Topic Cyber
Do your clients have enough (or any) coverage for ransomware attacks?
August 10, 2022 by Jason ContantBusinesses in Canada and the United States are increasingly concerned about how they will pay ransomware demands and more than half would like governments to cover damages when future attacks are linked to other nation states, according to a new…
Ontario Cannabis Store unable to process deliveries after partner faces cyberattack
August 9, 2022 by Tara Deschamps - THE CANADIAN PRESSTORONTO – The Ontario Cannabis Store says a cyberattack faced by one of its logistics partners has left the provincial pot distributor unable to process or deliver orders to marijuana shops and customers. The OCS said Monday evening there is…
Inflation creates opportunities for brokers to revisit risks with clients
August 8, 2022 by Philip PoradoRecent inflation trends notwithstanding, data from the past few quarters indicate premiums are stabilizing as the P&C industry eases out of the hard market, said Celyeste Power, executive vice president, strategic initiatives and advocacy at the Insurance Bureau of Canada…
Will inflation reboot the P&C hard market?
August 5, 2022 by Philip PoradoAlthough the commercial insurance market shows signs of gradually shifting toward more stable conditions, the hard market isn’t yet in the rear-view mirror and a soft market hasn’t arrived. “I would say we are more in a transitioning market [and]…
P&C industry’s 2021 results: A one-hit wonder?
July 28, 2022 by Glenn McGillivrayLast year was generally the most favourable for Canada’s insurers in a while – since 2006 as a matter of fact – with the industry’s return on equity (ROE) coming in at a solid 17.2% (against 11.2% in 2020). ROE…
The new cyber threat: phoning a call centre
July 28, 2022 by Jason ContantOne cyber insurance specialist is warning brokers and clients of a ransomware attack method that subverts common cybersecurity controls by tricking victims into phoning a call centre – rather than clicking a link – and instructing them to download malicious…
Is specialization the best route to broker independence?
July 27, 2022 by Jason ContantA bevy of challenges, including M&A frenzy, rapidly evolving technology, automation and directs, has spurred some independent brokerages to focus on specialization. And some are even divesting of personal lines. “From a client perspective, it’s great to have a broker…
Why Marsh is optimistic about the cyber market
July 27, 2022 by Alyssa DiSabatinoGlobal brokerage Marsh is cautiously optimistic cyber’s hard market will eventually stabilize and insurers will soon be able to reward clients who have strong cyber controls with lower increases. “Market conditions are expected to remain challenging for the foreseeable future…
Can multi-factor authentication beat smarter cybercriminals?
July 26, 2022 by Jason ContantMulti-factor authentication (MFA) is becoming a standard requirement to obtain cyber insurance. But just as your clients are improving their insurability, cybercriminals too are designing their attacks around MFA. “It’s kind of like a game of Whack-a-Mole,” said Neal Jardine,…
At least 37,800 people affected by cyberattack last year on N.L. healthcare system
July 22, 2022 by The Canadian PressST. JOHN’S, N.L. – About 37,800 people in Newfoundland and Labrador have been sent privacy breach notices stemming from a cyberattack last year on the province’s healthcare system, a spokesperson with the Eastern Health authority said Thursday. The letters were…
Why cyber ratings don’t tell insurers enough about the risks
July 21, 2022 by Alyssa DiSabatinoCyber insurers need to tread lightly when using cyber security rating scores — also known as outside-in security-risk assessments — because the data can be skewed and may mislead consumers into believing they’re more protected than they really are, said…
Who owns the risks posed by artificial intelligence?
July 13, 2022 by Alyssa DiSabatinoAs artificial intelligence (AI) increasingly affects the performance of products consumers use every day, discussions about who owns the AI risk is likely to become more intricate. For companies making these products, it’s important to know the risks involved, be…