Canadian Underwriter

Topic Cyber

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‘The cost nobody talks about’ with cyber

October 23, 2020 by Adam Malik

Brokers are advised to factor in the cost of reputational harm for their commercial clients when discussing cyber policy, because that’s typically the most expensive aspect of a breach. Clients typically focus on costs related to notifying clients and forensics,

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If you thought cyber was hard to sell before…

October 20, 2020 by Adam Malik

Cyber claims have skyrocketed recently thanks to the COVID-19 pandemic, and the relatively young class of business has entered a hard market, meaning that an already-tough-to-sell insurance product may become an even harder sell, according to an expert in the

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How COVID-19 has changed cyber underwriting

October 19, 2020 by Greg Meckbach

With loss ratios in the Canadian cyber insurance market skyrocketing, purchasing cyber without having to answer a whole bunch of questions may become a thing of the past. In the recent past, if a client was not very large, or

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Why this client can only recover $50,000 on a $2.7-million commercial crime claim

October 16, 2020 by Greg Meckbach

An electronics distributor that lost nearly $2.7-million because its accounts payable staff were duped by fraudsters cannot claim under policy wording covering funds transfer fraud, a Quebec court has ruled. In Future Electronics Inc. (Distribution) Pte Ltd. v. Chubb Insurance

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Cybersecurity poll finds 84% rethink engaging with businesses hit by data breach

September 30, 2020 by The Canadian Press - David Paddon

TORONTO – A large majority of Canadians are reluctant to do business with companies that suffer a data breach, according to a new study released Monday by KPMG. The report also says about one-quarter of the people surveyed for the

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Locked-up computer systems only part of ‘terrifying’ ransomware scourge

September 28, 2020 by Colin Perkel - THE CANADIAN PRESS

TORONTO – A shadowy group of cyber criminals that attacked a prominent nursing organization and Canadian Tire store has successfully targeted other companies with clients in governments, health care, insurance and other sectors. Posts on their NetWalker “blog” indicate the

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The insurance implications of virtual healthcare in the COVID era

September 24, 2020 by Jason Contant

As more and more Canadians take advantage of virtual healthcare options during the COVID-19 pandemic, brokers and insurers need to make sure their clients have adequate insurance protection for this emerging risk. The move to medical consultations by video or

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Winners and losers of the COVID-19 quarter

September 24, 2020 by David Gambrill

Although COVID-19 infected the underwriting results of the entire P&C insurance industry, it did not affect all insurance organizations equally, as recent data released by MSA Research shows. “The overall picture that emerges at the end of June is one

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Some CRA online services remain unavailable a month after cyberattacks

September 24, 2020 by Jacob Serebrin - THE CANADIAN PRESS

More than a month after the Canada Revenue Agency took its website offline in the wake of a major cyberattack, the federal tax collection agency won’t say when it expects its online services to fully return to normal.   A number

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One COVID cyber threat you may not have considered

September 22, 2020 by Jason Contant

Cyber exposure for your clients has shifted from the obvious operational standpoint of remote working during the COVID-19 pandemic to a data retention standpoint, a Gallagher executive said recently. “Many organizations are collecting personal health information on employees, maybe on

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Ministers warn COVID-19 researchers anew of threat of hostile actors

September 15, 2020 by The Canadian Press

OTTAWA – A trio of federal cabinet ministers is warning COVID-19 researchers to take additional precautions to protect their efforts from thieves and vandals. The statement Monday says the federal government is concerned about “hostile actors” targeting pandemic-related research in

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Appeal judge: Is the lack of a privacy-breach tort in this province ‘anachronistic’?

September 14, 2020 by Greg Meckbach

British Columbia’s courts need to take a close look at the question of whether the province has a tort for breach of privacy, an appeal court judge suggested in a recent decision arising from a data breach at a Vancouver-based