Canadian Underwriter

Topic Cyber

Global data breach
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Nova Scotia identifies thousands more victims of data hack

June 15, 2023 by Marlo Glass - THE CANADIAN PRESS

HALIFAX – Nova Scotia Cybersecurity Minister Colton LeBlanc says his department has identified thousands more people affected by a recent global data breach, and this week it is beginning the process of notifying the “most vulnerable” victims of the hack.

Hacker attack and data breach
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Nova Scotia identifies thousands of stolen records in global security breach  

June 12, 2023 by Keith Doucette - THE CANADIAN PRESS

HALIFAX – Officials in Nova Scotia have identified thousands of files stolen in a global data breach affecting the personal information of at least 100,000 people in the province.   Cybersecurity and Digital Solutions Minister Colton LeBlanc said Friday that a

Cyber shield icon
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Why there’s growth opportunity in cyber if insurers play their cards right

June 2, 2023 by Alyssa DiSabatino

As incidents of cyberattacks become more prevalent globally, the demand for cyber insurance continues to grow rapidly — much faster than most other lines.   For insurers, this provides an opportunity to meet growing consumer demand by increasingly offering cyber

Cybersecurity concept
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Feds developing cybersecurity process for defence contractors  

June 1, 2023 by Sarah Ritchie - THE CANADIAN PRESS

OTTAWA – The federal government says certain defence contracts will be subject to a mandatory cybersecurity certification process starting in the winter of 2024.   Defence Minister Anita Anand made the announcement Wednesday morning at the Canadian Association of Defence and

Ransomware attack
News ClaimsCyberLegalNewfoundland & LabradorTechnology

‘Foreseeable’ cyberattack on N.L. health network hit majority of province: report

May 29, 2023 by The Canadian Press

ST. JOHN’S, N.L. – A new report says the cyberattack that temporarily knocked down Newfoundland and Labrador’s health-care IT systems in October 2021 was foreseeable and almost inevitable.  The 115-page report from the office of the province’s privacy commissioner concludes

Jumping over a shark to represent risk.
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Why D&O brokers are looking at risk mitigation

May 19, 2023 by Philip Porado

Amid signs the recently easing directors and officers (D&O) coverage segment may gradually become a bit tougher, brokers and insurers will be taking a closer look at companies’ risk-mitigation procedures. When writing risks, Catherine Lanctot, senior vice president and national

Cybercrime is on the rise in Canada and companies can no longer ignore cyber insurance
News BrokersClaimsCommercialCommercial AutoConstructionCyberEmerging RisksLiabilityLoss ControlLoss TrendsRisk ManagersTechnology

Don’t let clients cheap out on cyber coverage

May 10, 2023 by Philip Porado

As high-profile ransomware attacks continue to grab headlines, insurers providing directors and officers (D&O) coverage are concerned private company boards might not be managing cyber risk. “Are they allocating enough funds to cybersecurity? Are they going to have a lawsuit

Older business person with empty wallet can't afford insurance
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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

News ClaimsCommercialCyberInsurersLoss Trends

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,

A laptop with a encrypted lock icon on the screen
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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

Cyber thief in black gloves hides a stolen hard drive
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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