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Topic Cyber

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OSFI results: The good, the bad, and the ugly for Canada’s P&C industry

March 25, 2021 by David Gambrill

COVID-19 last year might have been the end of the world as we know it, to riff on a song by R.E.M., but Canada’s P&C insurance industry is doing fine — financially, at least. After a full year of the

News CyberLegalTechnology

RCMP breached policy on collection of online information: audit

March 23, 2021 by Jim Bronskill - THE CANADIAN PRESS

OTTAWA – An internal review says the RCMP routinely flouted its own policies when gathering information from the internet, potentially endangering investigations and prosecutions. The newly released audit report says many members across the RCMP use “open source information” in

News B.C.Cyber

Victims lose $2M in cryptocurrency frauds, Vancouver police warn scams more frequent

March 22, 2021 by The Canadian Press

VANCOUVER — Police say cryptocurrency scams cost victims in the Vancouver-area about $2 million in just one week and investigators believe the frauds are becoming more common. Vancouver police Const. Tania Visintin says she knows of at least four active

News CyberLegalOntario

Co-operators has no duty to defend a “novel” data policy exclusion: Appeal court

March 19, 2021 by David Gambrill

The Co-operators does not have a duty to defend a cyber liability case involving a “novel” policy exclusion for breached data being published over the internet, the Ontario Court for Appeal has ruled. Reversing the previous decision of a lower

News B.C.CyberInsurersTechnology

ICBC says COVID-19 rebate cheques delayed after cyberattack on third party

March 18, 2021 by The Canadian Press

VANCOUVER – The Insurance Corporation of British Columbia says it’s temporarily delaying the delivery of COVID-19 rebate cheques due to a cyberattack on a third-party vendor contracted to provide printing and distribution services. ICBC says in a statement the vendor

News CyberEmerging RisksTechnology

Watchdog says some Microsoft Exchange servers in Canada affected by security gap

March 17, 2021 by David Paddon - THE CANADIAN PRESS

TORONTO – Canada’s main cybersecurity watchdog has issued another warning that organizations of all sizes need to protect themselves from a recently discovered vulnerability in Microsoft Exchange email servers. The Canadian Centre for Cyber Security said it has received reports

News Business InterruptionCommercialCommercial AutoCyberEmerging RisksSupply Chain

Are you offering insurance products that your clients want during the pandemic?

March 16, 2021 by Jason Contant

Seven in 10 consumers and small business owners want home protection and usage-based insurance policies for the current remote working environment, a recent survey from Ernst & Young found. “With consumers spending more time at home and online, new concerns

News CommercialCyber

Going phishing with COVID as the lure: How many Canadians rose to the bait

March 9, 2021 by Jason Contant

Canadian cyber insurers take note: Canada ranked within the Top 20 countries for COVID-themed cyber threat detections last year, according to cybersecurity company Trend Micro. Globally, Trend Micro detected nearly 16.4-million cyber threats over the course of 2020, including malicious

News CommercialCyberRisk ManagersSupply ChainTechnology

Hackers don’t care about your client’s data. Here’s what they really care about…

March 8, 2021 by Jason Contant

Businesses falling victim to cyberattacks often don’t realize that the value of data they store is not what’s important to hackers, it’s the value of the data to the company, Crawford & Company (Canada) said in a recent whitepaper. “It

News ClaimsCommercialCyberEmerging RisksLiabilityTrending

Two emerging trends in D&O liability

March 2, 2021 by Jason Contant

Cyber claims morphing into directors’ and officers’ liability and the increased sophistication of the plaintiff bar in Canada are two emerging trends in D&O lines, HDI Global Specialty SE – Canada told Canadian Underwriter recently. Oren Schemool, head of financial

News CyberLiabilityTechnology

Complaints spike as taxpayers’ watchdog to review CRA handling of locked accounts

February 26, 2021 by Jordan Press - THE CANADIAN PRESS

OTTAWA – The federal taxpayers’ watchdog says complaints to his office spiked in the hours after he went public with concerns about how the Canada Revenue Agency locked users out of their online accounts. The accounts were locked just over

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Canada’s hardest-hit commercial lines — and a reason for optimism

February 18, 2021 by David Gambrill

Commercial lines market hardening in Canada — and globally — should continue through the early half of 2021, with some possible easing of rate increases during the second half of the year once vaccine rollout is widespread, an Aon report