Canadian Underwriter

Topic Cyber

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News BrokersClaimsClaims ProfessionalsCommercialCyberInsurersLoss Trends

What’s the state of the cyber market these days?

June 17, 2021 by Adam Malik

A lack of scrutiny around the risk being taken on and a flawed claims process bit the cyber insurance market hard, especially over the last year, according to experts in the field. Now, they added, there are signs that insurers

News BrokersCyberInsurers

Experts want you to change cyber convos. Here’s how

June 10, 2021 by Adam Malik

Brokers and insurers need to change the way they speak to clients about cyber coverage and the types of products that are available, a cyber expert recently advised. Selling full-suite, one-size-fits-all cyber policies that don’t actually fit a client’s profile

News BrokersClaimsCyberInsurers

Why clients are still forking over ransomware demands

June 4, 2021 by Adam Malik

Clients are still indeed paying ransomware demands, despite a report to the contrary, because the threat of having sensitive data exposed is very much a concern, according to a pair of cyber insurance experts. Their comments come following a report

News ClaimsCyberEmerging RisksLegal

Should insurers (and others) be banned from making cyber ransom payments?

May 30, 2021 by David Gambrill

Editor’s Note: A previous verison of this article incorrectly stated that a cyberattack against AXA had happened after AXA’s announcement that it was suspecnding insurance coverage in France for ransomeware extortion payments. In fact, as per a Financial Times report

News ClaimsCyberTechnology

Canada Post says 950,000 customers potentially exposed to supplier data breach

May 28, 2021 by The Canadian Press

OTTAWA – Canada Post says more than 950,000 customers were potentially exposed in a data breach attack on one of its suppliers. The Crown agency says it was informed by Commport Communications earlier this month that the manifest data held

News BrokersClaimsCyberInsurers

Cyber insurance experts debunk conspiracy theories

May 26, 2021 by Adam Malik

One cybercriminal recently mused online that hackers are incentivized to launch cyberattacks because companies have cyber insurance coverage, a theory recently debunked by cyber insurance experts. The cybercriminal’s rationale? Since insurance exists for the victims, the hackers will be paid.

News ClaimsCommercialCyberInsurersTechnology

Manufacturers increasingly targets for ransomware attacks, study finds

May 19, 2021 by The Canadian Press

TORONTO – A new report says North American manufacturing companies are increasingly targets for cybercriminal gangs that use malicious software to shut down businesses if they don’t pay a ransom. Research from Toronto-based eSentire says that six known criminal gangs

News ClaimsCyberQuebecRisk Managers

Montreal library closes after hacking attack on daycare registration website

May 17, 2021 by The Canadian Press

MONTREAL – A large library in Montreal will be closed until Tuesday morning in the wake of a hacking attack on Quebec’s public daycare registration website. Quebec’s Treasury Board Secretariat issued a recommendation on Friday evening urging all government bodies

News ClaimsCommercialCyberTechnology

Cybersecurity experts say Canadian businesses can learn from U.S. pipeline attack

May 13, 2021 by David Paddon - THE CANADIAN PRESS

TORONTO – Canada’s two largest pipeline companies say they have taken a proactive approach to avoid the type of cyberattack that has disrupted gasoline supplies in the U.S. Southeast and contributed to higher retail gasoline prices across North America. Hackers

News BrokersClaimsCommercial AutoCyberEmerging RisksInsurersPersonal Auto

A cybercriminal hijacks an autonomous vehicle. Who’s responsible for a crash?

May 12, 2021 by Adam Malik

Vehicle manufacturers are likely going to be on the hook for damages following autonomous car crashes in which no human being is controlling the vehicle, a cyber insurance specialist says. “Certainly, one of the more dramatic ways of thinking about

News BrokersCommercialConstructionCyberMergers and AqcuisitionsOperationsTrending

Gallagher to acquire certain Willis Towers Watson assets

May 12, 2021 by Jason Contant

Arthur J. Gallagher & Co. has announced an agreement to acquire certain Willis Towers Watson reinsurance, specialty and retail brokerage operations as part of a proposed “regulatory remedy” for the pending Aon and Willis Towers Watson deal. Under the agreement,

News CyberInsurersOntarioTechnology

Latest cyberattacks on insurers ‘a wakeup call’ to shore up security

April 26, 2021 by Adam Malik

With a new cyberattack focused specifically on the insurance industry, a cyber expert is urging insurance companies need to up their security game in order to protect themselves and their customers. Otherwise, insurers could be on the hook for a