Canadian Underwriter

Topic Cyber

News Cyber

As cyberattacks skyrocket, Canada needs to work with – and not hinder – cybersecurity experts

July 30, 2021 by The Canadian Press

This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Authors: Yuan Stevens, Policy Lead on Technology, Cybersecurity and Democracy at

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How much ransom demands are increasing for your cyber clients

July 27, 2021 by Jason Contant

Average ransom demands have increased nearly threefold and smaller companies are experiencing more cyberattacks, according to the results of Coalition Inc.’s latest cyber insurance claims report. From the first half of 2020 to H1 2021, the average ransom demand made

Cyberattack
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How the cyber threat landscape is evolving

July 16, 2021 by Jason Contant

Cyberattacks used to traditionally target specific industry sectors like healthcare, but one cyber insurance writer is now seeing a wide range of sectors in the line of fire. “When you look at our 2020 stats, we see a big difference

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Doubled pricing, two-year recovery predicted for cyber lines, post-COVID

July 13, 2021 by David Gambrill

Brokers can foresee cyber pricing doubling over the next year — and it could take up to two years after the pandemic is over before the market shows signs of softening again. “I think the price has to reflect the

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Cyber insurance rates likely to rise amid escalating ransomware attacks

July 12, 2021 by David Paddon - THE CANADIAN PRESS

TORONTO – Companies looking to purchase insurance against cyberattacks in which their data is held for ransom will soon find it more expensive and difficult to obtain, according to a cybersecurity expert. Brent Arnold, a partner at law firm Gowlings

manager pushing open virtual lock to initiate a rapid grab-and-go response.
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What’s the state of the cyber market these days?

June 17, 2021 by Adam Malik

A lack of scrutiny around the risk being taken on and a flawed claims process bit the cyber insurance market hard, especially over the last year, according to experts in the field. Now, they added, there are signs that insurers

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Experts want you to change cyber convos. Here’s how

June 10, 2021 by Adam Malik

Brokers and insurers need to change the way they speak to clients about cyber coverage and the types of products that are available, a cyber expert recently advised. Selling full-suite, one-size-fits-all cyber policies that don’t actually fit a client’s profile

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Why clients are still forking over ransomware demands

June 4, 2021 by Adam Malik

Clients are still indeed paying ransomware demands, despite a report to the contrary, because the threat of having sensitive data exposed is very much a concern, according to a pair of cyber insurance experts. Their comments come following a report

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Should insurers (and others) be banned from making cyber ransom payments?

May 30, 2021 by David Gambrill

Editor’s Note: A previous verison of this article incorrectly stated that a cyberattack against AXA had happened after AXA’s announcement that it was suspecnding insurance coverage in France for ransomeware extortion payments. In fact, as per a Financial Times report

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Canada Post says 950,000 customers potentially exposed to supplier data breach

May 28, 2021 by The Canadian Press

OTTAWA – Canada Post says more than 950,000 customers were potentially exposed in a data breach attack on one of its suppliers. The Crown agency says it was informed by Commport Communications earlier this month that the manifest data held

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Cyber insurance experts debunk conspiracy theories

May 26, 2021 by Adam Malik

One cybercriminal recently mused online that hackers are incentivized to launch cyberattacks because companies have cyber insurance coverage, a theory recently debunked by cyber insurance experts. The cybercriminal’s rationale? Since insurance exists for the victims, the hackers will be paid.

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Manufacturers increasingly targets for ransomware attacks, study finds

May 19, 2021 by The Canadian Press

TORONTO – A new report says North American manufacturing companies are increasingly targets for cybercriminal gangs that use malicious software to shut down businesses if they don’t pay a ransom. Research from Toronto-based eSentire says that six known criminal gangs