Canadian Underwriter

Topic Cyber

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,

Shaking hands over a web security sunrise
News Cyber

Cyber threats spur brokerages to seek tech partners

February 24, 2022 by Greg Meckbach

Insurance – not computer security – is probably your core business as a broker. But with cyber threats on the rise, some brokers are seeking information-security partners to help them manage their commercial clients’ cyber risk. WTW has several relationships

Cybersecurity concept
News CyberTechnology

Security committee finds gaps in federal cyberdefences that place vital data at risk

February 15, 2022 by Jim Bronskill - THE CANADIAN PRESS

OTTAWA – The committee of MPs and senators which oversees federal security policy has uncovered gaps in Canada’s cyberdefences that could leave many agencies vulnerable to state-sponsored hackers from countries like China and Russia. In a new report, the National

Two hands, lit up with purple light, coding or hacking in a dark room. Photo is overlaid with a string of code.
News Cyber

Will cyber become uninsurable?

February 10, 2022 by Alyssa DiSabatino

With some loss ratios peaking around 400% in recent years, underwriting cyber risk has become a challenge for the industry.  Brokerage executives discussed whether cyber is becoming uninsurable, and agreed a lack of understanding about technology risk is creating undue

Graph representing Canadian economy
News BrokersCommercialCyberEmerging RisksInsurersLiabilityLoss Trends

Challenging market conditions remain for these two lines in Canada

February 10, 2022 by Jason Contant

Market conditions for cyber and directors’ and officers’ (D&O) lines of business remain challenging in Canada, according to Aon plc’s latest quarterly Global Market Insights Report. Aon’s report for the fourth quarter of 2021, released Wednesday, emphasizes how new forms

Two ice cubes melting on reflected surface
News CommercialCyberInsurers

Hard market shows signs of thawing

February 3, 2022 by David Gambrill

Globally, the P&C insurance market remains on the hard side, but there are signs of melting, based on the results of the latest Global Insurance Market Index released by Marsh. Global commercial insurance prices increased 13% in 2021 Q4, continuing

ransomware on computer screen
News CyberLegalMGAsOperationsTechnology

Ransomware claims: behind the scenes

January 27, 2022 by Ashley Burdon

Sadly, many of your clients will have fallen victim to cybercrime over the past couple of years – their data held hostage, systems suspended, or payments redirected by some faceless criminal halfway around the world. Worse, despite the clear benefit

Cybersecurity concept
News CommercialCyberEmerging RisksInsurersOperationsTechnology

The biggest cyber threats for your small business client

January 26, 2022 by Jason Contant

Your small business clients have a significant susceptibility to spoofing and clickjacking cyberattacks, a new survey finds. Software-as-a-service (SaaS) cybersecurity company CyberCatch randomly sampled 1,850 small- and medium-sized businesses (SMBs) in Canada across 10 industry segments. Spoofing (84.3% of SMBs