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Topic Cyber

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Montreal library closes after hacking attack on daycare registration website

May 17, 2021 by The Canadian Press

MONTREAL – A large library in Montreal will be closed until Tuesday morning in the wake of a hacking attack on Quebec’s public daycare registration website. Quebec’s Treasury Board Secretariat issued a recommendation on Friday evening urging all government bodies

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Cybersecurity experts say Canadian businesses can learn from U.S. pipeline attack

May 13, 2021 by David Paddon - THE CANADIAN PRESS

TORONTO – Canada’s two largest pipeline companies say they have taken a proactive approach to avoid the type of cyberattack that has disrupted gasoline supplies in the U.S. Southeast and contributed to higher retail gasoline prices across North America. Hackers

News BrokersClaimsCommercial AutoCyberEmerging RisksInsurersPersonal Auto

A cybercriminal hijacks an autonomous vehicle. Who’s responsible for a crash?

May 12, 2021 by Adam Malik

Vehicle manufacturers are likely going to be on the hook for damages following autonomous car crashes in which no human being is controlling the vehicle, a cyber insurance specialist says. “Certainly, one of the more dramatic ways of thinking about

News BrokersCommercialConstructionCyberMergers and AqcuisitionsOperationsTrending

Gallagher to acquire certain Willis Towers Watson assets

May 12, 2021 by Jason Contant

Arthur J. Gallagher & Co. has announced an agreement to acquire certain Willis Towers Watson reinsurance, specialty and retail brokerage operations as part of a proposed “regulatory remedy” for the pending Aon and Willis Towers Watson deal. Under the agreement,

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Latest cyberattacks on insurers ‘a wakeup call’ to shore up security

April 26, 2021 by Adam Malik

With a new cyberattack focused specifically on the insurance industry, a cyber expert is urging insurance companies need to up their security game in order to protect themselves and their customers. Otherwise, insurers could be on the hook for a

News ClaimsCyberInsurersOperations

Watch out insurers: You’re in the crosshairs of a new form of cyberattack

April 20, 2021 by Adam Malik

Insurance companies are in the crosshairs of a new set of cyberattacks, prompting a cyber leader to ring alarm bells for Canadian insurers. The vulnerability lies in the P&C industry wanting to make life easier for consumers, explained Matt Cullina,

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Small business clients are making these cyber security errors

April 16, 2021 by Greg Meckbach

Failure to install patch updates, relying too much on passwords, and failure to train employees are three sources of cyber security losses all too common among small business clients, a technology vendor suggests. One of the most common cyber security

News ClaimsCyberInsurersLoss TrendsTechnology

Why ransomware victims are deciding not to pay up

April 15, 2021 by Adam Malik

It appears ransomware victims are less willing to give in to cybercriminals and pay up, according to a recent report by ransomware incident response platform Coveware. Commercial clients are considering the tradeoffs and are increasingly opting not to hand over

News BrokersCyberInsurersTechnology

Cautionary tale for brokers when payment time quickens

April 12, 2021 by Adam Malik

Since insurance brokers act as intermediaries between client and insurer, the risk of them falling victim to fraud increases as payment turnaround time decreases, says a cyber insurance expert. In fact, brokers “regularly top our list of industries that are

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Canada to see a faster payments system in 2022. Opportunity knocks for brokers

March 29, 2021 by Adam Malik

While many are eager to see the imminent arrival of a new system that promises to make day-to-day financial transactions quicker, cyber risk experts are warning that such a system may elevate the risk exposure to cybercrime, potentially opening the

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OSFI results: The good, the bad, and the ugly for Canada’s P&C industry

March 25, 2021 by David Gambrill

COVID-19 last year might have been the end of the world as we know it, to riff on a song by R.E.M., but Canada’s P&C insurance industry is doing fine — financially, at least. After a full year of the

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RCMP breached policy on collection of online information: audit

March 23, 2021 by Jim Bronskill - THE CANADIAN PRESS

OTTAWA – An internal review says the RCMP routinely flouted its own policies when gathering information from the internet, potentially endangering investigations and prosecutions. The newly released audit report says many members across the RCMP use “open source information” in