Topic
Technology
WannaCry ransomware attack “arguably the first ever cyber-catastrophe”: RMS cyber expert
May 16, 2017 by Canadian UnderwriterThe global WannaCry ransomware attack is “arguably the first ever cyber-catastrophe,” an expert in cyber risk management from RMS said on Tuesday. Tom Harvey said in a statement that the cyberattack “clearly demonstrates the systemic nature of the risk, with…
U.S. personal lines carriers investing in insurtech for early information on new ideas, competitive advantage: Novarica
May 16, 2017 by Canadian UnderwriterPersonal lines carriers in the United States are using insurtech to focus on diverse research and development efforts, analytics, improved self-service capabilities (including mobile platforms) and core systems upgrades with an eye to the future, suggests a new report from…
Global cyber attacks expected to up demand for related insurance, U.S. market could grow 10-fold: Fitch Ratings
May 16, 2017 by Canadian UnderwriterFitch 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…
Waymo, Lyft to team up on self-driving vehicles
May 15, 2017 The Associated PressNEW YORK – Waymo, the self-driving car company owned by Google’s parent Alphabet Inc., and Lyft Inc. are teaming up to road test autonomous cars in a potential challenge to Uber Technologies Inc. In its statement, Lyft said Waymo holds…
Ransomware ‘WannaCry’ spreads to thousands more computers at start of workweek
May 15, 2017 Yuri Kageyama and Louise Watt - THE ASSOCIATED PRESSTOKYO – The worldwide “ransomware” cyberattack spread to thousands of more computers on Monday as people logged in at work, disrupting business, schools, hospitals and daily life, though no new large-scale breakdowns were reported. In Britain, whose health service was…
“Noticeable decline” in distributed denial of service attacks in Q1 2017: Kaspersky
May 15, 2017 by Canadian UnderwriterRussian cybersecurity company Kaspersky Lab has found a “noticeable decline” in the number of overall distributed denial of service (DDoS) attacks and a change to how they were dispersed by country. Kaspersky released late last week its Q1 2017 DDoS…
Clear, policy-driven Canadian fintech strategy needed: Toronto alliance
May 15, 2017 by Canadian UnderwriterDevelopment 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…
Ram pickup air bags can fail in rollover; one death reported
May 12, 2017 The Associated PressAUBURN HILLS, Mich. – Fiat Chrysler is recalling approximately 1 million Ram pickups in North America due to a software glitch that could prevent side air bags and seatbelts from deploying during a rollover. The company’s U.S. division said Friday…
Ransomware cyberattack cripples hospitals across the United Kingdom
May 12, 2017 by Canadian UnderwriterA large ransomware cyberattack has “crippled” computer systems at hospitals across the United Kingdom on Friday, with appointments cancelled, phone lines down and patients turned away, the Associated Press has reported. Britain’s National Health Service (NHS) said that a number…
The toughest challenge for self-driving cars? Human drivers
May 11, 2017 Tom Krisher - THE ASSOCIATED PRESSDETROIT – In just a few years, well-mannered self-driving robotaxis will share the roads with reckless, law-breaking human drivers. The prospect is causing migraines for the people developing the robotaxis. A self-driving car would be programmed to drive at the…
Cyber security a ‘key aspect’ of risk management for medical professional liability insurers: A.M. Best
May 11, 2017 by Canadian UnderwriterMedical professional liability insurers who retain cyber risk need to limit their exposure “through strong policy language,” A.M. Best Company Inc. warned in a report released Wednesday. The ability to “identify emerging risks in areas such as cyber security,” is,…
Simultaneous cyberattacks on multiple companies likely in 2017, financial services industry key concern: AIG study
May 11, 2017 by Canadian UnderwriterNine in 10 global cybersecurity and risk experts believe that cyber risk is systemic and that simultaneous attacks on multiple companies are likely in 2017, according to a study issued on Wednesday by global insurer American International Group, Inc (AIG).…