Canadian Underwriter

Topic Cyber

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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
News BrokersClaimsCommercialCyberEmerging RisksInsurersLoss TrendsTechnology

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

Data breach concept
News CyberNWTTechnology

Northwest Territories government spent $716,000 to address cybersecurity breach

April 13, 2023 by The Canadian Press

YELLOWKNIFE – 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

Natural gas wellhead on the Canadian prairies
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Canadian oil and gas sector routinely targeted by cyberattackers, experts say

April 11, 2023 by The Canadian Press

CALGARY – 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

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How underwriters are tackling cyber exposure in D&O policies

April 6, 2023 by Jason Contant

Underwriters 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

A data centre with multiple rows of servers
News Business InterruptionCommercialCyberInsurersTechnology

One simple question your cyber clients can’t answer

April 4, 2023 by Jason Contant

Your 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

News ClaimsCommercialCyberInsurersMergers and Aqcuisitions

Deal or no deal? What happens when you’re breached during M&A transaction

April 3, 2023 by Alyssa DiSabatino

An 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

Dollar bills falling from above over a cyber background of binary code
News BrokersCyberInsurers

Why experiencing a cyber breach may make for a better M&A deal

March 30, 2023 by Alyssa DiSabatino

It’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

Computer monitor screen displaying a padlock
News ClaimsCommercialCyberEmerging RisksInsurersMGAsTechnology

How insurers are deliberately addressing silent cyber

March 30, 2023 by Jason Contant

Cyber 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,

Dollar vanishing to represent loss ratios.
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Can cyber coverage recover from past high loss ratios?

March 20, 2023 by Jason Contant

The 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

Metaverse Cyberpunk Style City With Robots Walking On Street, Neon Lighting On Building Exteriors, Flying Cars And Drones
News CommercialCyberEmerging RisksInsurersLiability

Insurers urged to prepare for ‘metaverse’ liability

March 17, 2023 by David Gambrill

Most 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