Canadian Underwriter

Topic Cyber

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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
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‘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
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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

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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
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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

Data breach concept
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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