Topic Technology
Is personal cyber the new fire?
November 6, 2023 by Alyssa DiSabatinoClients are seven times more likely to fall victim to a cybercrime than a house fire. But while most homeowners realize the need to have a fire extinguisher on hand, or to cover their risks with home insurance, many…
Ontario hospitals warn stolen patient, employee data may be published
November 2, 2023 by The Canadian PressFive Ontario hospitals affected by a recent ransomware attack, along with their shared IT provider, are warning patients and staff that their data may be published. The attack caused an outage of some online services at Bluewater Health, Chatham-Kent Health…
Why AI is keeping P&C regulators up at night
October 31, 2023 by Alyssa DiSabatinoIncreasingly concerned about biased uses of artificial intelligence, industry regulators are questioning insurers’ ability to explain why they’ve used certain data in their models or how the AI came to its conclusions, experts told the Insurance Bureau of Canada’s Regulatory…
What’s driving rising ransomware attacks
October 30, 2023 by Philip PoradoRansomware attacks are increasing globally thanks to evolving cybercrime tactics that make it easier for thieves to transfer data from computers or other devices. “Cyber claims frequency has picked up again this year as ransomware groups continue to evolve their…
The most common cyber claims in Canada
October 23, 2023 by Alyssa DiSabatinoRansomware continues to be one of the top cyber threats to Canadian businesses, even though wire transfer fraud incidents are more expensive on average, according to a recent industry study. The average ransomware incident costs companies $596,000 USD, accounting for…
Regulator imposes hefty penalties in auto repair fraud case
October 20, 2023 by Jason ContantOntario’s financial services regulator has fined an auto body shop $75,000 and one of its employees at the time $15,000 in connection with fraudulent business practices. The Financial Services Regulatory Authority of Ontario (FSRA) imposed a compliance order and administrative…
Brokers’ Number 1 obstacle when selling cyber
October 18, 2023 by Jason ContantFor brokers, the biggest obstacle in selling cyber insurance to clients might not be what you think. Traditional roadblocks to a sale include price, board approval, and executive complacency. But here’s an unlikely naysayer that’s making the rounds of brokerage…
Which commercial line needs more capital?
October 16, 2023 by Jason ContantEven though the cyber insurance market is in a much better place now than a few years ago, it still needs an injection of capital to keep up with burgeoning demand, a speaker said during an industry event earlier this…
How the industry is using GenAI
October 13, 2023 by Jason ContantCanadian insurance industry players are using generative AI (GenAI) not just to simplify tasks like ‘traditional’ artificial intelligence, but for a variety of applications ranging from marketing and fraud detection, to legal documents, speakers said during a recent industry event.…
Is FSRA planning to license aggregators?
October 6, 2023 by Philip PoradoOntario’s insurance regulator has confirmed it is considering whether or not aggregators need to be licensed. Since August, when Ontario’s financial services regulator issued a report outlining concerns about auto insurers’ compliance with take-all-comers requirements, Canada’s P&C insurance industry has…
How auto insurance will navigate a world with self-driving cars
October 4, 2023 by Tim Crljenica, Thomas Gold Pettingill LLPSelf-driving cars have been a part of visions of the future for decades, and what was once only imaginary has started to become reality. Not only do self-driving cars exist, but five U.S. states (Arizona, California, Michigan, New Hampshire and…
Help small business clients deter cyberattacks
October 3, 2023 by Jason ContantWhen it comes to cybersecurity in 2023, employees are usually the weakest link, ethical hackers told Canadian Underwriter. This is especially true for smaller businesses, which often have no visibility into their corporate networks, little or no budget for cybersecurity,…