Canadian Underwriter

Topic Cyber

News CyberEmerging Risks

Why cyber risk is frustrating for some insurers

November 25, 2021 by Greg Meckbach

Cyber insurers are taking a “multi-pronged” approach to ensure they can actually make money off the product. More carriers are expanding their offerings to include cyber, more commercial clients are buying cyber coverage and more insurance buyers are aware of

News ClaimsCyberNewfoundland & LabradorTechnology

N.L. cyberattack shows Canada needs national rules to protect personal data: experts

November 18, 2021 by Sarah Smellie - THE CANADIAN PRESS

ST. JOHN’S, N.L. – The cyberattack on Newfoundland and Labrador’s health-care system is yet another urgent signal that Canada needs better rules around protecting personal health information from hackers and needs a unified response plan when health-care services are under

News BrokersCyberMGAsTechnology

Why brokers need a new technology approach to cyber insurance

November 11, 2021 by Jason Contant

Old-fashioned methods by brokers for obtaining cyber insurance quotes just don’t work in today’s environment, a managing general agent told Canadian Underwriter Tuesday. “The old approach to cyber insurance was, ‘Hey, let me get you an application, you bring that

News CyberEmerging RisksEnvironmentalInsurersMGAsSupply ChainTrending

Why D&O insurers need to focus on the ‘S’ in ESG

November 9, 2021 by Jason Contant

The ‘S’ pillar of environmental, social, and governance (ESG) practices should be an increasingly important area of focus for D&O insurers, a specialist insurance provider said recently. While ESG is clearly a hot topic, the environmental and governance pillars have

News ClaimsCyberOntario

TTC says personal info of up to 25,000 current, former employees accessed in cyberattack

November 9, 2021 by Christopher Reynolds - THE CANADIAN PRESS

Toronto’s public transit authority says it now believes the personal information of up to 25,000 employees, former transit workers and pensioners was stolen in a ransomware attack last month. Names, addresses and social insurance numbers were taken, said the Toronto

News ClaimsCyberNewfoundland & LabradorTechnology

Expert says N.L. cyberattack worst in Canadian history, deserves federal response

November 5, 2021 by Sarah Smellie - THE CANADIAN PRESS

ST. JOHN’S, N.L. – The cyberattack that knocked down Newfoundland and Labrador’s health system data centres Saturday is a national security issue and should be treated as such by Ottawa, security experts say. David Shipley, chief executive officer of Beauceron

News ClaimsCyberEmerging RisksLegalLoss Trends

Four uninsurable cyber risks

November 2, 2021 by Greg Meckbach

Losses caused by cyber wars – and widespread outages of electricity and telecommunications – are essentially uninsurable, Munich Re experts suggest. “Historically, in property insurance, damages caused by war have been seen as uninsurable,” said Tim Zeilman, vice president and

News ClaimsCyberNewfoundland & LabradorTechnology

Suspected cyberattack in N.L. hits ‘brain’ of province’s health care system

November 2, 2021 by The Canadian Press

ST. JOHN’S, N.L. – A suspected cyberattack on Newfoundland and Labrador’s health network has led to the cancellation of thousands of medical appointments across the province and forced some local health systems to revert to paper. The “brain” of the

News Business InterruptionClaimsCyberTechnology

Canada ranks third for ransomware attacks

November 1, 2021 by Philip Porado

Businesses in Canada, with 62 attacks, are the third most likely worldwide to have their data held hostage, said new research by NordLocker. Researchers, who analyzed 1,200 companies hit by ransomware gangs in 2020 and 2021, said the U.S. (732

News CommercialCyberInsurers

Is it time for a public-private partnership for cyber risk?

October 18, 2021 by Jason Contant

There will be a point at which a cyber tail event will be too expensive for the insurance industry, as a whole, to cover, a speaker said Thursday during the CatIQ Connect virtual conference. “That’s where we are already starting

News ClaimsCommercialCyberInsurers

As cyber attacks increase, insurers in the space face rising losses

October 13, 2021 by James Langton - Advisor's Edge

Amid rising losses and increasing claims on cyber insurance, companies that provide insurance against online hackers are facing growing risks, says Fitch Ratings. In a new report, the rating agency said that while cyber insurance has been a profitable line

Fitness Instructor Guiding Young Woman When She Exercises stock photo
News CommercialCyberLiability

Insuring a personal trainer depends on their employment status

October 13, 2021 by Brooke Smith

A large part of a personal trainer’s job is making sure clients do their exercises safely. But personal trainers also need to protect themselves — using insurance. Each year, there are roughly 460,000 reported fitness injuries, according to the U.S.