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How generative AI is enabling cyber criminals

September 29, 2023 by Alyssa DiSabatino

Generative AI is revolutionizing how cyber criminals enact their scams, making their targets fail to detect what would usually be obvious phishing attempts, experts shared with Canadian Underwriter.   As these threats become more and more sophisticated, insureds must exercise

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Cyberattacks hit Canadian military, Parliament websites

September 28, 2023 The Canadian Press

OTTAWA – The federal government is coping with apparent cyberattacks this week, as a hacker group in India claims it has sowed chaos in Ottawa.   The Canadian Armed Forces says that its website became unavailable to mobile users midday Wednesday,

Blocking spam e-mail, warning pop-up for phishing mail, network security concept. Business woman working on laptop computer at home with warning window on screen
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The cyber scam that’s trending more than ransomware

September 27, 2023 by Alyssa DiSabatino

Fraudulent funds transfer is the scam method that’s edging out ransomware when it comes to cyber claims frequency, one expert shared with Canadian Underwriter.  Fraudulent funds transfers (FFT) is a method whereby cyber scammers trick a company’s employees into sending

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What it will actually take to reduce human error in cyber security

September 26, 2023 by Alyssa DiSabatino

Humans are still the weakest link when it comes to cyber security, but preventing simple slip-ups means creating a workplace culture where employees are comfortable raising their security concerns, one expert shared. Human error is consistently a major driver in

A swarm of business employees being distracted while walking by looking at their phone, against the skyline of a city
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Zombie apocalypse: why businesses face liability from distracted walkers

September 25, 2023 by Alyssa DiSabatino

Smartphone zombies (i.e. pedestrians who use their phone while walking) aren’t just hazardous to themselves; this phenomenon also poses a major risk for insured businesses. People have become increasingly dependent on their devices, even going so far as to scroll,

Warning of ransomware detected on machine
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Why your cyber clients need to keep an eye on ransomware 

September 25, 2023 by Jason Contant

Canada was the third most affected country in the world for successful ransomware-as-a-service (RaaS) and extortion attacks in the first and second quarters of 2023, said a report from cybersecurity company Trend Micro.  The report, LockBit, BlackCat, and Clop Prevail

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How well the industry protects policyholders against insolvency

September 22, 2023 by Jason Contant

Canada’s P&C insurance industry compensation fund will almost entirely protect both personal and commercial lines policyholders in the event of an insurer insolvency, a comprehensive review of coverage and benefits has found. Should an insurer member of the Property and

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How Canada’s P&C insurers are faring under IFRS 17

September 21, 2023 by Jason Contant

Despite significant changes to financial statements from IFRS 17, 2023 is shaping up to be an “average” year at best for Canada’s P&C insurers, even as continued Cat events remain likely to negatively impact Q3, says a new report. In

Hacker with a laptop
News ClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesTechnology

How ransomware claims are trending

September 20, 2023 by Jason Contant

Ransomware claims have transformed from mostly third-party liability claims into first-party liability, a cyber insurance expert tells Canadian Underwriter.  “It used to be third-party liability; you were concerned about monitoring credit, and somebody sues you because of a hack,” said

A life preserver being lowered into a pit where three business people are trapped
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Why captives will stick around after a hard market

September 20, 2023 by Alyssa DiSabatino

Canada’s P&C insurance industry is showing signs of market softening in some lines, but captives remain a viable option for commercial clients — particularly in fledgling tech industries such as cryptocurrency.  Alternative risk transfer solutions have merit even when hard

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What’s driving challenges in commercial property?

September 19, 2023 by Jason Contant

Challenges in the Canadian commercial property insurance market continue to be a focal point throughout 2023, primarily driven by NatCat concerns and reinsurance costs, Aon said in its Fall 2023 Insurance Market Update Canada report. “The property market continues to

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Forever chemicals: Is PFAS litigation coming to Canada?

September 19, 2023 by Alyssa DiSabatino

Per- and polyfluoroalkyl substances (PFAS) are the subject of a rising number of lawsuits in the U.S., and the industry can expect litigation to seep into Canada, says a risk professional.   Also known as ‘forever chemicals,’ PFAS are a