Topic Technology
Air bag maker Takata bankruptcy expected Monday in Japan, U.S.
June 26, 2017 by Tom Krisher - THE ASSOCIATED PRESSDETROIT – Drowning in a sea of lawsuits and recall costs, Japanese air bag maker Takata Corp. is expected to seek bankruptcy protection in Tokyo and the United States early Monday. Takata was done in by defective air bag inflators…
AIR Worldwide releases probabilistic crop hail model for Canada
June 26, 2017 by Canadian UnderwriterAIR Worldwide has released what the catastrophe risk modelling firm calls the industry’s first crop hail model to provide stakeholders across the crop insurance value chain with a probabilistic view of the effects of hail on Canadian crops. Currently available…
Cyber line expected to be one of the leading P&C growth areas in the U.S. over the next few years: A.M. Best
June 23, 2017 by Canadian UnderwriterThe cyber line of business is expected to be one of the leading growth areas within the property and casualty space in the United States, with cyber coverages estimated to increase between US$7.5 billion to US$20 billion by 2020, a…
Employee awareness, training key to building a solid cyber security culture: Echols
June 22, 2017 by Canadian UnderwriterA little competition could be a good thing, especially when it comes to building a cyber security culture, cyber expert Michael Echols suggested last week during a symposium co-hosted by the Travelers Institute and Economic Club of Canada. Developing a…
Retailers could lose US$71 billion from fraudulent card-not-present transactions in next five years: Juniper
June 21, 2017 by Canadian UnderwriterA number of factors, including click-and-collect fraud, have been identified as contributing to Juniper Research’s forecast that retailers stand to lose US$71 billion globally from fraudulent card-not-present (CNP) transactions over the next five years. Part of a new research issued…
Foreign cyberthreat to Canadian elections increasing, spy agency warns
June 21, 2017 by Lee Berthiaume and Mike Blanchfield - THE CANADIAN PRESSOTTAWA – Canada’s electronic spy agency issued a stark warning Friday that online attempts to influence or undermine the country’s electoral process are on the increase – and steps must be taken to counter the efforts. Foreign Affairs Minister Chrystia…
Canada second most expensive country for data breaches: IBM and Ponemon Institute study
June 20, 2017 by Canadian UnderwriterCanada was the second most expensive country for data breaches, costing an average of $255 per lost or stolen record in 2017, according to a new report sponsored by IBM Security and conducted by the Ponemon Institute. Released on Tuesday,…
Gains, losses in efforts to combat cyber crime in 2016: Trustwave
June 20, 2017 by Canadian UnderwriterThe fight against cyber crime showed both advances and retreats in 2016, with improvements on the intrusion detection and breach containment fronts matched by cyber crime increasingly being treated as a business, suggests a Trustwave report released Tuesday. Findings in…
Commercial fleet managers should have ‘clear and straightforward guidelines’ on drivers’ use of electronic devices: Northbridge
June 19, 2017 by Canadian UnderwriterIt is not necessarily safe to use hands-free electronic devices while driving, especially when operating construction or contractor’s equipment, Northbridge Insurance suggested in a blog post Monday. Fleet managers should “include a policy on the use of wireless communication devices”…
IBAO & Intact partner to deliver information to customers electronically
June 16, 2017 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) and Intact Insurance Company announced on Friday that they have created a working group to explore ways for brokers to integrate Intact’s new online Client Centre with their existing systems. This newly-formed group…
FIN10 intrusion operations predominately targeting Canadian organizations: FireEye
June 16, 2017 by Canadian UnderwriterFireEye, Inc. has observed an actor carrying out financially motivated intrusion operations – targeting organizations in North America, but predominately in Canada – that may require a different type of response, the company suggests in a new report. Believed to…
ENCON Group announces standalone cyber policy for Canadian companies
June 16, 2017 by Canadian UnderwriterCanadian managing general agent (MGA) ENCON Group Inc. announced on Thursday the introduction of a standalone cyber insurance policy that provides coverage for network business interruption, ecommerce trading exposure, crime and intellectual property risks. Ottawa-based ENCON Group said in a…