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The Solutioners Podcast

Episode 1

2025 Ransomware

The New Battlefield – Understanding the 2025 Ransomware Crisis

The game has changed. With ransomware strikes attempted every 40 seconds, we unpack the billion-dollar RaaS ecosystem and introduce the 'Assume Breach' mindset every Canadian SMB needs.

The New Battlefield – Understanding the 2025 Ransomware Crisis

Podcast Script: "Cyber Unlocked" Episode 1
Title: The New Battlefield: Understanding the 2025 Ransomware Crisis
Hosts: Jordan (The Business Leader) & Alex (The Cybersecurity Strategist)
Duration: Approx. 20 minutes

(0:00)
[SOUND CUE: Upbeat, modern, tech-focused intro music for 10 seconds, then fades to a low-volume underscore]

Jordan: Welcome to Cyber Unlocked, the podcast from The Solutioners that helps Canadian businesses navigate the digital world safely. I'm your host, Jordan.

Alex: And I'm Alex, a cybersecurity strategist here at The Solutioners. It's great to be here.

Jordan: Alex, we're kicking off a new series today, and it's on a topic that’s frankly, keeping a lot of business owners up at night: ransomware. We've all seen the headlines, but you've brought in a report today that suggests the problem is even bigger than we might think.

Alex: It is, Jordan. The landscape has fundamentally shifted, especially in the last year. The report we're looking at highlights that February of this year, 2025, saw record-breaking numbers of companies listed on data leak sites. It’s not a slow burn anymore; it’s an explosion.

Jordan: An explosion... that's a strong word. Can you put a number on that for us? What are we actually looking at?

Alex: I can. Globally, the report recorded over 783 million ransomware attack attempts in 2025 alone. That's a 19% increase from the year before. But here's the number that really stops you in your tracks: that breaks down to one attack attempt, somewhere in the world, every 40 seconds.

[SOUND CUE: A subtle, sharp ‘tick’ sound effect, like a clock]

Jordan: Every 40 seconds. That's... staggering. That’s faster than I can make a cup of coffee. It feels so abstract, though. Are these all successful attacks?

Alex: Not all, thankfully. But it's about the sheer volume of attempts. It's a numbers game for these attackers. They only need to be successful a tiny fraction of the time to make a massive profit. And when they are successful, the cost is devastating.

(3:00)
[SOUND CUE: Underscore music shifts to a slightly more tense, serious tone]

Jordan: Okay, let's talk about that cost. When an attack hits, the classic movie trope is a scary message on a screen demanding a bitcoin ransom. What's the reality in 2025? What's the price tag?

Alex: The reality is much higher than people think. The report states the average ransom demand has now climbed to $1.72 million.

Jordan: One point seven two million dollars. That’s not just an inconvenience; that's a company-ending number for most small and medium-sized businesses here in the GTA and across Canada.

Alex: Exactly. And while the report does note that actual payments are decreasing slightly, possibly due to better defences or law enforcement, the initial demand is designed to be a knockout punch. The attackers are aiming high.

Jordan: So, the volume is up, the price is up... What is driving this? Why now? Has there been some big technological breakthrough for criminals?

(5:30)
Alex: That's the perfect question, and it's the single most important trend to understand. The core driver is the rise of a business model called Ransomware-as-a-Service, or RaaS.

Jordan: RaaS... that sounds like the other "as-a-service" models we use in business, like Software-as-a-Service.

Alex: That’s precisely what it is, and that's what makes it so dangerous. Think of it like a dark franchise. You have a core group of highly skilled developers who create the ransomware, the attack tools, the payment portals, and the instruction manuals. Then, they lease this entire package out to less-skilled criminals, who they call 'affiliates'.

Jordan: So let me get this straight. You don't have to be a genius coder in a dark basement anymore? You can essentially buy a ready-made cyberattack kit?

Alex: You can. The RaaS operators take care of the technical side, and the affiliates just focus on breaking into networks. The affiliate launches the attack, collects the ransom, and then pays a percentage—maybe 20-30%—back to the RaaS developers. It has created a competitive, professional marketplace for cybercrime and has dramatically lowered the barrier to entry.

Jordan: That's terrifying. It's not just about defending against one shadowy group anymore. You're defending against a whole army of franchisees, all using the latest and greatest tools.

Alex: Correct. And this model fuels innovation. If one RaaS group develops a new, successful technique, the others quickly copy it to stay competitive. It’s why the threat is evolving at such a blinding speed.

(8:45)
[SOUND CUE: Music fades out completely for a moment to create emphasis]

Jordan: Okay, so if this is the new reality—a constant barrage of franchised attacks—how does a business in, say, Richmond Hill or anywhere else in the country even begin to defend itself? The old advice was always 'build a strong firewall,' 'get good antivirus.' Is that enough anymore?

Alex: It’s necessary, but it is absolutely not enough. This brings us to the most critical strategic shift that this report—and frankly, our entire industry—is advocating for. It’s a complete change in mindset, from prevention to preparedness. We call it the “Assume Breach” paradigm.

Jordan: Assume Breach. That sounds... pessimistic. You're saying assume you're going to fail?

Alex: Not at all. It’s realistic. The old way of thinking was about building a fortress with impenetrable walls. The "Assume Breach" model says that given the sophistication and volume of modern attacks, you have to assume that, eventually, a determined attacker will find a way over, under, or through your wall.

Jordan: So, the new way is having firefighters ready inside the walls because you know someone's going to eventually start a fire?

Alex: That's a perfect analogy. Your focus shifts. Instead of pouring 100% of your resources into the wall, you invest heavily in smoke detectors, sprinkler systems, and a well-drilled fire department. In cybersecurity terms, that means prioritizing:

Rapid Detection: How quickly can you spot an intruder the moment they get inside?

Effective Response: Do you have a plan to contain them, kick them out, and shut down their attack before they can do real damage?

And Robust Recovery: If they do manage to cause damage, how quickly can you get back to business using your backups?

(12:30)
Jordan: So it's less about preventing the break-in and more about minimizing the damage once they're in.

Alex: Exactly. The report is clear: the speed and sophistication of modern ransomware mean that the fight is won or lost in the first few hours of an intrusion. An attacker lurking in your network for weeks is a catastrophe. An attacker you spot and contain in minutes is a security incident you can manage.

Jordan: This makes a lot of sense, but it also feels like a much heavier lift for a business owner. It’s not just 'buy this software and you're safe' anymore. It's about ongoing processes and plans.

Alex: It is. But the 'set it and forget it' approach to cybersecurity is what led us here. The "Assume Breach" strategy isn't about fear; it's about resilience. It's about being prepared, not paranoid. It's about building a business that can take a punch and keep moving forward.

(14:45)
[SOUND CUE: A more thoughtful, optimistic underscore begins to fade in]

Jordan: So what are the first steps? If a business owner is listening to this right now and feeling that pit in their stomach, what's the first thing they should do to start moving towards this "Assume Breach" mindset?

Alex: The first step is acknowledging the new reality. The second is to look at your Incident Response Plan. That's the playbook for what to do when the alarm goes off. Do you have one? When was the last time you tested it? Who gets the first call at 2 a.m.?

Jordan: The fire drill. You need to practice the fire drill before the building is on fire.

Alex: Precisely. And the second thing is your backups. You need to be 100% certain you can restore your operations from backups, which means testing them regularly. Reliable, tested backups are your ultimate safety net against a ransom demand.

(16:30)
Jordan: This is a fantastic foundation, Alex. It really reframes the entire problem. It’s not just a tech problem; it’s a business continuity problem.

Alex: That’s the key takeaway. Ransomware isn’t about encrypted files; it’s about shutting your business down. And your defense has to be about keeping your business running, no matter what.

Jordan: Okay, so let's recap Episode One. The threat is bigger and more accessible than ever before, with an attack being attempted every 40 seconds, driven by the professional, franchise-like model of Ransomware-as-a-Service.

Alex: And because of that, we have to shift our strategy. We need to "Assume Breach," focusing on being resilient by detecting and responding to threats inside our networks at high speed.

(18:00)
Jordan: This has been incredibly insightful. But we’ve been talking about this threat in a general sense. In our next episode, I want to put a face to the enemy. Who are these groups that are actually carrying out the attacks?

Alex: I'm glad you asked. The report names names. Next time, we are going to do a deep dive into the major players of 2025. We'll talk about Clop, the group responsible for over a third of all public victims. We'll discuss Medusa, who actively targets critical infrastructure. And we’ll even look at an emerging group called FunkSec, which is pioneering the use of AI to develop its malware.

Jordan: AI-powered malware. It really is a new battlefield.

Alex: It is. And we'll also break down the number one way all of these groups get in the door. It accounts for over 90% of attacks, and it's something every single one of your employees interacts with every single day.

Jordan: Alright, you've got me hooked. That's a discussion you won't want to miss.

(19:30)
[SOUND CUE: Main theme music begins to swell]

Jordan: Thank you for tuning in to Cyber Unlocked. For a full transcript of today’s episode and to learn more about building a resilient cybersecurity posture for your business, visit our website at TheSolutioners.ca.

Alex: Be sure to subscribe wherever you get your podcasts so you don't miss our next episode, "Know Your Enemy."

Jordan: Until then, stay safe, and stay prepared.

(20:00)
[SOUND CUE: Main theme music plays to finish]

Episode 2

Threat Actors

Know Your Enemy – The Who and How of Ransomware Attacks

Meet the adversaries. We profile prolific crews like Clop and Medusa, explain the 92% phishing entry point, and reveal the brutal evolution of dual extortion tactics.

Know Your Enemy – The Who and How of Ransomware Attacks

Podcast Script: "Cyber Unlocked" Episode 2
Title: Know Your Enemy: The Who and How of Ransomware Attacks
Hosts: Jordan (The Business Leader) & Alex (The Cybersecurity Strategist)
Duration: Approx. 20 minutes

(0:00)
[SOUND CUE: Upbeat, modern, tech-focused intro music for 10 seconds, then fades to a low-volume underscore]

Jordan: Welcome back to Cyber Unlocked, by The Solutioners. I'm Jordan, and I’m here again with our cybersecurity strategist, Alex.

Alex: Hello, everyone.

Jordan: Alex, in our last episode, we painted a pretty sobering picture of the ransomware landscape. We talked about how it’s become a full-fledged industry—Ransomware-as-a-Service—and how businesses need to shift to an "Assume Breach" mindset.

Alex: That's right. We established that the threat is constant and professional. So, today, we're going to pull back the curtain. If this is an industry, who are the C-suite executives? Who are the major players running these massive criminal enterprises? It’s time to know your enemy.

Jordan: I feel like we should be in a dark room with a projector for this. So, who are we talking about? Are these just random collections of hackers?

Alex: Not at all. They are organized, branded, and ruthlessly efficient groups. The report we're using identifies a few key players who are dominating the landscape right now. The current king of the hill is a group called Clop.

(2:00)
Jordan: Clop. What makes them number one?

Alex: Their sheer volume and their strategy. According to the report, they were responsible for an astonishing 35% of all victims named on data leak sites. They are the most prolific group out there, by far. Their signature move is the supply chain attack.

Jordan: Okay, "supply chain attack" is a term I hear a lot. Can you break that down for us? What does that actually mean?

Alex: Absolutely. Instead of attacking a thousand different companies individually, Clop finds a vulnerability in a single piece of software that all thousand of those companies use. A great example mentioned in the report was their exploitation of the Cleo managed file transfer solution. They didn't hack the individual businesses; they hacked the tool that the businesses trusted and used every day to send files.

Jordan: That’s brilliant and terrifying. It’s like a thief who doesn't pick the lock on every apartment door; they just get a master key to the whole building from the superintendent.

Alex: That's the perfect analogy. It’s incredibly efficient for them and a nightmare for defenders. It proves that your security is only as strong as the security of the vendors and software you rely on.

(4:15)
Jordan: So Clop are the masters of the supply chain. Who else is on this list?

Alex: Next up is a group called Medusa. If Clop is strategic, Medusa is aggressive. The report notes they've had a 35% increase in activity just in the last quarter. Their calling card is targeting critical infrastructure.

Jordan: When you say critical infrastructure, what do you mean? We're not talking about my company's server, are we?

Alex: We're talking about hospitals, school districts, municipal water systems, and energy grids. They aim for targets that will cause maximum real-world disruption and panic, because they believe that pressure leads to a faster payout. They represent a very real threat to our daily lives, not just our data.

Jordan: That's a different level of malicious. It’s moved beyond business into public safety. Okay, who else?

Alex: There are two others worth noting. A fast-growing group called FunkSec, who named over 150 victims in the first quarter of 2025. What makes them stand out is that the report identifies them as innovators in using Artificial Intelligence to develop and automate their malware.

(6:30)
Jordan: Of course, AI was going to enter the chat. So now we’re not just fighting human attackers, we’re fighting AI-powered attacks that can learn and adapt?

Alex: We're on the cusp of it. FunkSec is pioneering this. It could mean attacks that are more targeted, harder to detect, and can bypass traditional defenses on their own. And finally, there's RansomHub. They're a persistent, professional group known for adapting, creating custom backdoors, and constantly expanding who they target. They’re less flashy than the others, but they are a steady, dangerous presence.

Jordan: So we have the supply chain experts, the critical infrastructure disruptors, the AI innovators, and the persistent professionals. It really does sound like a corporate landscape. Now that we know who they are, let's talk about how they operate. How are they getting in the door?

(8:30)
[SOUND CUE: A subtle digital ‘blip’ sound effect to transition the segment]

Alex: That's the million-dollar question. And the answer is overwhelmingly simple and has been the same for years: email. The report states that a staggering 92% of ransomware attacks are delivered via email phishing campaigns.

Jordan: Ninety-two percent. So for all the talk of sophisticated hacks and AI, it still comes down to one person clicking on one bad link in one email.

Alex: For the initial entry, yes. That is the front door, and it is wide open in most organizations. And these aren't the emails we used to laugh at, with terrible spelling and suspicious Nigerian prince stories. Modern phishing is highly sophisticated, often impersonating a trusted brand or even a specific person inside your company, like the CEO. They use social engineering to create a sense of urgency or curiosity that tricks even savvy users into clicking.

Jordan: So the main highway into our networks is still email. What happens after they get in?

(10:45)
Alex: Once they have that initial foothold, they often use more advanced techniques. One that’s on the rise is Fileless Malware.

Jordan: Fileless? How can malware be fileless?

Alex: Instead of downloading a malicious file onto your hard drive, which antivirus software is designed to look for, this type of malware runs directly in your computer's active memory—the RAM. It's like a ghost in the machine. It operates silently in the background, stealing credentials and mapping out your network, and it often leaves no trace on the hard drive. The report notes these attacks are up 33%.

Jordan: That sounds incredibly difficult to fight. You can't delete a file that doesn't exist.

Alex: Exactly. It requires more advanced security tools that monitor behavior and memory, not just files. And we can't forget about mobile devices. Mobile malware infections are up 44%. We all have our work email and files on our phones, but we rarely protect them with the same rigor as our laptops. For an attacker, a personal phone can be an easy, unsecured backdoor right into the corporate network.

(12:50)
Jordan: This brings up another point. What are they doing once they're inside? The old idea was that they just lock up your files. But I hear that's changed, too.

Alex: It has, and this is a critical point for every business leader to understand. The vast majority of the groups we mentioned now practice something called Dual Extortion. Sometimes called "double extortion."

Jordan: Double the price?

Alex: Double the pressure. They don't just encrypt your data anymore. Before they do that, they steal it. They quietly copy massive amounts of your most sensitive information—financial records, employee data, customer lists, intellectual property—and upload it to their own servers.

Jordan: So now they have two ways to make you pay.

Alex: Precisely. Threat number one is the classic: "Pay us the ransom, and we'll give you the key to unlock your files and get your business running again." But now there's threat number two: "If you don't pay us, we will publicly release all of your sensitive data online for your competitors, customers, and the whole world to see."

(14:45)
Jordan: That is a nightmare scenario. It turns a business disruption into a potential business-ending reputation and legal crisis. It basically makes having good backups an incomplete solution. Backups can restore your files, but they can't stop a data leak.

Alex: You've hit the nail on the head. That's why the game has changed. Dual extortion is the new standard.

(15:30)
Jordan: So, to tie this all together, Alex. We have these groups, like Clop and Medusa, and we have these methods, like phishing and fileless malware. Do these groups specialize? Does Clop only do supply chain attacks, and do others only do phishing?

Alex: That's a great question. They don't specialize in the method; they specialize in the outcome. They will use any and all of these methods in combination. An attack is a chain of events. It might start with a simple phishing email to one employee. That gives them the first foothold. From there, they might use fileless malware to steal the credentials of an IT administrator. With those credentials, they can move through the network, disable backups, and then, finally, deploy the ransomware to every computer in the company.

Jordan: It’s a multi-stage process. And we have to be able to defend at every single stage of that chain.

Alex: That's the core of modern defense.

(17:30)
[SOUND CUE: A more thoughtful, optimistic underscore begins to fade in]

Jordan: Wow. Okay, this has been a heavy but incredibly important discussion. We've put a face to the names—Clop, Medusa, and others are sophisticated, organized criminal businesses. And we know their playbook—they get in through common doors like email and then use advanced tools to achieve their goal of dual extortion.

Alex: It can feel overwhelming, but understanding the enemy's tactics is the first step to building an effective defense. You can't win the game if you don't know the rules they're playing by.

Jordan: Which is the perfect setup for our third and final episode in this series. Now that we know the scale of the problem, and we know who the attackers are and how they work... what do we do about it?

Alex: Our next episode is all about the fight back. We're going to move from theory to practice and lay out The Solutioners' prioritized action plan. We’ll break down the concrete, actionable steps that any business leader can—and should—take in the next three months, six months, and year to build their fortress and become resilient against these threats.

Jordan: It's the playbook we all need. I'm looking forward to it.

(19:30)
[SOUND CUE: Main theme music begins to swell]

Alex: Be sure to subscribe wherever you get your podcasts so you don't miss our final episode, "Building Your Fortress: The 2025 Action Plan."

Jordan: Until then, stay safe, and stay prepared.

Episode 3

90-Day Sprint

Building Your Fortress – The 2025 Action Plan

Time to fight back. We deliver the 90-Day Sprint playbook: validate backups, rehearse response, and harden identities so your organisation becomes a resilient fortress.

Building Your Fortress – The 2025 Action Plan

Title: Building Your Fortress: The 2025 Action Plan
Hosts: Jordan (The Business Leader) & Alex (The Cybersecurity Strategist)
Duration: Approx. 20 minutes

(0:00)
[SOUND CUE: Upbeat, modern, tech-focused intro music for 10 seconds, then fades to a low-volume underscore]

Jordan: Welcome back to the final episode of our special series on ransomware here at Cyber Unlocked. I'm Jordan, joined by our cybersecurity strategist, Alex.

Alex: It's great to be back for the finale.

Jordan: And Alex, it's been an intense journey. In episode one, we learned about the sheer scale of the ransomware industry. In episode two, we met the enemies—the sophisticated groups like Clop and Medusa and their methods. Frankly, it's been a lot of doom and gloom.

Alex: It has, and we did that for a reason. You can't fight an enemy you don't understand. But today is different. Today, we move from the problem to the solution. This entire episode is dedicated to the playbook—the practical, prioritized steps any Canadian business can and should take to build a real defense. This is the "what now?" episode.

(2:00)
Jordan: This is the part I’ve been waiting for. So, where do we start building this fortress?

Alex: We start with the foundation we talked about in episode one: the "Assume Breach" mindset. Every action we're about to discuss is built on this one idea. You have to accept that a determined attacker might eventually get in, and your goal is to be prepared for that moment.

Jordan: It’s not being pessimistic; it’s being a realist. You don't hope a fire doesn't happen in your office; you have a fire escape plan and you practice it.

Alex: That's exactly it. It's about preparedness, not paranoia. So, with that mindset, we're going to break down the action plan from the report into three phases: a 90-day sprint of high-priority actions, a 6-to-12-month marathon for building resilience, and the ongoing commitment to stay secure.

(3:45)

The 90-Day Sprint: Your High-Priority Checklist
[SOUND CUE: A subtle but sharp ‘whoosh’ sound effect to start the new section]

Jordan: Okay, a 90-day sprint. I like the sound of that. It feels urgent and achievable. What's the absolute first thing a business owner should do when this episode ends?

Alex: The first thing is to review and update your Incident Response Plan. This is your fire drill plan. It's the document that details exactly who you call, what systems you shut down, and what you do in the first 60 minutes of a declared cyberattack.

Jordan: I can imagine a lot of businesses either don't have one, or they have a dusty binder sitting on a shelf that no one's looked at in five years.

Alex: That's a common and dangerous scenario. A plan on a shelf is useless. The key, and this is a non-negotiable part of the action plan, is to test it. You need to run regular tabletop exercises.

Jordan: What does a tabletop exercise actually look like?

Alex: You get your key people in a room—your IT lead, your CEO, your communications person, your legal counsel—and you walk through a scenario. A facilitator, like someone from The Solutioners, would say, "Okay, it's 3 AM on a Tuesday. Your head of finance just got a ransomware note on her screen. Go." And you talk through every step: Who makes the decision to shut down the network? How do you communicate with employees when the email is down? Who calls the insurance company? It reveals all the gaps in your plan before you're in a real crisis.

(6:30)
Jordan: It sounds stressful, but obviously less stressful than the real thing. Okay, so action one is to have a tested incident response plan. What's next on the 90-day list?

Alex: The second action is Penetration Testing and Red Teaming.

Jordan: That sounds like something out of a spy movie.

Alex: It's pretty close! A penetration test is when you hire a team of ethical hackers to legally and safely try to break into your systems. They'll look for the same vulnerabilities that groups like Clop and Medusa would. They are, in essence, a friendly burglar you've hired to check all your locks and windows and give you a report on where the weaknesses are.

Jordan: So you find the holes in your security before the bad guys do. I imagine some business owners might worry about the cost, but the cost of a real breach is infinitely higher.

Alex: It's one of the best security investments you can make. It moves your vulnerabilities from a theoretical list on a spreadsheet to a real, demonstrated risk that you can then prioritize and fix.

(8:45)
Jordan: Makes sense. What's the third and final action in our 90-day sprint?

Alex: This one is absolutely crucial: Backup and Disaster Recovery Validation. And I want to stress that word: validation.

Jordan: Meaning, it's not enough to just have backups?

Alex: It is not. A backup that has never been tested is not a backup; it's a hope. You must regularly test your ability to restore your operations from your backups. You need to prove to yourself that you can recover your key systems within an acceptable timeframe.

Jordan: And as we learned in the last episode, with dual extortion, the attackers often go after the backups first.

Alex: Exactly. That's why the action plan specifies implementing offsite backups and considering immutable storage. Offsite means a copy of your data is physically separate from your main office. Immutable means that once a backup is written, it cannot be changed or deleted for a set period, even by someone with administrator credentials. It’s the ultimate defense against a ransomware attack that tries to wipe out your recovery options.

(11:00)

The 6-to-12-Month Marathon: Building Resilience
Jordan: Okay, so that 90-day sprint is intense but essential: test your response plan, test your defenses, and test your backups. Once that's done, what's the next phase?

Alex: The next phase is the 6-to-12-month marathon, where we build deeper layers of security maturity. The first item on this list is Threat Intelligence Integration.

Jordan: Threat intelligence sounds like something for the CSIS, not a business in Richmond Hill.

Alex: It's become accessible for everyone. Think of it as a weather forecast for cyberattacks. These are services that tell you what tactics are currently popular with ransomware groups, what software vulnerabilities they're actively exploiting, and what phishing email subjects are trending. You can then use that information to proactively strengthen your defenses.

Jordan: So if the forecast says a big storm is coming, you can board up the windows ahead of time. I like that. What’s next?

Alex: The next is one you'll appreciate, Jordan: Employee Cybersecurity Training. Your people are your first and last line of defense—your human firewall. But they need to be empowered. This means regular, engaging training and, crucially, phishing simulations.

Jordan: Where you send fake phishing emails to your own staff to see who clicks?

Alex: Exactly. Not as a "gotcha," but as a coaching tool. The goal is to build muscle memory and create a culture where people feel safe reporting something suspicious, even if it turns out to be nothing. A no-blame reporting culture is critical.

(14:00)
Jordan: That human element is so important. Is there a final step in this marathon phase?

Alex: Yes, it's a bit more forward-looking: Data Protection Technology Evaluation. This means looking at advanced technologies that can protect your data even if it gets stolen. The report mentions things like Fully Homomorphic Encryption, or FHE.

Jordan: That's a mouthful.

Alex: It is, and it's complex. But in simple terms, it's a way to work with encrypted data without ever having to decrypt it. It’s on the horizon, but the point is to keep an eye on new technologies that can better protect your most sensitive information.

(15:45)

The Ongoing Commitment: Staying Secure
Jordan: Okay, so we've covered the immediate sprint and the year-long marathon. What's left?

Alex: What's left is the ongoing commitment. Security isn't a project with an end date. The two ongoing tasks listed are enhancing your Vulnerability Management Program—which means automating your scanning and patching of systems to make sure they're always up-to-date—and regularly reviewing your Cybersecurity Insurance.

Jordan: That's a big one. Is cyber insurance a get-out-of-jail-free card?

Alex: It's absolutely not. It is a critical component of your financial risk management, but it's not a substitute for good defense. In fact, insurers are becoming much stricter. To even get a policy today, you have to prove you are doing many of the things we just discussed—like testing your backups and training your employees. Your insurance policy and your security posture go hand-in-hand.

(17:30)

Conclusion
[SOUND CUE: A more thoughtful, optimistic underscore begins to fade in]

Jordan: Alex, this has been an incredible journey. We started by looking at the terrifying scale of the ransomware problem. We profiled the sophisticated criminal groups behind it. And today, we've laid out a clear, prioritized, and achievable action plan.

Alex: And that's the key word: achievable. You don't have to do everything tomorrow. But you have to start today. Begin with the 90-day sprint: Test your plan, test your defenses, and test your backups. That alone will put you ahead of the vast majority of businesses.

Jordan: It’s about being prepared, not paranoid. It's about building a resilient business that can withstand the threats of the modern world.

Alex: The goal isn't to be un-hackable; it's to be so prepared and resilient that you become an unprofitable and frustrating target for attackers, so they simply move on to someone with weaker defenses.

(19:15)
[SOUND CUE: Main theme music begins to swell]

Jordan: A perfect summary. This has been an essential series for any Canadian business leader. Thank you so much, Alex.

Alex: My pleasure, Jordan.

Jordan: To all our listeners, we've created a downloadable checklist of the action plan discussed in today's episode. You can find it on our website at TheSolutioners.ca. If you'd like help implementing this plan, from running your first tabletop exercise to conducting a penetration test, don't hesitate to reach out.

Alex: Thank you for joining us for this special series.

Jordan: Until next time, stay safe, and stay prepared.

(20:00)
[SOUND CUE: Main theme music plays to finish]

Episode 4

BEC Advisory

Urgent Advisory – The Phantom Vendor Scam in the GTA

Breaking alert: a sophisticated invoice scam is hitting the Greater Toronto Area. Learn to spot the lookalike domains, fraudulent calls, and walk away with an immediate response checklist for finance teams.

Urgent Advisory – The Phantom Vendor Scam in the GTA

Podcast Script: "Cyber Unlocked" Episode 4

Title: URGENT ADVISORY: The Phantom Vendor Scam in the GTA Hosts: Jordan (The Business Leader) & Alex (The Cybersecurity Strategist) Duration: Approx. 20 minutes
(0:00) [SOUND CUE: A slightly more urgent, news-bulletin version of the intro music plays for 8 seconds, then fades to a low-volume underscore]
Jordan: Welcome back to Cyber Unlocked. I'm Jordan. We've just wrapped up our three-part series on ransomware, but we're breaking our schedule for a special advisory episode. What we're about to discuss is timely, it's local, and it's happening right now.
Alex: That's right, Jordan. I'm Alex, and we're recording this on Saturday, September 20th, for a reason. Our Security Operations Centre—our SOC—has seen a significant, active surge of a specific type of scam targeting businesses right here in the Greater Toronto Area. We're calling it the "Phantom Vendor Invoice Scam."
Jordan: So this isn't theoretical. This isn't a global trend. This is happening to businesses in our community, right now.
Alex: Exactly. This is a business email compromise campaign that is sophisticated, targeted, and very successful. Its goal is simple: to trick your accounts payable team into sending legitimate invoice payments to the criminals' bank accounts instead of your real suppliers'. We felt it was critical to get this information out immediately.
(2:00)

Segment 1: Deconstructing the Scam

Jordan: Okay, so walk us through it. How does this Phantom Vendor Scam actually work?
Alex: It's a multi-stage social engineering attack. The report our team put together breaks their tactics down into four key steps. First, the adversaries register lookalike domains.
Jordan: What does that mean, exactly?
Alex: Let's say your real supplier's domain is qualitywidgets.com. The criminals will register something incredibly close, like qualitywidgets-ca.com or qualitywidgetts.com with a double 't'. They create email addresses on this fake domain that look identical to the real ones. To a busy employee glancing at an email, it's almost impossible to spot the difference.
Jordan: And they're smart about it. The advisory says these domains are registered within the last 30 days, just before they're used.
Alex: Correct. They wait for the right moment, like the end of a month when they know invoices are due. Then, they either send a new, fraudulent invoice from the fake domain, or—and this is even more devious—they use a compromised supplier mailbox.
Jordan: So sometimes the email is actually coming from the real supplier's email address?
Alex: Precisely. They may have hacked into your supplier's email account. In those cases, they'll find an existing, legitimate invoice conversation and simply reply to it, saying, "Hi, please note we have updated our banking information for this payment. Here are the new details." It looks completely legitimate because it's part of an ongoing, trusted conversation.
(5:00) Jordan: Wow. That would be incredibly hard to catch.
Alex: It is. And they add another layer of legitimacy. The third tactic we're seeing is follow-up phone calls. Days after the email is sent, someone will call your finance department, pretending to be from the vendor's finance team, just to "confirm you received the updated banking details."
Jordan: That's bold. A phone call makes it feel so much more real. It overcomes that little voice of doubt someone might have.
Alex: That’s the goal of social engineering. And finally, to seal the deal, they provide a plausible, urgent excuse for the change. The fourth tactic is using payment instructions that reference urgent tax audits or bank migrations. They'll say something like, "We need you to use this new account immediately as our primary account is frozen for a tax audit." This creates a sense of pressure and discourages your team from asking too many questions.
(7:15)

Segment 2: The Detection Checklist for Your Finance Team

Jordan: Okay, this is a sophisticated and very convincing scam. Now for the most important part: How do we stop it? What are the red flags my team should be looking for?
Alex: This is where process and training become your best defense. The advisory lays out a clear detection checklist. The first point is a bit technical, but important for your IT team: Check SPF, DKIM, and DMARC results and the domain age.
Jordan: Can you translate that for us?
Alex: Think of it like the post office verifying a letter's return address. SPF, DKIM, and DMARC are email authentication standards that help verify a sender is who they claim to be. A failing result is a major red flag that your email security system should be catching. Your IT team can also quickly check when a domain was created; a domain that is only 10 days old should be treated as highly suspicious.
Jordan: Okay, so that's the technical check. What's the human check?
Alex: This next one is the single most important defense against this scam: Verify any account or routing changes using a known phone number. Do not reply to the email. Do not call the phone number provided in the email. That number will just go to the scammer.
Jordan: So you're saying, stop everything. Go to your own vendor records, find the phone number you already have on file for that company's finance department, and call them directly to verbally confirm the change.
Alex: Yes. A simple, five-minute phone call can prevent a hundred-thousand-dollar mistake. This leads directly to the fourth point on the checklist: Update vendor records with a "no email-only changes" policy. Make it official company policy that no banking information will ever be changed based on an email request alone. It must be verbally confirmed through a trusted, pre-existing contact number.
(11:00) Jordan: That policy seems simple, free, and almost foolproof.
Alex: It is. It introduces a human checkpoint that disrupts the entire scam. There's one more check on the list, mostly for the IT team: Review email headers for forwarding rules or unusual sign-ins. This is important if you suspect one of your own mailboxes has been compromised. The headers can show if an email was rerouted, and sign-in logs can show if someone from an unusual location, say, Eastern Europe, has been accessing an employee's account.
(12:45)

Segment 3: The Emergency Plan: What to Do If It Happens

Jordan: Okay, let's confront the worst-case scenario. My team was busy, the scam was convincing, and we fell for it. We've sent the money. What do we do, right now, in the first hour?
Alex: The first hour is critical. There's a clear, four-step emergency response plan. Number one: Freeze any other outstanding payments to that vendor. Don't send any more money until you've sorted this out.
Jordan: Obvious, but crucial. What's next?
Alex: Number two: Alert your bank's fraud department immediately. Tell them it's a fraudulent wire transfer or EFT. The advisory notes that same-day recalls are sometimes possible. If you act within hours, there's a small but real chance the funds can be stopped or recovered. Waiting a day makes it nearly impossible.
Jordan: So speed is everything. What's step three?
Alex: Step three is to assume the breach could be on your end. Reset credentials for any compromised mailboxes and review your sign-in logs. You need to immediately lock out the attacker if they're in one of your systems.
Jordan: And the final step?
Alex: Step four is to notify the real vendor. Let them know their name is being used in a scam, or that their own email system may be compromised. This is about being a good partner. It allows them to secure their environment and warn their other customers before they get hit, too.
(15:45)

Segment 4: Long-Term Prevention

Jordan: This has been an incredibly clear playbook, Alex. We know how the scam works, how to spot it, and what to do in an emergency. What about long-term? How do we build the fortress to be more resilient against this kind of thing in the future?
Alex: The advisory ends with two key preventive measures. The first is to train your accounts payable staff to recognize these tactics and to escalate any unusual payment instruction immediately. Make that "Stop and Call" policy part of their DNA.
Jordan: Again, it comes back to the human firewall.
Alex: Always. The second measure is to use technology to support your process. Enable supplier verification workflows inside your ERP or accounting platform. Many modern systems have features that require a multi-person approval process for any change to a vendor's banking details. This enforces your policy at a system level.
Jordan: It removes the possibility of a single person making a mistake under pressure.
Alex: Exactly. And for forensic purposes, services like our ArchiveX can be invaluable. It creates a WORM-backed, or unchangeable, journal of every email. So if you are ever hit, you have a perfect, tamper-proof audit trail for any investigation with law enforcement or insurers.
(18:15)

Conclusion

[SOUND CUE: A more thoughtful, optimistic underscore begins to fade in]
Jordan: This has been a critical, timely discussion. Let's summarize the key takeaways for every business owner listening in the GTA and beyond. This Phantom Vendor scam is active and sophisticated.
Alex: The defense isn't a magic piece of software. It's about having a robust, simple process. The single most effective defense is a non-negotiable policy: No banking changes are ever made from an email request alone. You must always stop and verify using a trusted, known phone number.
Jordan: Train your team, implement the policy, and have an emergency plan ready for if a mistake happens. Alex, thank you for bringing this to our attention so quickly.
Alex: It's what we're here for. Stay vigilant.
(19:30) [SOUND CUE: Main theme music begins to swell]
Jordan: We'll be posting the full text of this advisory on our website at TheSolutioners.ca. We urge you to share this episode with your finance and accounts payable teams. It could save your company a fortune.
Alex: If you have any concerns that you may have been targeted by this scam, please don't hesitate to reach out to us.
Jordan: We'll be back to our regular schedule soon. Until then, stay safe, and stay prepared.