Olympia Financial Group Inc. Announces Ransomware Cyber Attack
CALGARY, Alberta, Feb. 03, 2019 (GLOBE NEWSWIRE) — Olympia Financial Group Inc. (“Olympia”) (TSX: OLY) announces that on February 2, 2019 it was subject to a ransomware cyber attack on its information technology systems. The malware used to perform the attack encrypted electronic data stored on Olympia’s network so it cannot be read or used. Olympia is still investigating the extent of the attack, but it is anticipated that Olympia’s business operations will be adversely affected for several days while it re-establishes its systems.
At present time there is no evidence that customers’ personal information was compromised as a result of this attack, however investigations in this regard are ongoing. Should findings dictate, Olympia will notify the impacted clients immediately. It should be noted that cybersecurity measures are in place to limit the nature of customers’ personal information available as a result of any unauthorized access of Olympia’s network.
Upon detection of the attack, Olympia immediately implemented countermeasures to prevent further infection in accordance with Olympia’s established cybersecurity policies that have been developed and implemented in consultation with industry leading cybersecurity specialists. Olympia has also contacted the RCMP Cybercrime division with respect to this attack and has enlisted help from several malware response and recovery industry specialists.
Olympia is committed to utilizing all available means to protect its operations and customers’ personal information. Olympia will continue to invest in its information technology networks and security to detect and minimize the risk of unauthorized activity in this age of ever growing highly sophisticated information security threats.
About Olympia Financial Group Inc.
Olympia Financial Group Inc. (“OFGI”) conducts most of its operations through its wholly-owned subsidiary Olympia Trust Company, a non-deposit taking trust company. Olympia Trust Company is licensed to conduct trust activities in Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador, Prince Edward Island, New Brunswick and Nova Scotia. Olympia Trust Company administers self-directed registered accounts, provides foreign currency exchange services and Corporate Shareholder services. OFGI also offers private health services plans through its wholly-owned subsidiary Olympia Benefits Inc. and provides information technology services to exempt market dealers, registrants and issuers through its subsidiary Exempt Edge Inc.
OFGI’s common shares are listed on the Toronto Stock Exchange under the symbol “OLY”.
For further information, please contact:
Olympia Financial Group Inc.
Rick Skauge, President and Chief Executive Officer
Gerhard Barnard, Vice-President, Finance and Chief Financial Officer Phone: (403) 261-0900
Fax: (403) 265-1455
Statements Regarding Forward Looking Information
Certain portions of this press release as well as other public statements by Olympia contain “forward- looking information” within the meaning of applicable Canadian securities legislation, which is also referred to as “forward–looking statements”, which may not be based on historical fact. Wherever possible, words such as “will”, “plans,” “expects,” “targets,” “continue”, “estimates,” “scheduled,” “anticipates,” “believes,” “intends,” “may,” and similar expressions or statements that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved, have been used to identify forward-looking information. Forward-looking statements contained in Olympia’s public disclosure include, without limitation, Olympia’s earnings expectations, fee income, expense levels, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, catastrophic events, and Olympia’s ability to complete strategic transactions and other factors. In addition, this news release contains forward-looking statements relating to the period of time that Olympia’s business operations will be adversely affected while it recovers from ransomware cyber attack described in the news release.
All material assumptions used in making forward-looking statements are based on management’s knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current interest rate and liquidity conditions affecting Olympia and the Canadian economy. Certain material factors or assumptions are applied by Olympia in making forward- looking statements, including without limitation, factors and assumptions regarding interest and foreign exchange rates, availability of key personnel, the effect of competition, government regulation of its business, computer failure or security breaches, future capital requirements, acceptance of its products in the marketplace, its operating cost structure, the current tax regime and the ability of Olympia to obtain necessary third-party and governmental approvals, as applicable.