Topic Cyber
RCMP investigating hack of spy watchdog network involving theft of files, agency says
August 27, 2021 by Jim Bronskill - THE CANADIAN PRESSOTTAWA – The national spy watchdog says the RCMP is investigating a cybersecurity breach that resulted in the theft of files and the compromise of personal information. The National Security and Intelligence Review Agency says that between March 9 and…
How Lloyd’s says your client could suffer reputational harm
August 25, 2021 by Greg MeckbachUp to a quarter of the value of some of your commercial clients’ firms could be their own brand and reputation. This reputational value could degrade quickly if your client is perceived to have behaved badly, a Future of Insurance…
This insurer has ‘much more stringent underwriting criteria’ in cyber
August 18, 2021 by Greg MeckbachAggregation and systemic risk in cyber insurance means commercial carriers need to build up more capital for large widespread losses, suggests the CEO of a Bermuda insurer. Within cyber lines, Axis Capital Holdings Limited reduced its limits and increased deductibles,…
How does North America’s cyber risk compare to other regions?
August 16, 2021 by Jason ContantIf your client thinks they are more at risk of a cyberattack in the future, they may not be imagining things. According to a recent survey from global cybersecurity company Trend Micro, 80% of global organizations report they are more…
How Lloyd’s insurers will react to capacity reductions in Canada
August 16, 2021 by Greg Meckbach“Constant churn” helps restore some capacity withdrawn by syndicates, though not always at the same terms and conditions, Lloyd’s Canada’s new president suggests. “When capacity is scarce in one or more syndicates, other syndicates likely view this as an opportunity,”…
5 ways to overcome barriers to cyber insurance
August 6, 2021 by Canadian Underwriter StaffThe Insurance Bureau of Canada says 99% of Canadian organizations have reported an increase in cyberattacks since COVID-19 began, but many brokers appear to be struggling to sell cyber. “Anecdotally, Canadian brokers have indicated that many clients don’t believe a…
CEOs becoming easy targets of ‘spear-phishing’: cyber insurance provider
August 3, 2021 by Canadian Underwriter StaffWith C-Suite email credentials sold on the dark web for as little as $250 per user, Canadian CEOs could become increasing targets for “spear-phishing” attacks, a cyber insurance provider warns. The digital scam involves sending fraudulent emails from what appears…
The many shapes of recovery
August 1, 2021 by David Gambrill, Editor-in-ChiefWill the post-COVID recovery follow the shape of a V, U, W, or square-root symbol? It all depends on the insurance.
Gallagher no longer buying major Willis Towers Watson assets
July 30, 2021 by Greg MeckbachA bunch of Willis Towers Watson plc workers, who anticipated that their divisions were being sold to Arthur J. Gallagher & Co., will be staying with Willis Towers Watson after all. Rolling Meadows, Ill.-based Gallagher announced July 26 that a…
As cyberattacks skyrocket, Canada needs to work with – and not hinder – cybersecurity experts
July 30, 2021 by The Canadian PressThis article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Authors: Yuan Stevens, Policy Lead on Technology, Cybersecurity and Democracy at…
How much ransom demands are increasing for your cyber clients
July 27, 2021 by Jason ContantAverage ransom demands have increased nearly threefold and smaller companies are experiencing more cyberattacks, according to the results of Coalition Inc.’s latest cyber insurance claims report. From the first half of 2020 to H1 2021, the average ransom demand made…
How the cyber threat landscape is evolving
July 16, 2021 by Jason ContantCyberattacks used to traditionally target specific industry sectors like healthcare, but one cyber insurance writer is now seeing a wide range of sectors in the line of fire. “When you look at our 2020 stats, we see a big difference…