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Thousands of CRA and government accounts disabled after cyberattack – Canada News – Castanet.net

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Hackers used more than 9,000 stolen usernames and passwords to apply for government services, and also targeted about 5,500 Canada Revenue Agency accounts, the federal government said in an announcement.

The RCMP is investigating whether the hack led to any privacy breaches or stolen information from the accounts, which have been disabled, the Treasury Board of Canada Secretariat said on Saturday.

The 9,000 hijacked accounts have been cancelled, and the approximately 3,000 accounts that were successful in getting government services are being investigated.

The 5,500 CRA accounts that were separately targeted have been disabled, and owners are being contacted, said the government.

The cyberattacks used a technique called credential stuffing to target a system used by 12 million users and about 30 federal departments, including immigration accounts.

The attackers used passwords and usernames collected from previous hacks of accounts worldwide, and “took advantage of the fact that many people reuse passwords and usernames across multiple accounts,” the government said.

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Desperation sets in as CERB is set to end; these three Canadians are among the millions living on the bubble – Toronto Star

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Canadians who’ve been relying on the Canada Emergency Response Benefit (CERB) to make ends meet during COVID-19 say there’s a sense of desperation and panic as the program nears its end later this month.

Stephanie Cohen was receiving EI payments before the pandemic as a result of losing her job as a copywriter at a digital marketing agency in Montreal. She transitioned to CERB in May and the $2,000 has kept her going since then.

The money has helped her pay basic bills and assisted her mother in buying groceries and other home necessities. Even though it’s less than what she was making at her work, it provided a much-needed financial boost and a little bit of “peace of mind” during a difficult period. Having zero income “would have been devastating,” she said.

As others do, she knows very little about the new benefits that will be offered to jobless Canadians starting Sept. 27.

“It is a pretty big concern, considering I’m in the category of people who exhausted their previous EI benefits,” Cohen said.

She’s especially worried new recovery programs, which are just proposals at this point and won’t be solidified until after the government’s Speech from the Throne on Sept. 23, will ignore people such as she, who were job-hunting prior to COVID-19. The pandemic, she said, put her hunt on hold and the economic hit to business across a variety of sectors makes it hard to know when people will start hiring again.

“I haven’t been able to receive a clear answer as to how I move forward,” she said about the lack of information on the upcoming benefit programs. “If I am not eligible to re-apply for EI, I’ll have zero income coming in, which would be a hard blow for me financially.”

A recent analysis from the Canadian Centre for Policy Alternatives warned millions of Canadians who depended on CERB will be hard hit by the upcoming change.

CERB had been instrumental in helping Jordan Troy, a Guelph resident who had just completed college and was looking for a job as an elevator mechanic when the pandemic hit. The 23-year-old said he recently started working a few hours a week at local restaurants when they reopened, but still makes less than $1,000 per month.

“I’m worried, of course. I don’t know if I will qualify for EI or any of the new programs, and there is no information right now,” he said. “At least with CERB, you knew you weren’t going to go hungry or miss a rent payment. Now everything is up in the air.”

Nick Cunningham had been working in the live music industry at a Toronto talent agency, helping with the booking of venues and organizing tours for Canadian artists. For the first few months of the pandemic, his agency managed to keep a small group of employees at work as they helped artists run virtual concerts and drive-in shows. But he was laid off last month.

“Everything was so sudden. I was working one day and the next day I wasn’t,” said Cunningham. “These past six months have been incredibly stressful, with so much uncertainty and repeated work, it felt like groundhog day every day, until I lost my job.”

So far, Cunningham has collected the CERB just twice. While he said he’s grateful for the support, he is “scared” that the switch to EI and other programs could leave him short of what he needs to get by.

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“It’s already hard to survive in Toronto on $2,000, and I feel like it’s about to get even harder with these new changes,” said Cunningham, who says special support for people in the live music industry is needed.

“Our government is not doing anything to address this industry’s shutdown, and I am getting anxious. I have spent my entire life getting to where I am now, and unfortunately things feel bleak with the soon-to-be removal of CERB.”

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Nuvei’s Red-Hot IPO Marks Canada’s Largest Tech Offering – Bloomberg

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Payments company Nuvei Corp. jumped 31% in its trading debut on Thursday, riding the wave of demand for technology shares that has swept the globe in recent months.

Montreal-based Nuvei, which supplies payment technology to the retail, travel, gaming and other sectors, is among a cluster of firms benefiting from the shift to e-commerce during pandemic lockdowns. The deal raised $700 million, making it the biggest tech offering in the history of the Toronto Stock Exchange, the exchange said in a statement.

“The rebound in technology names is a good sign for the private tech companies with plans to publicly list their shares in the coming weeks,” CIBC analyst Stephanie Price wrote in a note. With tech IPOs such as Snowflake Inc. surging more than 100%, investor demand remains strong, she added.

Nuvei will take in proceeds $625 million before costs and fees, while $75 million goes to selling shareholders.

Information technology stocks are up 80% from their March 16 low on Canada’s largest exchange, compared to a 57% gain in the S&P 500 information tech index. Nuvei’s listing follows Dye & Durham Ltd.’s July offering, which raised C$172.5 million ($131 million). Another Montreal company in the merchant software business, Lightspeed POS Inc., raised C$276 million in an IPO last year.

Shares of Nuvei were priced at $26 but climbed as high as $35.04. They ended the day at C$45.05 ($34.12).

Backed by Caisse de Depot et Placement du Quebec and private equity firm Novacap Investments Inc., Nuvei has about 50,000 customers and supports transactions in nearly 150 currencies. The company connects business owners and customers “no matter where or how they do business,” Nuvei Chairman and Chief Executive Officer Philip Fayer said in an statement.

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The global mobile commerce and e-commerce market is expected to increase to $6.3 trillion by 2024 from $3.4 trillion in 2019, according to Nuvei’s prospectus, citing eMarketer, a market research company. Nuvei generated revenue of $245.8 million and adjusted Ebitda of $87.2 million for fiscal 2019, according to its prospectus.

Nuvei’s shares are trading on so-called “if-and-when-issued basis” until the offering closes on Sept. 22, according to a separate statement by the company.

(Updates market numbers in first paragraph and other details throughout the story.)

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    Bank of Canada's second-in-command to step down when her term ends next year – Financial Post

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    Article content continued

    Experience away from the central bank appears to have become a requirement for running it

    Experience away from the central bank appears to have become a requirement for running it. Wilkins, who broke one glass ceiling when she won the competition to become senior deputy governor, is still young enough to be governor. Macklem, 59, will have reached retirement age when his term ends in 2027.

    But that’s the future. Here in the present, Wilkins’ decision to leave will trigger a reshuffling of the Bank of Canada’s leadership group ahead of what promises to be an exceptional period in the central bank’s history.

    The central bank has already committed to doing its part to fight the COVID-19 recession by keeping interest rates near zero for at least a couple of years, evidence that the country’s biggest collection of PhD economists think the economy is extraordinarily weak.

    Canadian policy-makers for the first time have deployed quantitative easing, or QE, in which the central bank uses its unique power to create money in order to buy debt worth hundreds of billions of dollars. The experience of the U.S. Federal Reserve and other central banks suggests the aggressive strategy will work, but QE remains an experiment that must be closely watched.

    Wilkins’ mandate review, which could result in a decision to replace the Bank of Canada’s inflation target with a new approach to setting interest rates, also looms. All told, it won’t be a casual seven years for Macklem and his deputies.

    Like the governor, the senior deputy governor is a cabinet appointment, so Chrystia Freeland, who replaced Morneau last month as finance minister, will influence the decision. At the same time, convention grants the governor significant say over who serves as his top lieutenant. The independent directors of the Bank of Canada’s board will lead the search and recommend candidates to Freeland.

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