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Retailers could lose US$71 billion from fraudulent card-not-present transactions in next five years: Juniper

June 21, 2017 by Canadian Underwriter

A number of factors, including click-and-collect fraud, have been identified as contributing to Juniper Research’s forecast that retailers stand to lose US$71 billion globally from fraudulent card-not-present (CNP) transactions over the next five years. Part of a new research issued

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Gains, losses in efforts to combat cyber crime in 2016: Trustwave

June 20, 2017 by Canadian Underwriter

The fight against cyber crime showed both advances and retreats in 2016, with improvements on the intrusion detection and breach containment fronts matched by cyber crime increasingly being treated as a business, suggests a Trustwave report released Tuesday. Findings in

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XL Catlin extends global property insurance capacity

June 8, 2017 by Canadian Underwriter

Increasing property values and concern over natural catastrophe exposures in the United States and Canada were among the factors mentioned in XL Catlin’s announcement Wednesday it had extended global property insurance capacity by 25% to US$500 million. XL Catlin reports

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Use of captives for cyber liability programs increases 20% in 2016: Marsh report

June 7, 2017 by Canadian Underwriter

The number of owners using captives for cyber liability programs – up almost 20% last year – represented the fastest growing non-traditional risk in captives managed by Marsh Captive Solutions, the company notes in a new report this week. Fuelled

News CatastrophesInsuranceTechnology

Criminal data breaches forecast to cost global business $8 trillion in next five years: Juniper

May 30, 2017 by Canadian Underwriter

Higher levels of Internet connectivity and inadequate enterprise-wide security are expected to pave the way for criminal data breaches costing businesses around the world about $8 trillion over the next five years, suggests U.K.-based Juniper Research. Research released Tuesday indicates

News Technology

Hurdles to digital transformation remain, half of respondents have formal strategy: global survey

May 24, 2017 by Canadian Underwriter

Some things seem to persist, including how inflexible IT systems, organizational silos and security concerns continue to rear their heads as obstacles to global enterprises adopting formal strategies for digital transformation. So suggests the Enterprise Digital Transformation Strategies: Turning Disruption

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Resource risk top concern for wind energy sector: GCube Underwriting

May 23, 2017 by Canadian Underwriter

Resource risk has surpassed mechanical and electrical breakdown to become the number one potential source of financial losses for onshore wind energy developers, owners and operators globally, suggests a new report from GCube Underwriting Ltd. Despite continued development and improvement

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Global cyber attacks expected to up demand for related insurance, U.S. market could grow 10-fold: Fitch Ratings

May 16, 2017 by Canadian Underwriter

Fitch Ratings expects demand for cyber insurance protection will increase in the wake of the slew of recent ransomware cyber attacks in 150-plus countries, but cautions against aggressive expansion that could prove credit-negative. “Growth in corporate anxiety from cyber-related threats

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Clear, policy-driven Canadian fintech strategy needed: Toronto alliance

May 15, 2017 by Canadian Underwriter

Development of a consistently implemented, policy-driven Canadian fintech strategy focused on fostering innovation is essential and strengthening the fintech ecosystem in the Toronto area should be seen as an imperative for the country’s financial services sector and governments, contends the

News InsuranceProfessional Development

Common language holds promise of advancing risk management efforts: Seaman

April 24, 2017 Angela Stelmakowich

PHILADELPHIA – Risk managers are developing a language that translates worldwide, an advance that bodes well for both the profession and the organizations risk professionals are serving, RIMS president Nowell Seaman suggested during the opening session of the RIMS 2017

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Damage to reputation/brand gets social, cyber jumps higher on risk list: Aon survey

April 24, 2017 by Angela Stelmakowich

PHILADELPHIA – Social media is amplifying the impact of the top-ranked risk for businesses – damage to reputation and brand – while cyber risk has fully entrenched itself in the Top 10, becoming the number one risk for respondents in

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BlackBerry expanding channels of distribution via cyber security initiative with Allied World

April 21, 2017 by Canadian Underwriter

Ontario-based BlackBerry Limited is growing its footprint in the insurance industry through a new initiative with Allied World Assurance Company Holdings in which the latter’s U.S. cyber policyholders will gain direct access to the former’s cyber security expertise through an