Canadian Underwriter

Topic Cyber

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Tips for advising commercial clients during economic downturns

May 9, 2023 by Alyssa Di Sabatino

Inflation and the looming threat of an economic downturn would seem like a one-two punch that would make commercial clients think about ways to skimp on insurance. But it isn’t necessarily so. “Insurance is not a discretionary spend for most companies,”

Vice pushing on both side of businessman to represent the hard insurance market
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Brokers still worry about the hard market, but what’s next?

May 1, 2023 by Philip Porado

Although Canadian property and casualty (P&C) insurance brokers still call the hard market their greatest challenge, their overall level of concern is gradually waning. So found Canadian Underwriter’s 2023 National Broker Survey, in which more than 150 brokers nationwide expressed

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How the cyber liability loss ratio fared in 2022

April 28, 2023 by Alyssa DiSabatino

Canadian cyber liability insurance seems to have turned a corner on its loss ratios, even accounting for reserve releases, says an industry financial observer. With net incurred claims of negative-$178.7 million last year and net premiums earned at $372.7 million,

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The case for encrypting your clients’ cyber policies

April 26, 2023 by Alyssa DiSabatino

To balance out loss ratios, cyber insurers have been rolling out new security requirements and best practices for policyholders, and one managing general agent (MGA) says the next logical step for consumer protection is encrypted cyber policies. If a cybercriminal

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Break-in at government office results in privacy breach

April 21, 2023 by The Canadian Press

YELLOWKNIFE – The Northwest Territories government says a break-in at its Department of Education, Culture and Employment headquarters in Yellowknife has resulted in a privacy breach affecting about 3,000 people. The government says the break-in occurred early on Sunday and

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Northwest Territories government spent $716,000 to address cybersecurity breach

April 13, 2023 by The Canadian Press

YELLOWKNIFE – The Northwest Territories government says it spent $716,000 to address a cyberattack in November. It says it signed two work orders under existing contracts to help with containment, investigation and response efforts. The territory says the cybersecurity threat

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Canadian oil and gas sector routinely targeted by cyberattackers, experts say

April 11, 2023 by The Canadian Press

CALGARY – Cybersecurity experts say they aren’t surprised by the revelation contained within a package of leaked U.S. intelligence documents suggesting Russian-backed hackers successfully gained access to Canada’s natural gas distribution network. They say oil and gas infrastructure in Canada

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How underwriters are tackling cyber exposure in D&O policies

April 6, 2023 by Jason Contant

Underwriters are starting to address cyber exposure in directors and officers (D&O) policies, an insurtech told delegates at the NetDiligence Cyber Risk Summit in Toronto. “What we’re seeing is mandatory cybersecurity exposure questions on D&O submissions,” said Ben Davis, team

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One simple question your cyber clients can’t answer

April 4, 2023 by Jason Contant

Your cyber clients likely don’t know the answer to basic questions such as what is being done on a particular server, or even how many computer servers the company has, an expert from a cyber response and recovery firm said

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Deal or no deal? What happens when you’re breached during M&A transaction

April 3, 2023 by Alyssa DiSabatino

An M&A transaction can become even more complicated for both seller and buyer alike when a cyber breach occurs during the deal, experts at NetDiligence Cyber Risk Summit shared.  Due diligence and adequate representations and warranties (R&W) coverage during the

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Why experiencing a cyber breach may make for a better M&A deal

March 30, 2023 by Alyssa DiSabatino

It’s not going to be a walk in the park, but experiencing a cyber breach isn’t necessarily all doom and gloom, either.  A cyber-attack may help an industry organization up the ante on their cybersecurity — and that makes them

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How insurers are deliberately addressing silent cyber

March 30, 2023 by Jason Contant

Cyber insurers are now deliberately addressing silent cyber coverage in insurance policies, a Marsh executive said Wednesday at NetDiligence’s Cyber Risk Summit in Toronto. “With property [insurance policies]…I’m not seeing silent cyber anymore. I’m seeing very purposeful underwriting,” Karen Continenza,