The chief executive of one of Europe’s biggest insurance companies has warned that cyber attacks, rather than natural catastrophes, will become “uninsurable” as the disruption from hacks continues to grow.
More than 100 bitcoins tied to the defunct Canadian crypto exchange QuadrigaCX were transferred out of cold wallets thought to be beyond anyone’s control over the weekend, after sitting dormant for more than three years.
More than 350 fraudulent cryptocurrency tokens were created per day this year, defrauding millions of investors, according to blockchain risk monitoring firm Solidus Labs.
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Cyber Security, Quantum, Hacks, Fraud Alerts, Risks, InsurTech
Zurich CEO: Cyber Attacks May Become ‘Uninsurable’
The Wealth Advisor | Tom Jowitt | Dec 28, 2022
The chief executive of one of Europe’s biggest insurance companies has warned that cyber attacks, rather than natural catastrophes, will become “uninsurable” as the disruption from hacks continues to grow.
See: Insurance Industry Sitting on Treasure Trove of Big Data, As Regulators Wrestle Data Privacy
- For the second year in a row, natural catastrophe-related claims are expected to top $100bn. Amid growing concern among industry executives about large-scale cyber-attacks, Mario Greco, chief executive at insurer Zurich, one of Europe’s biggest insurance companies warned that cyber-attacks, rather than natural catastrophes, will become “uninsurable”.
- “What will become uninsurable is going to be cyber,” he said. “What if someone takes control of vital parts of our infrastructure, the consequences of that?”
- There is no doubt that the cyber threat landscape continues to grow, as insurance executives fret about the risks from pandemics and climate change, which test the insurance sector’s ability to provide suitable coverage.
- Zurich’s Mario Greco praised the US government’s steps to discourage ransom payments. “If you curb the payment of ransoms, there will be fewer attacks,” he told the Financial Times.
- Spiralling cyber losses in recent years have prompted emergency measures by the insurance sector’s underwriters to limit their exposure. As well as pushing up prices, some insurers have responded by tweaking policies so clients bear more of the losses.
- Lloyd’s of London also defended its recent move to limit systemic risk from cyber attacks by requesting that insurance policies written in the market have an exemption for nation-state cyber-attacks.
- He called on governments to “set up private-public schemes to handle systemic cyber risks that can’t be quantified, similar to those that exist in some jurisdictions for earthquakes or terror attacks”.
See: How Reworded Insurance Can Help Your Business
Mario Greco, chief executive at insurer Zurich: praised the US government’s steps to discourage ransom payments.
If you curb the payment of ransoms, there will be fewer attacks.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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A Small Business’s Guide To Threat Detection And Management
Dec 28, 2022
Starting and running a small business can be a challenging and rewarding experience. However, small businesses face unique threats that can compromise their operations and financial stability. Therefore, small business owners must clearly understand threat detection and management.
What Is Threat Detection And Management?
Threat detection refers to identifying potential risks or threats to your business. This can include cyber threats like malware and ransomware and physical threats like theft and vandalism.
Threat management refers to the actions taken to mitigate or eliminate these threats. This can involve implementing security measures, developing contingency plans, and training employees to recognize and respond to threats.
A business with efficient security operations services can protect the organization from cyber-attacks and other security threats. Here are some critical steps that small business owners can take to enhance their threat detection and management
Conduct A Risk Assessment
Conducting a risk assessment is identifying potential risks that could impact an organization. This is an essential step in threat detection and management, as it allows organizations to identify their vulnerabilities and take steps to address them. You can conduct the assessment yourself or seek help for experienced IT consultants in Orange County OC, or near you.
To do this, you must identify the assets that need to be protected. This can include physical assets such as buildings and equipment and intangible assets such as data and intellectual property. Next, determine the potential risks to these assets. This can include external threats, such as cyber-attacks and natural disasters, and internal threats, such as team member error or misconduct.
You must evaluate the likelihood and potential impact of these risks, which involves analyzing the possibility of a risk occurring and the possible consequences if it does happen. You also need to identify controls and mitigation strategies. Once the risks have been identified and evaluated, developing strategies for addressing them is crucial.
This can include implementing security measures, developing contingency plans, and training employees to recognize and respond to potential threats. Reviewing and updating the risk assessment regularly is essential because threats and vulnerabilities can rapidly change over time.
Implement Security Measures
Implementing security measures is an essential step in threat detection and management, as it helps to prevent or mitigate potential risks to an organization. There are a variety of security measures that organizations can implement, depending on their specific needs and vulnerabilities.
A vital portion of threats today is caused by malicious software, so you need to level up your cybersecurity measures. They can install firewalls, antivirus software, and intrusion detection systems to protect against cyber-attacks. Their scope of work may also involve implementing security protocols for accessing and storing data, such as strong passwords and encryption.
It's also vital that you enhance your physical security measures. This can include installing security cameras, securing entrances and exits, and implementing access control systems to prevent unauthorized access to physical facilities.
Train Your Employees
Your employees are often the first line of defense against threats to your business. Training employees on security protocols and recognizing and reporting potential threats is essential to threat detection and management. Organizations can significantly reduce the risk of security breaches and incidents by educating employees on the importance of security and protecting sensitive information and company assets.
Employees should be familiar with the security measures in place at the organization and how to follow them. This can include guidelines for accessing and storing data and protocols for responding to potential security threats. Employees should be trained to recognize potential dangers, such as suspicious emails or unauthorized access to sensitive information.
Recent reports show that globally, around USD$43 billion has been lost through business email compromise since 2016. Employees should know how to report these threats to the appropriate authorities. Lastly, employees should be aware of the importance of protecting sensitive information, such as customer data and trade secrets. They should be trained on how to handle information securely and what to do if it's accessed without authorization.
Develop A Contingency Plan
A contingency plan is a set of procedures that outline how your business will respond to a threat or disaster. This can include steps to take to protect employees and customers, as well as guidelines for recovering from the event.
See: Coinsquare Announces Data Security Breach to Customers
The contingency plan should outline the steps that will be taken to return the organization to normal operations after the threat or disaster has passed. This can include procedures for restoring systems and data, as well as communication plans for keeping employees and customers informed. The contingency plan should be regularly tested and reviewed to ensure it is effective and up to date. This can involve conducting drills and simulations to test the plan's effectiveness.
Monitor And Review
Monitoring and reviewing are ongoing processes essential for maintaining the effectiveness of threat detection and management efforts. By regularly reviewing and updating security measures and contingency plans, organizations can ensure they are prepared to respond to potential threats and disasters.
Conclusion
Threat detection and management are essential aspects of running a small business. Small business owners can protect their operations and financial stability by proactively identifying and addressing potential risks. By following this guide, small business owners can create a culture of security and ensure their businesses' continued success and stability.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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How to Protect Your Product from Compatibility Testing Hacks
Guest Post | Dec 26, 2022
Image: Pexels/ThisIsEngineering
Compatibility testing ensures you're able to properly install your software on every platform and operating system out there. This means increased compatibility, performance, and functionality of your product. Our engineers will take your app's code as input and make it run seamlessly. The next time you need an update - all you have to do is ask!
UTOR provides application compatibility testing services to help you make sure your application is compatible with different environments and operating systems, networks, software and browsers.If you want to be sure that your application works as intended across different environments, our team will work hard to do just that. We're using high-end testing tools and technologies.
A Compatibility Test guarantees that your site is accessible for the latest assistive technologies and devices. It's a low-cost way to check for any issues that exist on important user journeys in your digital properties. By engaging a diverse team, you are ensuring that your accessibility efforts will be supported and your implementation challenges addressed.
The problem of compatibility testing service is a serious issue. The most common way to do this is to use automated scripts that perform the test and compare the results with the source code.
What are Browser Compatibility Tests? How Do They Affect You? How Can You Avoid Them? Why Do We Need Them & Is There a Better Way Out?
A browser compatibility test is a test to see if the website you are visiting is compatible with your browser. Browser Compatibility Tests are a common tool that many people use to test the compatibility of their browsers with different websites. And while they are a useful tool in many ways, they also have some potential downsides.
In this article, we will look at the history of browser compatibility tests and try to find out what they can do for us and how we can avoid them. We will also look at other ways to test your browser's compatibility with websites - by using online tools like Chrome DevTools or by using offline tools like Google Webmaster Tools .
Why Should You Test Your Web Site for Compatibility with Other browsers and Devices
The website you are about to test should be compatible with all the browsers and devices you are using. We should not only test for compatibility with other browsers and devices but also ensure that the website will work on all of them.
The test is a simple way to check for compatibility between your site and other browsers and devices. It is also a good way of testing if your website will be compatible with all the different operating systems.
In this section we will discuss the benefits of testing your Web site with other browsers and devices. You need to test your Web site on different devices. This helps you identify any compatibility issues and troubleshooting them. By doing this you can ensure that your site is accessible to all kinds of browsers and mobile devices, as well as ensuring that it is compatible with other sites on the web.
How to Save Time with Browser Compatibility Testing Software
In order to design a website that is compatible with the latest browsers, a web developer must test the compatibility of websites with different browsers. It is a tedious task but one that can save you hours of work.
See: Leaky Forms: Thousands of Popular Websites See What You Type—Before You Hit Submit
Browser compatibility testing is a time consuming task. It involves testing different browsers and devices to see which browser works best for a certain website. If you are not sure about the browser compatibility of your website, then a tool like BrowserCheck can help you out. If you have a site that is popular in your niche, then it's important to keep it updated and relevant. This will help your visitors find the content they are looking for faster. One solution that helps with this is "browser-based search". This tool allows you to do something similar to Google's "Search" feature but without the hassle of having to visit the site or typing in keywords or links manually.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Former FTX and Alameda Research Executives, Wang and Ellison Plead Guilty and are Cooperating with Police
The Verge | Richard Lawler Elizabeth Lopatto | Dec 21, 2022
Image: Unsplash/Mariia Shalabaieva
Former FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison are facing up to 50 years and 110 years in prison, respectively.
- Caroline Ellison and Zixiao “Gary” Wang, two executives in Sam Bankman-Fried’s fallen crypto empire, have pleaded guilty to federal charges and are cooperating with prosecutors. The news was announced late Wednesday by Damian Williams, the US Attorney for the Southern District of New York.
- Wang was a co-founder of the FTX cryptocurrency exchange and owned 10 percent of Alameda Research. (Bankman-Fried owned the other 90 percent.) Ellison served as CEO of Bankman-Fried’s trading company Alameda Research.
- Ellison pleaded guilty to seven counts, according to The Washington Post. She faces up to 110 years in prison, WaPo says. Wang pleaded guilty to four counts and faces up to 50 years in prison.
See: Co-Founder FTX Ryan Salame Blew the Whistle
- The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have already filed updated civil suits, including details on Wang and Ellison’s roles. “Wang, with Ellison’s knowledge and consent, exempted Alameda from the risk mitigation measures” FTX used, providing Alameda Research with a “virtually unlimited ‘line of credit,’” according to the updated SEC complaint.
- Alameda got ahold of FTX customer funds in two ways: first, by the “line of credit” but also by directing customers to deposit fiat currency into accounts controlled by Alameda. “As a result, there was no meaningful distinction between FTX customer funds and Alameda’s own funds,” the SEC suit says.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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100+ Dormant Bitcoins from QuadrigaCX Suddenly Wake Up
Coindesk | Nikhilesh De | Dec 19, 2022
More than 100 bitcoins tied to the defunct Canadian crypto exchange QuadrigaCX were transferred out of cold wallets thought to be beyond anyone’s control over the weekend, after sitting dormant for more than three years.
- QuadrigaCX went bankrupt in 2019 after the apparent death of founder and CEO Gerald Cotten. At the time of its collapse, Quadriga was believed to have owed thousands of customers nearly $200 million in various cryptocurrencies – a staggering failure for what was once Canada’s largest crypto exchange.
- EY, which is acting as the trustee for Quadriga’s estate, announced in February 2019 that it lost control of about 100 BTC after mistakenly sending the coins to Quadriga-operated cold wallets that the Big Four financial services firm said it couldn’t access. At the time, the bitcoin was worth around $355,000 (C$470,000).
See:
Gerry Cotten’s widow speaks out over his death and millions of missing crypto
Hot Docs: Dead Man’s Switch
- On the move: In total, 104.34 BTC worth around $1.7 million (C$2.4 million) at press time has left Quadriga’s wallets. Many of these funds appear to have been distributed to different wallets.
- Magdalena Gronowska, a bankruptcy inspector and member of Quadriga's creditor committee, said the funds were not moved by EY.
- Blockchain sleuth zachxbt said on Twitter that the majority of these funds, nearly 70 BTC, appear to have gone to Wasabi, a coin mixing service.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Solidus Labs Research: 350 New ‘Scam Tokens’ Created Daily in 2022
Cointelegraph | Jesse Coghlan | Dec 18, 2022
More than 350 fraudulent cryptocurrency tokens were created per day this year, defrauding millions of investors, according to blockchain risk monitoring firm Solidus Labs.
- From the start of the year to Dec. 1, 117,629 “scam tokens” were deployed, according to Solidus’ 2022 “Rug Pull Report.”
- That’s a 41% increase from the nearly 83,400 scam tokens that Solidus detected in 2021.
- The report claims that BNB Chain harbors the greatest number of scam tokens, with 12% of all BEP-20 tokens being fraudulent.
- The Ethereum network was second, with a purported 8% of ERC-20 tokens alleged to be scams.
See: Trust Fallacy: 75% of Payment Fraud in Crypto is Carried Out by KYC-verified Accounts
- The most popular type of scam token was a “honeypot," which is a token smart contract that doesn’t allow buyers to resell.
- The most prolific “honeypot” in 2022 was the $3.3 million Squid Game (SQUID) token scam which grew 45,000% in a few days before anonymous founders apparently ran off with investor funds
- Centralized exchanges (CEXs) are also affected by rug pulls, as many behind these malicious tokens use them to fund their fraudulent project and cash out the ill-gotten gains.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Goldman Sachs Report: Future of Digital Assets and Crypto Winter’s Discontent
Goldman Sachs | Dec 13, 2022
In the wake of FTX's rapid demise, crash of Terra's Luna stablecoin and the failure of Celsius crypto lending platform, questions about regulatory oversight of digital assets, where the ecosystem goes from here, and potential spillover risks to the financial system and the real economy are Top of Mind.
See: Canadian Securities Regulators: Crypto Trading Platform Enforcement Coming
For answers, we turn to former SEC Chairman Jay Clayton, former CFTC Chairman Timothy Massad, One River’s Marcel Kasumovich, Yale’s Gary Gorton, and GS traders, strategists, and economists.
Download the 25 page PDF report --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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