Topic Cyber
Pandemic leading to ‘ticking time bomb’ for cybersecurity
September 17, 2021 by Jason ContantMost IT teams believe that working from home has become a “ticking time bomb” that might lead to a corporate network breach, according to a recent survey from HP Inc. The HP Wolf Security Rebellions & Rejections report, released Sept.…
Is your IT team compromising security for business continuity?
September 13, 2021 by Jason ContantA vast majority (91%) of IT teams surveyed across Canada and other countries felt pressure to compromise security for business continuity, admitting that security took a backseat to business continuity during the pandemic, a new report from HP Inc. reveals.…
Cyber insurance caught in “perfect storm” as losses surge: Coalition Canada
September 7, 2021 by Canadian Underwriter StaffCorrection: This article has been corrected to reflect that Coalition Canada has not sub-limited its ransomware coverage. We regret the error. The cyber insurance industry is battling “a perfect storm between widespread technology risk, increased regulations, increased criminal activity and…
How much Canadian insurers have lost on cyber liability so far in 2021
August 31, 2021 by Greg MeckbachPrivate passenger personal accident insurers have experienced a loss ratio of nearly 70% so far in 2021, while the loss ratio for cyber liability is more than 100%. The federal Office of the Superintendent of Financial Institutions has posted the…
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.