Canadian Underwriter

Topic Cyber

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Sales Column: Clients ignoring your emails? Try texting

February 22, 2023 by Adam Mitchell

People love their smartphones. And even those who claim they don’t still spend hours using them every day. A study last year by cybersecurity company NordVPN found 66% of Canadians even use their phones while in the washroom. I’ve always

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Why 2022 was a good year for cyber insurers

February 21, 2023 by Jason Contant

Controls and underwriting actions that cyber insurers took over the course of 2020 and 2021 started paying off last year, a cybersecurity expert told Canadian Underwriter recently.  “I think the cyber insurance industry in general had a much better year

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When will self-driving tech consistently prevent crashes?

February 17, 2023 by Harrison Griffiths and Hannah Van Staveren

One aim of autonomous driving technology is to take the human element out of the driving ecosystem with an eye toward preventing collisions. But right now, autonomous driving technology can’t guarantee it will detect and react to road hazards earlier

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Why one cyber expert believes cyber insurance is in a good place right now

February 16, 2023 by Jason Contant

The cyber insurance market has never been in a more stable and positive position going into 2023, largely because of the learning experiences over the last two to three years, one cyber expert told Canadian Underwriter in an interview Wednesday.

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Indigo cyberattack highlights mounting prevalence, sophistication of hackers: Experts 

February 13, 2023 by Brett Bundale - THE CANADIAN PRESS

A cybersecurity incident stretching into its fifth day at Indigo Books & Music Inc. has illuminated the increasing risk of cyberattacks on Canadian companies and consumers, experts say.   The ongoing outage of the bookstore’s website serves as a warning of

Woman lamenting as two computer screens show her system has been hacked.
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Will cyber bonds help reinsurers transfer risk?

February 3, 2023 by Philip Porado

Can reinsurers transfer cyber risk to the capital markets? We may be close to finding out. Recently, two announcements about the issuing of insurance-linked securities (ILS) show there’s a potential to create a broader reinsurance source for cyber risk, said

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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