Canadian Underwriter

Topic Cyber

Purchasing cannabis with a credit card
News CannabisCommercialCyberOntario

Pot shop sales data was ‘misappropriated,’ Ontario cannabis distributor says

May 11, 2022 by Tara Deschamps - THE CANADIAN PRESS

TORONTO – The Ontario Cannabis Store says a data breach involving some of its sales information is being investigated by the Ontario Provincial Police. Daffyd Roderick, a spokesperson for the Crown agency responsible for distributing cannabis from producers to pot

Driver handing over a license.
News AlbertaB.C.BrokersClaimsCommercialCommercial AutoConstructionCyberInsurersLegalLiabilityLicensingManitobaNew BrunswickNewfoundland & LabradorNova ScotiaNunavutNWTOntarioP.E.I.QuebecSaskatchewanYukon

Beware the tax implications of unlicensed insurance

May 3, 2022 by Jason Contant

If you’re looking to place a risk through an insurer that’s not licensed to write business in Canada, it’s important to understand the requirements around filing federal and provincial taxes, as well as special broker licenses. Although direct placement with

Businessman buys data from a hacker
News ClaimsCommercialCyberEmerging RisksHRInsurersLegalTechnology

In the crosshairs: Why insurance remains a target for cybercriminals

April 27, 2022 by Jason Contant

Cybercriminals are now specifically searching for terms like ‘insurance’ when looking for data, a partner with Norton Rose Fulbright Canada LLP said during an industry event last week. “They’re not just looking for any data. They’re actually quite smarter,” says

Email cybersecurity concept
News CommercialCyberTechnology

Investigation launched into email breach at N.L. fuel company North Atlantic

April 26, 2022 by The Canadian Press

JOHN’S, N.L. – A fuel company in Newfoundland and Labrador is investigating after an employee’s email account was breached and information was downloaded from the account. A release from NARL Marketing, which operates the North Atlantic outlets across the province,

Business people connect gears together at meeting table.
News ClaimsCyberEmerging RisksInsurersLiabilityRisk Managers

Partnership approach needed in current cyber risk landscape

April 25, 2022 by Alyssa DiSabatino

As the cyber landscape and ransom attacks evolve, the onus is on insureds to protect themselves just as much as it is on insurers to provide coverage, says a webinar panellist.  “The archaic method of underwriting risk has shifted dramatically

Computer security concept
News ClaimsClaims ProfessionalsCyberEmerging RisksInsurersLoss ControlLoss TrendsMGAsRisk ManagersTechnology

Why multi-factor authentication isn’t the cure-all for your client’s cyber woes

April 21, 2022 by Jason Contant

Staying one step ahead of cybercriminals seems to be a never-ending battle for insurers and insureds, cyber experts said during an industry event Wednesday. “The problem is, as we increase our cyber hygiene and become better insureds, the criminals adapt

Bombed out building in Ukraine painted in flag's colours.
News Claims ProfessionalsConstructionCyberInsurersLiabilityLoss ControlLoss TrendsPropertyRisk Managers

Ukraine war insured losses could outstrip 9-11

April 20, 2022 by Philip Porado

When adjusters are finally able to assess the damage stemming from the war in Ukraine, costs may exceed the Sept. 11, 2001 terror attacks as the largest industry-wide insured loss, across all classes of business, in history, said a specialty

Cybersecurity concept - hacker working on a code
News CommercialCyberTechnology

Cyberbreach at Rideau Hall was ‘sophisticated’ intrusion, internal documents reveal

April 19, 2022 by Jim Bronskill - THE CANADIAN PRESS

OTTAWA – Newly disclosed documents reveal the breach of an internal computer network at Rideau Hall was described to senior government officials as a “sophisticated cyber incident” in the days before the public was told of the security lapse. Internal

Papers headed with Tax Liability and glasses on a table
News Commercial AutoConstructionCyberLegalLoss ControlOperationsPersonal AutoPersonal HomeProperty

Does federal budget create new tax liability for P&C industry?

April 12, 2022 by Greg Meckbach

A federal budget proposal to forbid insurers from using a contractual service margin as a deductible reserve for tax purposes could impose a one-time tax liability on the industry. International Financial Reporting Standard 17 (IFRS 17) will “substantially change the

A woman and a man sit across from another man at a desk. The woman uses a pen to point at a stack of papers. They are all dressed in business attire.
News BrokersCyberEmerging RisksLoss TrendsTrending

Do clients really want brokers to be risk advisors, too?

April 7, 2022 by Alyssa DiSabatino

Although 30% of commercial lines clients say they want to hear more from their broker about emerging threats to their business, there may be dissonance between their words and their actions, say broker experts.   Commercial lines consumers in Canadian

Concept of profitability - Glowing yellow up arrow
News ClaimsCommercialCyberInsurersLiabilityLoss TrendsPersonal AutoPersonal HomeProperty

How profitable was Canada’s P&C industry last year?

April 7, 2022 by Jason Contant

Last year saw the lowest-ever combined ratio in the Canadian P&C insurance industry, making it the third most profitable year for Canada’s P&C insurance industry since 1975, according to the Property and Casualty Insurance Compensation Corporation (PACICC). “The 2021 industry

Computer with digital padlock
News Claims ProfessionalsClaims TechnologyCommercialCyberLiabilityLoss ControlPropertyTechnologyTrending

What companies prioritize over cybersecurity

April 1, 2022 by Philip Porado

Even as instances of cyberattacks grow in North America and worldwide, business leaders in charge of cybersecurity appear to be putting other priorities first, according to a recent study from cybersecurity firm Trend Micro. It found that if push came