Topic Cyber
How the cyber liability loss ratio fared in 2022
April 28, 2023 by Alyssa DiSabatinoCanadian 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,…
The case for encrypting your clients’ cyber policies
April 26, 2023 by Alyssa DiSabatinoTo 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…
Break-in at government office results in privacy breach
April 21, 2023 by The Canadian PressYELLOWKNIFE – 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…
Northwest Territories government spent $716,000 to address cybersecurity breach
April 13, 2023 by The Canadian PressYELLOWKNIFE – The Northwest Territories government says it spent $716,000 to address a cyberattack in November. It says it signed two work orders under existing contracts to help with containment, investigation and response efforts. The territory says the cybersecurity threat…
Canadian oil and gas sector routinely targeted by cyberattackers, experts say
April 11, 2023 by The Canadian PressCALGARY – Cybersecurity experts say they aren’t surprised by the revelation contained within a package of leaked U.S. intelligence documents suggesting Russian-backed hackers successfully gained access to Canada’s natural gas distribution network. They say oil and gas infrastructure in Canada…
How underwriters are tackling cyber exposure in D&O policies
April 6, 2023 by Jason ContantUnderwriters are starting to address cyber exposure in directors and officers (D&O) policies, an insurtech told delegates at the NetDiligence Cyber Risk Summit in Toronto. “What we’re seeing is mandatory cybersecurity exposure questions on D&O submissions,” said Ben Davis, team…
One simple question your cyber clients can’t answer
April 4, 2023 by Jason ContantYour cyber clients likely don’t know the answer to basic questions such as what is being done on a particular server, or even how many computer servers the company has, an expert from a cyber response and recovery firm said…
Deal or no deal? What happens when you’re breached during M&A transaction
April 3, 2023 by Alyssa DiSabatinoAn M&A transaction can become even more complicated for both seller and buyer alike when a cyber breach occurs during the deal, experts at NetDiligence Cyber Risk Summit shared. Due diligence and adequate representations and warranties (R&W) coverage during the…
Why experiencing a cyber breach may make for a better M&A deal
March 30, 2023 by Alyssa DiSabatinoIt’s not going to be a walk in the park, but experiencing a cyber breach isn’t necessarily all doom and gloom, either. A cyber-attack may help an industry organization up the ante on their cybersecurity — and that makes them…
How insurers are deliberately addressing silent cyber
March 30, 2023 by Jason ContantCyber insurers are now deliberately addressing silent cyber coverage in insurance policies, a Marsh executive said Wednesday at NetDiligence’s Cyber Risk Summit in Toronto. “With property [insurance policies]…I’m not seeing silent cyber anymore. I’m seeing very purposeful underwriting,” Karen Continenza,…
Can cyber coverage recover from past high loss ratios?
March 20, 2023 by Jason ContantThe Canadian cyber market in general has suffered some “pretty bad loss ratios in the last couple of years,” said Jack Bottomley, senior consultant for cybersecurity with KPMG in Canada. Not long ago, the industry saw its cyber loss ratio…
Insurers urged to prepare for ‘metaverse’ liability
March 17, 2023 by David GambrillMost insurers are concerned about existing digital liability risks, but in as few as three years, they may be confronting commercial liability risks associated with immersive virtual environments known as the ‘metaverse,’ a Geneva Association (GA) survey of liability insurance…