Canadian Underwriter

Topic Cyber

Cybersecurity concept with hacker working on a code
News ClaimsClaims Canada ArchiveCommercialCyberOperations

Cyberattacks hit Canadian military, Parliament websites

September 28, 2023 by The Canadian Press

OTTAWA – The federal government is coping with apparent cyberattacks this week, as a hacker group in India claims it has sowed chaos in Ottawa.   The Canadian Armed Forces says that its website became unavailable to mobile users midday Wednesday,

Illustration of a businessman chatting with the AI robot in his computer
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AI won’t take your insurance job. Here’s what it’ll do instead

September 28, 2023 by Alyssa DiSabatino

Artificial intelligence (AI) will undoubtedly change the property and casualty insurance industry, but not in the ways you might assume.  No, it’s not going to take your job. But it will make it easier, Sinead Bovell, futurist and founder of

Digital brain microchip
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How to insure emerging tech companies

September 27, 2023 by Jason Contant

Technology companies today can run the gamut from those resembling traditional manufacturers to others dabbling in artificial intelligence or emerging tech – which are more difficult to insure. This variety means both insurers and brokers need to thoroughly understand a

Blocking spam e-mail, warning pop-up for phishing mail, network security concept. Business woman working on laptop computer at home with warning window on screen
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The cyber scam that’s trending more than ransomware

September 27, 2023 by Alyssa DiSabatino

Fraudulent funds transfer is the scam method that’s edging out ransomware when it comes to cyber claims frequency, one expert shared with Canadian Underwriter.  Fraudulent funds transfers (FFT) is a method whereby cyber scammers trick a company’s employees into sending

Silhouette of stressed business man in the office
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What it will actually take to reduce human error in cyber security

September 26, 2023 by Alyssa DiSabatino

Humans are still the weakest link when it comes to cyber security, but preventing simple slip-ups means creating a workplace culture where employees are comfortable raising their security concerns, one expert shared. Human error is consistently a major driver in

Warning of ransomware detected on machine
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Why your cyber clients need to keep an eye on ransomware 

September 25, 2023 by Jason Contant

Canada was the third most affected country in the world for successful ransomware-as-a-service (RaaS) and extortion attacks in the first and second quarters of 2023, said a report from cybersecurity company Trend Micro.  The report, LockBit, BlackCat, and Clop Prevail

Graphic of key approaching key hole
News BrokersCyberInsurersTechnology

How brokers can keep clients’ data secure when working remotely

September 21, 2023 by Alyssa DiSabatino

Brokers may be at risk of unintentionally exposing client data or other proprietary information when they’re not working from the office. But with much of the industry doing hybrid or remote work — and showing reluctance to return to the

Hacker with a laptop
News ClaimsClaims Canada ArchiveCommercialCyberInsurersLiabilityLoss ControlLoss TrendsTechnologyTrending

How ransomware claims are trending

September 20, 2023 by Jason Contant

Ransomware claims have transformed from mostly third-party liability claims into first-party liability, a cyber insurance expert tells Canadian Underwriter.  “It used to be third-party liability; you were concerned about monitoring credit, and somebody sues you because of a hack,” said

Cybercriminal coming to steal your data
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Why insurers worry about clients’ crime coverage

September 15, 2023 by Alyssa Di Sabatino

As clients tighten their purse strings in anticipation of an economic downturn, they are increasingly underinsured for their crime-related losses. Crime insurers are seeing an uptick in social engineering (i.e., phishing) claims, says Katherine Gauthier, vice president of specialty solutions

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Weather Network app still can’t send alerts days after cyberattack

September 15, 2023 by Mia Rabson - THE CANADIAN PRESS

OTTAWA – The Weather Network and MeteoMedia still can’t send weather alerts through push notifications from its app following a “malicious cyberattack” on Monday. But Pelmorex, the parent company of the two weather services, says the attack is not affecting

Clients that lock down their cybersecurity are favoured by insurers
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Which clients are cyber underwriters favouring?

September 11, 2023 by David Gambrill

Recent loss ratio data suggests the hard market in cyber insurance has plateaued. In part, that’s due to underwriters being more discriminating about which risks they select for coverage. “Insurance companies have rightsized their books. They know which clients they

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Which coverages will lead brokers out of the hard market?

September 5, 2023 by David Gambrill

For several years, Canadian P&C insurance brokers climbed through a hard market in virtually all commercial specialty lines. Now, industry analysts have told Canadian Underwriter, that climb has plateaued in both the cyber and directors and officers (D&O) lines. “Now