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Canadian banking regulator says real estate, mortgages pose risk to financial systems

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Buildings are shown from a worm's eye view.

Canada's banking regulator says real estate secured lending and mortgages are among the top risks the country's financial system is facing, as higher interest rates pressure borrowers.

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dreadhead
22 hours ago
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Vancouver Island, Canada
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Family bear-sprayed in argument over parking stall: Nanaimo RCMP

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A parking lot with a Walmart.

Police say a dispute between two drivers vying for a spot in a busy Walmart parking lot on Vancouver Island exploded in violence over the long weekend, when one man allegedly attacked the other driver with bear spray, catching his four young children in the crossfire.

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dreadhead
22 hours ago
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"a Hummer SUV cut off a family of six" ... "started off as a consensual fight"
Vancouver Island, Canada
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London Drugs confirms cyberattackers demand ransom, has no plans to pay

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London Drugs is confirming it has received a ransom demand for data stolen in the recent cyberattack, which the company will not pay.

When asked by CHEK News about a ransom notification posted by LockBit, London Drugs confirmed that it had received a ransom demand.

In a statement, the company reaffirms that there is no evidence that customer or patient databases were accessed in the cyberattack, but the company has now learned files from its corporate head office were exfiltrated, some of which may contain employee information.

“London Drugs is unwilling and unable to pay ransom to these cybercriminals. We acknowledge these criminals may leak stolen London Drugs corporate files, some of which may contain employee information on the Dark Web,” the company said in a statement.

“This is deeply distressing and London Drugs is taking all available steps to mitigate any impacts from these criminal acts, including notifying all current employees whose personal information could be potentially impacted.”

London Drugs says it has notified all current employees of the leak and provided 24 months of credit monitoring and identity theft protection services for all employees, regardless of whether or not their information is found to be compromised.

“At this stage in our investigation, we are not able to provide specifics on the nature or extent of employee personal information potentially impacted. Our review is underway, but due to and the extent of system damage caused by this cyber incident, we expect this review will take some time to perform,” London Drugs says.

“Once we have completed our review, we will contact any affected employees directly to inform them of what personal information of theirs was compromised, if any.”

CHEK was alerted to this ransom after Brett Callow, a threat analyst at Emsisoft, shared a screenshot to Twitter (now X) from a ransomware website, LockBit, asking for a ransom of $25 million within 48 hours to prevent the group from leaking the data. London Drugs has not confirmed the ransom amount it was asked or the identity of the attacker.

“It’s certainly not an implausible amount, though,” Callow said to CHEK News in a Zoom interview. “Their demands range typically from the tens of thousands of dollars into the multiple millions, so this would be an unusual amount at all.”

However, Callow says London Drugs refusing to pay the ransom is the right call.

“London Drugs made absolutely the right decision in refusing to pay. All the company would have got in exchange for its money is a pinky promise from an untrustworthy bad faith actor that the stolen data would be destroyed — which is something that we know does not necessarily happen,” he said.

“At the end of the day, if nobody paid ransoms, there’d be no more ransomware. It’s that simple.”

Callow says investigations into exactly what data was stolen can often take months to confirm.

“London Drugs have said they do not believe that customer information was affected hopefully they are right about that,” Callow said. “I’ve seen multiple cases in the past where organizations have had to walk back their initial assessments as to what data was affected.”

In the first six months of 2023, Emsisoft estimates over $449 million was paid in ransomware attacks, with 2023 on track to be “the second most profitable year to date for ransomware actors.”

-With files from CHEK’s Keith Vass

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The post London Drugs confirms cyberattackers demand ransom, has no plans to pay appeared first on CHEK.

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dreadhead
1 day ago
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Vancouver Island, Canada
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Trump chooses not to testify at hush-money trial

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A man in a blue suit with an orange tie sits at a desk with his hands folded.

Former U.S. president Donald Trump opted not to testify at his criminal hush-money trial on Tuesday, bringing his defence to a quick conclusion and clearing the way for jurors to begin deliberations next week.

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dreadhead
1 day ago
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Coward.
Vancouver Island, Canada
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1 dead, others hurt from severe turbulence on Singapore Airlines flight to London, officials say

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Ambulance workers wait at an airport.

A Singapore Airlines flight from London made an emergency landing in Bangkok on Tuesday due to severe turbulence, officials said, with one passenger on board dead and local media reporting multiple injuries.

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dreadhead
2 days ago
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Vancouver Island, Canada
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Inflation cooled to 2.7% in April as food price growth slowed

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A view of produce on grocery store shelves, with bags of oranges in the foreground, and bags of lettuce further along the aisle.

Canada's consumer price index cooled to 2.7 per cent in April, down from 2.9 per cent in March, led by a decline in the growth of food prices, Statistics Canada said Tuesday.

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dreadhead
2 days ago
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Vancouver Island, Canada
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