Topic Cyber
Talking to clients about the importance of cyber security and coverage
November 30, 2021 by Brooke SmithAll lines of insurance have challenges, but lately cyber’s been bringing brokers ever-changing complexities. “It’s really the new problem child in the insurance world,” said Kevin Neiles, president, western Canada & chief markets officer, with Gallagher, at a November Gallagher…
Why cyber risk is frustrating for some insurers
November 25, 2021 by Greg MeckbachCyber 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…
N.L. cyberattack shows Canada needs national rules to protect personal data: experts
November 18, 2021 by Sarah Smellie - THE CANADIAN PRESSST. 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…
Why brokers need a new technology approach to cyber insurance
November 11, 2021 by Jason ContantOld-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…
Why D&O insurers need to focus on the ‘S’ in ESG
November 9, 2021 by Jason ContantThe ‘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…
TTC says personal info of up to 25,000 current, former employees accessed in cyberattack
November 9, 2021 by Christopher Reynolds - THE CANADIAN PRESSToronto’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…
Expert says N.L. cyberattack worst in Canadian history, deserves federal response
November 5, 2021 by Sarah Smellie - THE CANADIAN PRESSST. 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…
Four uninsurable cyber risks
November 2, 2021 by Greg MeckbachLosses 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…
Suspected cyberattack in N.L. hits ‘brain’ of province’s health care system
November 2, 2021 by The Canadian PressST. 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…
Canada ranks third for ransomware attacks
November 1, 2021 by Philip PoradoBusinesses 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…
Is it time for a public-private partnership for cyber risk?
October 18, 2021 by Jason ContantThere 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…
As cyber attacks increase, insurers in the space face rising losses
October 13, 2021 by James Langton - Advisor's EdgeAmid 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…