Canadian Underwriter

Topic Cyber

Business man travelling the world to acquire insurance.
News CannabisClaimsCommercialCyberEmerging RisksInsurersLiabilityLicensingMGAs

Placing business with non-licensed markets: What to look for

March 31, 2022 by Greg Meckbach

Clients looking for property and casualty coverage have options other than insurers licensed to write coverage in Canada. But brokers and managing general agents say there are hazards and tax implications when placing with an unlicensed or non-admitted insurer. And

Toll stations on an elevated bridge between the US and Canada.
News CommercialCommercial AutoCyberLiabilityLoss ControlLoss TrendsRisk Managers

Supply chain concerns overshadow logistics data hacks

March 24, 2022 by Philip Porado

While the winter freedom convoy protests and bridge blockades highlighted Canada’s strained supply chains, insured business interruption events linked to logistics problems were common long before the pandemic. Insurers working with logistics clients note congested ports and a lack of

Digital fingerprint on computer keyboard.
News CyberInsurersMGAs

How insurers and brokers are adapting to cyber-pricing shifts

March 22, 2022 by Jason Contant

MGAs and insurers continue to report increased severity and frequency of cyber claims. In fact, in-house data shows cyber claims have been increasing for years, said Lindsey Nelson, cyber development leader at CFC Underwriting. Simultaneously, the take-up of cyber insurance

Man rolling red ball up a mountain. Conquering adversity.
News CommercialCyberInsurersOperationsPersonal AutoProperty

Say what you want about the hard market, it’s working

March 22, 2022 by David Gambrill

The hard market may be the biggest challenge facing the broker channel, according to Canadian Underwriter‘s 2022 National Broker Survey, but statistics show it’s vastly improved the P&C industry’s financial health. Canada’s property and casualty insurance industry reported an underwriting

Internet security concept
News ClaimsCyberTechnology

Parts of National Research Council website down due to unspecified ‘cyber incident’

March 22, 2022 by The Canadian Press

OTTAWA – The National Research Council took down parts of its website after it was hit with a “cyber incident.” A brief statement on the council’s main webpage Monday did not specify what kind of incident occurred or which applications

Man types on his laptop. An image of a masked man holding a padlock and the text "pay" shows up on his screen.
News CyberEmerging RisksInsurersLegalTechnology

What happens when you negotiate with a hacker?

March 18, 2022 by Alyssa DiSabatino

Clients have a tough choice to make when they’re hit with a ransomware attack — to pay or not to pay?   “If you decided not to pay the ransom for whatever reason, and that hacker ultimately discloses that information,

A hacker spying your data file
News BrokersClaimsCyberInsurersLoss ControlLoss TrendsRisk ManagersTechnology

“Antivirus on steroids:” One way to protect your clients from ransomware

March 16, 2022 by David Gambrill

To help clients detect their cyber exposures, insurers are recommending ‘powerful’ preventative measures such as endpoint detection responses (EDR) — dubbed ‘antivirus on steroids.’ Used in combination with multi-factor authentication, EDR is deemed superior to traditional anti-virus software because the

Digital skull and crossbones implying ransomware.
News CommercialCyberEmerging RisksInsurersLiabilityLoss ControlLoss TrendsRisk Managers

How insurers are rethinking ransom coverage

March 15, 2022 by Jason Contant

Ransomware has long been a thorn in the side for insurers, particularly in recent years. And, although the market will continue to see rate changes in reaction to ransomware losses over the next year, “insurers will be equally focused on

Digital hand grenade
News CyberEmerging RisksLiability

Insurers checking their war exclusions for cyberattacks

March 10, 2022 by Philip Porado

While cyberattacks have increased since Russia invaded Ukraine and numerous countries responded with tighter sanctions, most of those attacks have been more basic distributed denial-of service attacks on both sides of the conflict, said a DBRS Morningstar commentary on cyber

White keyboard with crowdfunding button
News CyberLegalLiability

Tory critic asks privacy commissioner to investigate hack of Freedom Convoy fundraising site

March 9, 2022 by The Canadian Press

OTTAWA – The Conservative critic for ethics and accountable government says he has asked the privacy commissioner to investigate the hacking of a crowdfunding platform that raised money for convoy protests and blockades.   Tory MP James Bezan says the

Concept of repelling a cyberattack
News ClaimsCommercialCyberTechnology

Winners and losers in preventing cyberattacks

February 28, 2022 by Jason Contant

Canada’s financial services industry pushed back against cybercriminals last year, cutting in half the percentage of cyberattacks on the sector. The financial services industry (including insurance) has long been a top target for cybercriminals chasing high-reward payday. But that is

BOXX Headshot - Phil Baker
News CyberHR

Insurtech BOXX Canada names former Beazley chairman as president

February 24, 2022 by David Gambrill

Former Beazley Canada board chairman Phil Baker is now president of global cyber insurtech BOXX Canada. Baker also will be responsible for delivering BOXX’s insurance strategy globally as its global head of insurance. The Toronto-based and privately-held company helps businesses,