Cyber Insurance 101
Helping Canadian Truckers Stay Ahead of Cyber Threats
BOXX Insurance, recently spoke with Scott Cober, BFL CANADA’s National Practice Leader– Transportation about cyber threats facing truckers and the transportation and logistics industry in Canada.
BOXX announced a strategic initiative to help businesses in the transportation and logistics industry stay ahead of cyber threats with its flagship Cyberboxx solution. This initiative is part of broader investments to create differentiated, industry-focused, and cost-effective cybersecurity and cyber insurance solutions for critical, yet vulnerable, Canadian industries.
The transportation and logistics industry – which includes trucking, air, rail, and marine, as well as storage, cargo, and courier services – is the first industry of focus due to growing demand.
Below is BOXX’s conversation with Scott Cober.
Exploding the myth – Are truckers seen as easy prey for hackers?
Transportation companies may not see themselves as a high-priority for hackers, but the reality is that the transportation industry is one of the most frequent targets for cyber attacks in Canada and internationally.
Why are Truckers vulnerable?
Hackers see truckers as easy prey due to outdated data system and a ton of attractive data from location-based tracking systems and electronic logging histories. If any of their business devices or on-vehicles are compromised, they could face ransomware attacks, scams or even physical damage if a vehicle has self-driving technology. Customer data, supply chain logistics, driving history and logs can be extremely valuable.
How much could a hack cost a Trucker firm?
Cober said ‘Many of our transportation clients use high end technology and have well- known clients and partners across North America. We’ve seen the cost of an attack running in to the hundreds of thousands, sometimes millions once you include the costs to re-secure their business, lost orders and damages and liabilities resulting from the incident.
How are BFL CANADA specialists helping Truckers stay ahead of cyber threats?
We see our role now as helping our trucking clients go beyond insurance and advise them on measures they can take to reduce their risk e.g. by helping them educate their employees how to spot online scams, improving their business reliance and provide coverage that is fit for their specific needs. BOXX checks all these ‘boxes with its in all-in one Cyberboxx solution’.
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