that all will be returned. Masson also believes the data never left the LifeLabs system but was encrypted.

— With files from The Canadian Press

© 2019 Global News, a division of Corus Entertainment Inc.

Let’s block ads! (Why?)



Source link

Business

TD Bank CFO Ahmed to head securities unit, move seen as CEO succession play

Published

 on

TD Bank Group on Thursday named Chief Financial Officer Riaz Ahmed chief executive of its securities unit and head of wholesale banking, a move some investors interpreted as a sign he will succeed CEO Bharat Masrani.

For Ahmed, 58, the change marks a return to his TD roots. He began his career at the bank in 1996 as an investment banker in the securities division, following which he served as its CFO and chief administrative officer. He has been part of TD Bank‘s executive team for nine years, and CFO for over five.

“Cross-training in the capital markets role … increases the likelihood of (Ahmed) succeeding Masrani when he retires, but I doubt it would be soon, as that would create unnecessary turnover atop TD Securities,” said Brian Madden, portfolio manager at Goodreid Investment Counsel.

“Maybe Masrani announces his retirement next year (or the following) and leaves early in 2023” or 2024.

Masrani’s compensation arrangements anticipated his retirement in 2020, TD said in its 2019 shareholders meeting proxy circular. But he was granted stock options worth C$1.9 million ($1.5 million), vesting in five years, on the condition that he remain available to serve as CEO throughout that period.

Ahmed replaces Bob Dorrance, who will retire on Sept. 1 after about 16 years at the bank, Canada’s second-biggest lender by market value said in a statement.

When asked about TD’s succession plans, a spokesperson said: “Today we are celebrating Bob Dorrance’s incredible career and accomplishments, and the appointment of top executives to critical, leadership roles.”

At a time when diversity, particularly in executive and board ranks, has come under increased scrutiny, Ahmed’s appointment as CEO would mean TD, the only one of Canada’s six biggest lenders to have a non-Caucasian at its helm, would retain that aspect.

Ahmed’s appointment comes after TD’s wholesale banking unit recorded an 8% revenue decline in the second quarter from a year ago, contributing to the bank’s overall underperformance versus some rivals.

Kelvin Tran, currently executive vice president for enterprise finance, will replace Ahmed as finance chief.

Dorrance, who has headed TD Securities since 2005, will stay on as chairman of TD Securities and serve as special adviser to Masrani.

TD shares were flat at C$87.12 on Thursday afternoon, compared with a 0.2% gain in the Toronto stock index. The shares are up 21% this year, versus a 15% gain in the benchmark.

($1 = 1.2303 Canadian dollars)

(Reporting by Nichola Saminather in Toronto; Additional reporting by Noor Zainab Hussain in BengaluruEditing by Nick Zieminski and Matthew Lewis)

Continue Reading

Business

AIB agrees to life and pensions joint-venture with Canada Life

Published

 on

Allied Irish Banks on Wednesday said it would form a joint venture with Canada life as it seeks to plug gaps in its life, savings and wealth products.

The joint venture will be equally owned by Canada Life, a subsidiary of Great-West Lifeco Inc.

“The move to create this joint venture is aligned with AIB’s stated ambition to complete its customerproduct suite and diversify income,” AIB said in a statement.

“Through this strategic initiative AIB intends to offer customers a range of life protection, pensions, savings and investment options enhanced by integrated digital solutions withcontinued access to our qualified financial advisors.”

The Irish lender highlighted Canada Life’s “deep experience” of the Irish bancassurance market through Irish Life Assurance, which is also a subsidiary of Great-West Lifeco.

AIB currently operates under a tied agency distribution agreement with Irish Life, and will enter into a new distribution agreement with the new joint venture company.

Chief Executive Colin Hunt highlighted the need to plug gaps in AIB’s life, savings and wealth products when he set out the bank’s medium-term targets last December.

AIB expects its equity investment in the joint venture will be around 90 million euros ($107.51 million), equating to around 10bps of CET1.($1 = 0.8372 euros)

(Reporting by Graham Fahy;Editing by Elaine Hardcastle)

Continue Reading

Business

Interac: Canada’s Latest Payment Solution Phenomenon

Published

 on

Few can argue that digital payment methods aren’t central to modern-day society. In recent times, increasing numbers of payment solutions have come to the forefront, offering consumers more choice regarding their transaction preferences. Canada, in particular, has embraced a wide-ranging selection of secure, forward-thinking options. Of those available throughout the country, Interac has piqued the interests of local consumers the most. So, let’s look at why this payment solution is an especially popular option throughout Canada. 

Usable Across Various Markets 

It speaks volumes about Interac’s versatility in that it’s usable across a variety of different industries. Since being founded in 1984, the Canadian interbank network has become integral to numerous markets, including local air travel. Air Canada, which has been operating since 1937, has expanded their accepted payment methods, and now passengers can pay for their flights using Interac. According to the airline’s official website, the Interac Online service lets consumers pay for their tickets via the internet directly from their bank account. 

Not only that, but Interac is also available at Walmart. In November 2020, the two organizations partnered together to expand in-store and online payment options. Walmart has adapted well to the digital trend, with American Banker reporting that they’ve opened Interac Flash sale points throughout their stores. 


Source: Unsplash

Aside from the above, Interac has also taken the digital world by storm. Following its rapid rise to prominence, the solution has also altered the online casino industry, with platforms like Genesis Casino now accepting the transaction type. The provider, which features Interac Canadian casino options, uses the popular payment method to enhance transaction speeds of deposits and withdrawals, as well as security. Players can use Interac Online and Interac e-Transfer to make deposits or withdrawals from their desktops or mobiles as the platform is fully optimized. 

A Reflection of Modern-Day Society 

In recent times, Interac recorded a 55 percent increase in transactions between April and August 2020 compared to the same period the previous year, as per BNN Bloomberg. These figures somewhat reflect the current state of e-Commerce and modern consumerism. Following the rise of Interac and other payment methods, it’s now less troublesome for consumers to complete in-store and online purchases. 


Source: PxHere

There’s an ever-growing perception that land-based businesses need to adapt within the digital era and accept forward-thinking payment methods. According to Cision, Interac is of utmost importance to the Canadian economy, and a year-on-year increase in Interac Debit payments of 333 percent reflects that. Not only that, but Interac e-Transfer payments are growing at 52 percent each year. This Interac-oriented trend appears unlikely to fade over the coming years, with the network being selected as the country’s provider for a new real-time payment system, as per Lexology. 

Consumer Habits are Changing 

There can be no doubt that consumerism has changed drastically over the past decade. The popularity of Interac suggests that a cashless future may be on the horizon, with increasing numbers of shoppers enjoying the security of online payment methods. While it’s currently unclear if that will happen, Interac appears to be prevalent for the long run.

Continue Reading

Trending