Underwriters have tightened their underwriting controls to better price for cyber risk from its 2021 high, but claims frequency in 2023 has nevertheless increased 13% since the previous year, cyber insurer Coalition reports. Claims severity across the board also increased…
Getting the basics right can help an organization improve its cybersecurity posture, a former intelligence officer at the Canadian Security Intelligence Service (CSIS) said during an industry event Thursday. Three basic strategies — mitigate, separate and positive control — can…
Humans continue to be the weakest links when it comes to corporate cyber security, but companies looking to reduce phishing or ransomware attempts must first address their company culture, one expert tells Canadian Underwriter. Over the past two to…
Giant Tiger Stores Ltd. says contact information for some of its customers was compromised in an “incident” linked to a third-party vendor it uses. Alison Scarlett, a spokesperson for the Ottawa-based discount retailer, would not name the vendor on Monday…
The cost of insurance for local municipalities continues to rise. Springwater Township received its annual insurance renewal notice last Friday at a cost of $625,709.52. That’s almost $42,000 more than last year, or slightly more than seven per cent. According…
An RCMP investigation has revealed a possible privacy breach for thousands of employees who worked or work at a health authority in British Columbia’s Interior. Interior Health says police contacted them in January about finding a document during its investigation…
Hundreds of thousands of books have been freed from a months-long purgatory as scores of staffers race to get them out of storage and back on shelves following a cyberattack that felled the Toronto Public Library’s computer systems in October.…
Product complexity remains a huge obstacle to selling cyber insurance to neophyte business clients, brokers told Canadian Underwriter in a January online survey. A stronger emphasis on cyber education — to clients, brokers, and underwriters alike — is critical to…
OTTAWA – The head of the RCMP said Tuesday there was no evidence to date that personal or operational information had been pilfered from the national police force’s systems during a recent cyberattack. “Based on information that we’ve gone through,…
To the surprise of no one in the broker channel, the ongoing hard market in cyber still plays a significant role in why clients decline to buy coverage. About 40% of brokers responding to a recent CU survey selected ‘Price…
As Canada eases out of the COVID-19 pandemic, the country’s restaurateurs, hoteliers, and event venue operators face a multitude of risks. Changes over the past four years have hospitality providers swimming in a toxic soup of pandemic-stunted social habits, inflation-dented…
Air Canada has been ordered to uphold a policy fabricated by its AI customer chatbot in a recent Civil Resolution Tribunal (CRT) dispute. The decision is a cautionary tale for why clients need to be sure their AI chatbots…