OTTAWA – A newly released federal memo concedes Canada is “trailing key international partners” who have updated their approaches to securing vital utilities and services from a growing array of risks. The Public Safety Canada memo says “new and rapidly…
Ransomware is “almost certainly the most disruptive form of cybercrime facing Canada” because it’s pervasive and can have a serious impact on an organization’s ability to function, said a new report from the Canadian Centre for Cyber Security. However, it’s…
We’ve all seen stories about AI and what programs like ChatGPT will mean for the future of work. The general consensus – for now at least – is that it won’t replace insurance brokers. But as this technology becomes more…
The Financial Services Regulatory Authority of Ontario’s (FSRA) Innovation Office has approved its first application under its test-and-learn environment — a regulatory ‘sandbox’ that allows the industry to test out new ideas, concepts and innovations. An insurance company is proposing…
M&A deals dropped globally in the first half of 2023, but are expected to rebound after a brief lull, said global law firm Clyde and Co. Ever-changing market cycles, geopolitical uncertainty and general economic volatility has meant an uncertain growth…
Will generative artificial intelligence (AI) make your skill sets obsolete? If you answered yes, you have the same belief as 17% of Canadian workers recently surveyed by recruiting and business consulting firm Robert Half. Survey respondents worked in occupations ranging…
Digital auto and home insurance provider Onlia has partnered with car-subscription service Roam to provide its Ontario customers with personalized rates and a faster checkout when picking up cars. In addition to vehicles, Roam’s pay-as-you-go subscriber plan members are provided…
The severity of fire losses in the agricultural sector is increasing as Canadian farms get bigger in size and value, but technologies are available to help reduce the frequency of that severity, a farm insurance expert told Canadian Underwriter. In…
Major 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…
While 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…
CALGARY – 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…
After the Canadian P&C insurance industry paid out a record $1 billion for auto theft in 2022, some insurers are tackling the issue by offering discounts for consumers installing a tracking system or applying surcharges for those who don’t equip…