Access Financial discloses unauthorized access to client data
On March 21, Access Financial Services Limited which previously on March 4, 2025, had reported a cybersecurity event, said in an update that client data had been exposed.
The Company stated through an update on The Jamaica Stock
Exchange, “We regret to inform you that our cybersecurity experts have
indicated that unauthorized access to our network, which contains personal
data, may have occurred. While we cannot confirm that data was stolen or
exfiltrated, we can confirm that personal data was accessed by persons outside
the organization.”
Cybercrime is projected to cost the world $9.5 trillion USD
in 2024. Global cybercrime damage costs further are expected to grow by 15 per
cent per year over the next two years, reaching $10.5 trillion USD annually by
2025 (Forbes).
In Jamaica, the problem is also a challenge. The Bank of Jamaica reported that
local banks detected about $715 million in fraud losses in 2021, $800 million
in 2020, $1.3 billion in 2019, and $1.2 billion in 2018.
In general, emerging threats are increasing. William Craig, CEO of BCMG
Insurance Brokers Limited asserts that use of improved monitoring programmes
backed by comprehensive insurance model will effectively reduce losses being
experienced both at the individual and company level
Craig outlines, “Cyber Risk is no longer a luxury, but a critical
consideration. Companies rely on databases to serve and protect customers, make
business decisions and manage their workforce.”
Cybercrime, globally, has increased as most of their records, especially in
accounting, and record keeping, and communications are archived in digital
format. Valuable business assets are now accessible by anyone in the world from
anywhere.
Bernard Marr, writing for Forbes Magazine indicated in October 2014 that by the
end of the coming year, the cost of cyber-attacks on the global economy
is predicted to
top USD $10.5 trillion.
He notes, “ artificial intelligence (AI) will have a transformative impact on
both attack and defense.” Marr said that a shortage of professionals with the
skills needed to protect organizations from cyber-attacks continues to be a
challenge.
Firms should expect, he says, to continue to see more sophisticated and smart
AI-powered attacks ranging from “deepfake social engineering attempts to
automated malware that intelligently adapts in order to evade detection.”
Internationally, organizations continue to fall prey to ransomware attacks as
well as data breaches. Monitoring coupled with cyber insurance protects against
– the loss, theft or destruction of a company’s digital assets. Alongside this
is the need for comprehensive insurance coverage.
Coverage should include :Cyber incident response costs (including IT forensics,
legal breach notification and crisis communications)
Cybercrime (including social engineering, and theft of personal funds)
Cyber extortion
System damage
System business interruption
Cyber and privacy liability
Reputational harm
Management liability (arising from a cyber-attack)
Media liability
Optional extras
Cyber insurance, also called cyber liability insurance or cybersecurity
insurance, covers financial losses that companies have as a result of
ransomware attacks, data breaches and other cyber incidents.
Security breaches are growing and costing more. IBM’s Cost of a Data Breach report notes
that 83 per cent of organizations in the US have had more than one data breach, and the average
breach costs USD 4.35 million.
Cyber insurance lessens the financial impact and is an important part of risk management for
businesses today. “Comprehensive insurance aims to ease the burden on companies
but first assertive company level action needs to be taken says Craig.
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