Topic Cyber
Hub privacy breach affects “limited” amount of Canadian data
August 11, 2023 by David GambrillHub International Limited, a Chicago-based brokerage with offices in 10 Canadian provinces and territories, has reported a privacy breach of data related to “a limited number of Canadians.” Hub posted a “notice of a data privacy event” online on Friday,…
Canadian businesses hit hard by data breach costs
August 10, 2023 by Alyssa DiSabatinoEven as Canadian companies become more aware of their cyber risk, threat actors are hardly deterred, a new report shows. Canadian companies are paying nearly $7 million Cdn, per incident, in data breach costs. That’s the third highest in…
Would a government ban of ransomware work?
August 8, 2023 by David GambrillIn the United States, the White House has floated the idea of a total ban on ransomware payments, a move that could change the role of a company’s chief information and security officer (CISO), says one expert on corporate information…
How much shareholder value drops after a cyber breach
August 2, 2023 by Alyssa DiSabatinoMajor cyber incidents disrupt more than a corporation’s operations. Shareholder value, a key measure of a company’s financial health, was shown to fall an average 9% in the year following an event, a recent Aon report showed. With that, C-suite clients…
Industry input sought on new crypto-asset guidance
July 28, 2023 by Philip PoradoWhile industries seldom relish regulation, Canada’s property and casualty (P&C) insurers can take solace in the knowledge that draft rules around their exposure to crypto-assets are limited. That’s because the latest Office of the Superintendent of Financial Institutions (OSFI) draft…
Financial burden of cybercrime in Canada remains high: IBM report
July 24, 2023 by Amanda Stephenson - THE CANADIAN PRESSCALGARY – Increased corporate awareness and a string of high-profile incidents have done little to reduce the financial burden of cybercrime in Canada, according to a new report. The average cost to companies of a cybersecurity breach in Canada as…
How new sources of capital are changing (re)insurance
July 18, 2023 by Glenn McGillivrayBack in July 2004, I wrote an article for Canadian Underwriter called ‘Our own worst enemy,’ about the mechanics of the insurance cycle. The piece explained “cyclical rate peaks and valleys in (re)insurance [i.e., primary insurance and reinsurance] markets almost…
Human error may have caused data breach involving thousands in P.E.I.
July 11, 2023 by The Canadian PressCHARLOTTETOWN – Prince Edward Island says the personal information belonging to thousands of people may have been part of a privacy breach caused by human error. It says the information of 5,600 clients enrolled in a provincial employment program was…
Why personal lines cyber is a growing need for consumers
July 10, 2023 by Alyssa DiSabatinoWhen a company has been cyber breached, they are obligated to tell their clients their data’s been leaked. But personal consumers may be more likely to bury their shame and eat the cost of the cyber scam—even to their detriment,…
How insurers can reduce cyber claims without slashing coverages
July 6, 2023 by Alyssa DiSabatinoCyber insurers are finding that acting as incident response services for their small- to mid-sized business clients is helping to reduce overall claims, experts shared during an industry conference. Insurers should be the first ones to open the lines of…
Mitigation efforts continue at Suncor in wake of cyberattack
July 5, 2023 by The Canadian PressCALGARY – Canada’s top technical authority on cybersecurity says it is working closely with Suncor Energy Inc. in the aftermath of a high-profile systems breach at the energy giant. The Canadian Centre for Cyber Security says it can’t disclose details…
Can we predict where cyber claims might emerge?
July 4, 2023 by Philip PoradoData culled from external scanning systems and other tech tools can help insurers improve underwriting by showing where cyber claims might emerge. But only if the companies develop methods for making proper use of that data, said a recent Gallagher…