Canadian Underwriter

Topic Cyber

News CyberEmerging RisksTechnology

Majority of cybersecurity executives expect to budget more to cope with COVID: study

December 4, 2020 by The Canadian Press

TORONTO – A new study estimates more than half of executives responsible for cybersecurity expect to grow their budgets in response to new challenges raised by the COVID pandemic. Consulting firm PwC Canada says a poll of 3,000 executives around

News CyberEducationHRInsurers

Insurer CFOs share personal experiences dealing with cybercriminals

December 1, 2020 by Jason Contant

About two years ago, Northbridge Financial Corporation’s chief financial officer Craig Pinnock received an email purportedly from Northbridge CEO Silvy Wright requesting help with a wire transfer. “Silvy’s name’s there, Silvy’s signature, so I fire back quickly, ‘Sure, no problem.

News CyberEmerging RisksHRNova Scotia

Auditor general says N.S. slow to act on cybersecurity amid increasing risk

December 1, 2020 by The Canadian Press

HALIFAX – Nova Scotia’s auditor general says the COVID-19 pandemic is highlighting the need for more robust cybersecurity and anti-fraud measures as government employees are forced to work remotely. However, he says the provincial government isn’t working fast enough to

News ClaimsClaims Canada ArchiveCommercialCyberLegalPropertyQuebecRisk ManagersTechnology

$5-million cyber claim for phishing scam heads to top court

November 30, 2020 by Greg Meckbach

A $5-million coverage dispute with The Co-operators that arose from a phishing attack is headed to the Supreme Court of Canada. Canada’s top court is booked Dec. 7 to hear arguments in Co-operators General Insurance Company v. Sollio Groupe Coopératif.

News Business InterruptionClaimsCommercialCyberInsurersLiabilityLoss TrendsPersonal AutoPersonal HomeProperty

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

News BrokersClaimsCommercialCyberEmerging RisksInsurersLoss Control

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

News Business InterruptionClaimsCyberEmerging RisksInsurersSupply ChainTechnology

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.

News CyberTechnology

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

News BrokersClaimsCyberInsurers

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

News CyberOperationsQuebec

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

News BrokersClaimsCyberInsurers

‘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,

News BrokersClaimsClaims ProfessionalsCyberEmerging RisksInsurersLoss Trends

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