Canadian Underwriter

Topic Cyber

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P&C industry’s Q3 results show signs of recovery

November 30, 2020 by David Gambrill

If the Canadian property and casualty insurance industry’s second quarter results — a financial temperature check at the height of the pandemic — looked a bit sickly this year, the third quarter results show signs of overall recovery, data from

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Two options for cyber insurers dealing with huge loss ratios

November 27, 2020 by Adam Malik

Insurers will be forced to make tough decisions about how they offer cyber coverage, thanks to claims going through the roof this year and losses piling up across the board, a cycler expert recently told Canadian Underwriter. Insurers will have

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Cyber insurance: Most frequent and costly claims revealed

November 24, 2020 by Jason Contant

External attacks on companies result in the most expensive cyber insurance losses, but internal failures like employee mistakes and technical problems are the most frequent generator of claims by number (albeit with a lower financial impact), a new report says.

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Canada’s cybersecurity agency warns of online threats that exploit COVID-19 fears

November 19, 2020 by Jim Bronskill - THE CANADIAN PRESS

OTTAWA – A federal agency that monitors brewing online threats warns of fraudsters dangling COVID-19-related content to fool victims into clicking on malicious links and attachments.   Online tricksters know people are anxious about the future and are less likely to

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Demystifying cyber’s first hard market

November 12, 2020 by David Gambrill

Cyber insurance is a relatively new line of business in Canada and so it hasn’t seen any hard markets historically — until now, that is. And it seems that insurers have ransomware to thank for that. “I think it is

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Cyberattack targets Montreal health agency, forcing it to go offline

November 2, 2020 by Sidhartha Banerjee - THE CANADIAN PRESS

MONTREAL – A Montreal health agency has been forced off-line as authorities deal with a cyberattack. Quebec Health Minister Christian Dube said Thursday that specific attacks hit systems at the regional health agency covering west-central Montreal, which oversees the Jewish

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‘The cost nobody talks about’ with cyber

October 23, 2020 by Adam Malik

Brokers are advised to factor in the cost of reputational harm for their commercial clients when discussing cyber policy, because that’s typically the most expensive aspect of a breach. Clients typically focus on costs related to notifying clients and forensics,

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If you thought cyber was hard to sell before…

October 20, 2020 by Adam Malik

Cyber claims have skyrocketed recently thanks to the COVID-19 pandemic, and the relatively young class of business has entered a hard market, meaning that an already-tough-to-sell insurance product may become an even harder sell, according to an expert in the

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How COVID-19 has changed cyber underwriting

October 19, 2020 by Greg Meckbach

With loss ratios in the Canadian cyber insurance market skyrocketing, purchasing cyber without having to answer a whole bunch of questions may become a thing of the past. In the recent past, if a client was not very large, or

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Why this client can only recover $50,000 on a $2.7-million commercial crime claim

October 16, 2020 by Greg Meckbach

An electronics distributor that lost nearly $2.7-million because its accounts payable staff were duped by fraudsters cannot claim under policy wording covering funds transfer fraud, a Quebec court has ruled. In Future Electronics Inc. (Distribution) Pte Ltd. v. Chubb Insurance

News Cyber

Cybersecurity poll finds 84% rethink engaging with businesses hit by data breach

September 30, 2020 by The Canadian Press - David Paddon

TORONTO – A large majority of Canadians are reluctant to do business with companies that suffer a data breach, according to a new study released Monday by KPMG. The report also says about one-quarter of the people surveyed for the

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Locked-up computer systems only part of ‘terrifying’ ransomware scourge

September 28, 2020 by Colin Perkel - THE CANADIAN PRESS

TORONTO – A shadowy group of cyber criminals that attacked a prominent nursing organization and Canadian Tire store has successfully targeted other companies with clients in governments, health care, insurance and other sectors. Posts on their NetWalker “blog” indicate the