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Kaspersky exposes massive underground market selling more than 70,000 hacked servers

June 17, 2016 by Canadian Underwriter

Cybersecurity company Kaspersky Lab has reported that its researchers have uncovered a global forum where cybercriminals can buy and sell access to compromised servers for as little as US$6 each. The xDedic marketplace, which appears to be run by a

News InsuranceLegislation / RegulationMarkets / CoveragesTechnology

Quebec’s financial services regulator creates fintech working group

June 16, 2016 by Canadian Underwriter

The Autorité des marchés financiers (AMF), Quebec’s financial services regulator, has announced the creation of a financial technology (fintech) working group whose primary mandate is to analyze technological innovations in the sector and anticipate regulatory and consumer protection issues. “The

News InsuranceMarkets / CoveragesTechnology

Silicon Valley technology accelerator announces call for applications from insurance startups

June 16, 2016 by Canadian Underwriter

Plug and Play Tech Center, a Silicon Valley global technology accelerator and venture fund, announced on Thursday a call for applications from startups in its insurance platform. Plug and Play Insurance, which was launched in late April in partnership with

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Data breaches detection, escalation costs highest in Canada: global IBM/Ponemon report

June 16, 2016 by Canadian Underwriter

Detection and escalation costs related to data breaches were the highest in Canada and lowest in India, note findings of a new global survey released Wednesday. “The average detection and escalation costs for Canada was US$1.60. In contrast, the average

News CatastrophesClimate ChangeInsuranceMergers and AqcuisitionsTechnology

200-year loss scenario from flood in Canada could produce insured losses of $5.7 billion: Swiss Re

June 15, 2016 by Canadian Underwriter

Flood is clearly the number one peril in Canada, with Swiss Re estimating that a “perfect storm” flood scenario would result in economic losses of $13.8 billion and insured losses of $5.7 billion. Developed using the company’s new probabilistic flood

News InsuranceLegalMergers and AqcuisitionsTechnology

Photo radar, no right turn on red recommended for some Toronto streets

June 14, 2016 by Canadian Underwriter

A proposal to prohibit right turns on red lights at some Toronto intersections and to ask the Ontario government to approve “automated speed enforcement” or photo radar, is scheduled for debate next Monday at a Toronto city council committee meeting.

News Climate ChangeInsuranceMergers and AqcuisitionsProfessional DevelopmentTechnology

Connected cars and other digital solutions can drive progress toward UN’s sustainable development goals by 2030: report

June 14, 2016 by Canadian Underwriter

Connected cars could save 720,000 lives from road accidents annually and prevent up to 30 million traffic injuries, according to a new analysis prepared for the Global e-Sustainability Initiative (GeSI) by Accenture, a global professional services company. The information and

News InsuranceProfessional DevelopmentTechnology

Drastic measures needed if insurance sector is to reinvent itself: KPMG report

June 13, 2016 by Canadian Underwriter

Only half of global insurers polled believe that they are capable of extracting and sustaining value from business transformation initiatives, with 57% admitting that their transformation efforts to date have been “less than successful,” according to a new report from

News InsuranceLegalMergers and AqcuisitionsTechnology

University of Calgary case highlights criminal demands for computer ‘ransom’

June 10, 2016 Steve Lambert - THE CANADIAN PRESS

Ransomware attacks, such as one that recently saw the University of Calgary pay cyber criminals $20,000 to unlock its computer systems, are on the rise around the globe. Government and industry experts say at small businesses, at hospitals and even

News CatastrophesInsuranceTechnology

Province of Alberta introduces new website, improved mobile app to help manage flood risk

June 10, 2016 by Canadian Underwriter

The government of Alberta has introduced a new website and updated mobile app to help “keep Albertans informed and allow municipalities to respond faster and more efficiently if conditions change.” Although Alberta Environment and Parks (AEP) noted in a press

News InsuranceMergers and AqcuisitionsTechnology

GM Canada announces expansion of work on autonomous and connected vehicle technology

June 10, 2016 by Canadian Underwriter

General Motors (GM) Canada announced on Friday an expansion of its engineering and software work in the country to support the development of “innovative new automotive systems and technologies for the future.” GM said in a press release that it

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Ontario’s Region of Waterloo gives green light to non-traditional taxis

June 10, 2016 by Canadian Underwriter

The Region of Waterloo in Ontario announced earlier this week that a new taxi bylaw, set to be implemented in October, will include “consistent insurance requirements for traditional and non-traditional taxis.” The bylaw will also include new licensing ratios and