Canadian Underwriter

Topic Cyber

Hacker in a hoodie concept
News Cyber

Federal government investigating cyberattack amid tensions with Russia

January 25, 2022 by The Canadian Press

OTTAWA – The federal government says the country’s cybersecurity agencies are investigating a recent attack against Global Affairs Canada. The government is not saying who it suspects was behind the Jan. 19 attack, which has left some diplomats without access

phishing website
News BrokersCyberLegalPersonal AutoPersonal HomeTechnology

Clients likely unaware of criminal websites pretending to sell P&C coverage

January 21, 2022 by Greg Meckbach

Scam artists who set up websites impersonating home and auto insurance brokerages could be taking advantage of uninsured motorists, a former brokerage owner says. In theory, the industry can try to block access to websites operated by unlicensed miscreants purporting

Smart device concept at airport
News CyberTechnology

Smart devices can now read your mood and mind, leading to a new set of concerns about technology and consent

January 20, 2022 by The Canadian Press

Francesco Biondi, Associate Professor, Human Systems Labs, University of Windsor – THE CONVERSATION This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the

Hand holding chooses wooden block cubes with risk word. Risk management concept.
News Business InterruptionCyber

Canada’s 3 top business risks

January 19, 2022 by Alyssa DiSabatino

Business interruption, cyber incidents, and climate change have been dubbed the Top 3 risks facing Canadian businesses this year, according to a new report.   Although these were Canada’s Top 3 risks, Allianz Global Corporate & Specialty (AGCS)’s Risk Barometer

News CommercialCyberInsurersTechnology

Six ways insurers can reduce ransomware risk

January 18, 2022 by Erin Kenneally

Cyber insurance was once seen as a bright spot for the commercial insurance industry, with lower loss ratios and higher profitability than other major areas of commercial coverage. Fast forward a few years and Fitch Ratings is reporting 2020’s direct

News CommercialCyberInsurersMGAs

Using your personal device for work? Why that matters to cyber insurers

January 10, 2022 by Jason Contant

Insurers need to consider the hybrid workforce and employees using personal devices when reviewing a cyber risk, a managing general agent says. “Multi-factor authentication is critical as… employees access work email and networks remotely, sometimes even through a web application

News CyberMGAsTechnology

Is cyber insurable?

January 7, 2022 by Greg Meckbach

Cyber exposure is a bit of a moving target, and efforts to quantify the risk are challenging some of the underwriters in the business. “Cyber is fairly unique in that you are playing against a human adversary,” said Tim Zeilman,

News Cyber

Why cyber insurance companies are requiring businesses to use multi-factor authentication

January 6, 2022 by Alyssa DiSabatino

Canadian cyber insurance companies are now requiring businesses to offer multi-factor authentication (MFA) and have cybercrime/data breach response plans in place before qualifying for coverage.    Prudent, since cybercrimes and ransomware attacks are on the rise – Canadians have lost $4.9

News CatastrophesClaimsCyberInsurersLoss TrendsPersonal AutoPersonal Home

What Canadian insurers paid for reinsurance in Jan. renewals

January 5, 2022 by David Gambrill

Reinsurance rate increases for catastrophes in Canadian property lines depended on whether the carriers’ portfolios took a hit last year, with 10% to 20% rate increases for catastrophe portfolios that took a loss, and 5% to 10% increases for those

News ClaimsCyberSaskatchewan

Liquor and Gaming Authority investigates cyber security incident

December 31, 2021 by The Canadian Press

The Saskatchewan Liquor and Gaming Authority says it’s investigating a cyber security incident that impacted the organization’s computer systems. The organization says it has brought in independent cyber security experts to help address the matter and assess the impact to

News BrokersCommercialCyberLiability

Insuring jolly old St. Nick

December 23, 2021 by Brooke Smith

December 24th is an exciting date for many children — along with the young at heart. But for Santa, it’s all work and potentially an insurance nightmare if he doesn’t have proper coverage. So, if the jolly, red-suited man himself

News CyberInsurersQuebec

Desjardins settles 2019 data breach class action lawsuit for up to nearly $201M

December 17, 2021 by The Canadian Press

MONTREAL – Financial services firm Desjardins Group will pay up to nearly $201 million to settle a class-action lawsuit related to a data breach in 2019 that affected nearly 9.7 million Canadians. The agreement, which is subject to approval by