Risk & Business Magazine Miller Winter 2019 | Page 29

CYBER STATS
A survey conducted by Norton LifeLock found that more than 10
million Canadians were victims of cybercrime in 2017. 4 These
consumers reported total losses of $2 billion representing an
average direct loss of $200. Norton observes that the six most
common cybercrimes reported by consumers include having a device
infected by a virus, credit card fraud, a compromised password,
unauthorized hacking of an email or social media account, an online
consumer scam or providing sensitive personal information in
response to a fraudulent email.
The measures of cyber risk presented in the Insurance
Institute’s 2015 report on cyber risk have increased and
are expected to increase further over the next decade
and beyond. For example, the number of Internet users
around the world at year end grew from 1 billion in 2005,
to almost 2 billion in 2010, 3.4 billion in 2015 and will
likely exceed 5 billion in 2020. 7 Moreover, the number
of smart devices that communicate wirelessly - the
Internet of Things — is expected to increase from 2
billion devices in 2006 to 200 billion in

2020. 8 Furthermore, the 2018 IBM data

breach study measured the

influence of devices connected

to the Internet and the losses

have begun to emerge. 9
**(INFORMATION GATHERED FROM) CYBER RISKS 2019: IMPLICATIONS FOR THE INSURANCE INDUSTRY IN CANADA BY PAUL KOVACS
INSURANCEINSTITUTE.CA/EN/RESOURCES/INSIGHTS-RESEARCH/CYBER-RISKS-UPDATE
Ca l l f o r a q u o t e t o d a y .
1 - 8 0 0 - 2 6 5 - 3 0 00
29