Canadian Underwriter

Topic Cyber

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Does your client need D&O or an ancillary coverage?

January 26, 2023 by Philip Porado

While directors and officers (D&O) insurance is designed to cover individuals and corporate assets on the broadest threat level, certain exposures may require separate, dedicated policies focused on specific risks. When claim scenarios are investigated, it may become clear a

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Automotive products manufacturer hit by cybersecurity incident at three factories

January 24, 2023 by The Canadian Press

TORONTO – Exco Technologies Ltd. says three of its factories have been hit by what it is calling a cybersecurity incident.   The company says it has taken steps to secure its systems and mitigate the impact to the company’s data

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What are Canada’s major business risks for 2023?

January 17, 2023 by Alyssa DiSabatino

Cyber incidents are the new top business concern for Canadian companies in 2023, according to the Allianz Risk Barometer 2023.   The top three risks in Canada are cyber incidents (35%), the skilled workforce shortage (33%) and climate change (29%),

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Hard market “fatigue” setting in, P&C industry survey suggests

January 12, 2023 by David Gambrill

Hard market fatigue is starting to become an issue for Canada’s property and casualty insurance industry, and several industry professionals are worried ongoing capacity and pricing issues could invite government intervention down the road. “We will continue to have many

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LCBO investigating cybersecurity incident

January 11, 2023 by The Canadian Press

The Liquor Control Board of Ontario says a “cybersecurity incident” has knocked out its website and mobile app. The LCBO posted a brief statement to its social media pages Tuesday night saying a “full investigation” was underway. The provincial Crown

Toronto's hospital for sick children suffers ransomware attack.
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Hospital for Sick Children says most systems back after ransomware attack

January 9, 2023 by The Canadian Press

TORONTO – The Hospital for Sick Children in Toronto says most of its priority systems are back after a ransomware attack affected its operations. Dr. Ronald Cohn, president and CEO of SickKids, says in a release Thursday that about 80

Toronto's hospital for sick children suffers ransomware attack.
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Ransomware group apologizes, says ‘partner’ was behind SickKids attack

January 3, 2023 by Jordan Omstead - THE CANADIAN PRESS

TORONTO – A global ransomware operator issued an apology and offered to unlock the data targeted in a ransomware attack on Toronto’s Hospital for Sick Children, a move cybersecurity experts say is rare, if not unprecedented, for the infamous group.

Sobeys experienced a cyberattack in November.
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Sobeys parent company says cyberattack expected to cost $25M after insurance

December 19, 2022 by Brett Bundale - THE CANADIAN PRESS

Sobeys parent company Empire Co. Ltd. has shared new details on a cyberattack that shut down its pharmacy services and other in-store functions last month. The security breach in early November left customers unable to fill prescriptions for four days,

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Are product liability insurers ready to face mass torts?

December 13, 2022 by Philip Porado

Class action lawsuits have long been drivers of social inflation for insurers that provide product liability overage. But now a new legal vehicle, the ‘mass tort,’ looks to be waiting in the wings. Unlike class actions, in which one plaintiff

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Information of 360,000 people affected in Ontario COVID-19 vaccine data breach

December 12, 2022 by The Canadian Press

TORONTO – The Ontario government began notifying about 360,000 people on Friday that their personal information had been part of a COVID-19 vaccine database breach that took place more than a year ago. The breach happened on Nov. 16, 2021

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How can you improve cybersecurity? Hire more women

December 9, 2022 by Camelia Radu and Nadia Smaili

By Camelia Radu, Associate Professor in Accounting, Universite du Quebec a Montreal (UQAM) and Nadia Smaili, Professor in Accounting (forensic accounting), Universite du Quebec a Montreal (UQAM). This article was originally published on The Conversation, an independent and nonprofit source

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The real reasons behind Canada’s softer D&O market

December 9, 2022 by Philip Porado

“Expanded insurer appetite and competition in the primary space,” as well as new capacity in excess layers, helps explain a softening of Directors and Officers (D&O) insurance pricing and limits expansions in Canada, says a recent quarterly market insights report