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cyber extortion

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Cyber attacks among polled U.S. business costing at least US$5,000

October 2, 2017 by Canadian Underwriter

Seven in 10 of the surveyed U.S. businesses that experienced a cyber attack in the last year spent in excess of US$5,000 to investigate each incident, restore or replace software and hardware, and address any other consequences. However, 38% of

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Cyber attacks could include ‘extorting a security guard to look the other way,’ RIMS Canada speaker warns

September 25, 2017 Greg Meckbach, Associate Editor

Cyber extortion can take several different forms, including attempts to blackmail employees into giving away sensitive information, and different insurers have different cyber policy wordings to deal with extortion, RIMS Canada Conference speakers suggested Monday. In addition to “plain Jane

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83% of polled organizations had standalone cyber insurance policies: 2017 RIMS Cyber Survey

August 24, 2017 by Canadian Underwriter

Organizations with standalone cyber insurance policies increased three points from 2016 to 83%, according to the 2017 RIMS Cyber Survey. “Risk professionals’ continued to show confidence in standalone cyber insurance policies as the number of practitioners who purchased the coverage

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Economical launches data breach coverage for Canadian businesses

August 2, 2017 by Canadian Underwriter

Waterloo, Ont.-based Economical Insurance announced on Wednesday that it has launched EXPERT Cyber, coverage that is available to commercial policies for Canadian businesses in the event of a data breach. “Cybersecurity is a growing area of concern for businesses of

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WannaCry ransomware attack “arguably the first ever cyber-catastrophe”: RMS cyber expert

May 16, 2017 by Canadian Underwriter

The global WannaCry ransomware attack is “arguably the first ever cyber-catastrophe,” an expert in cyber risk management from RMS said on Tuesday. Tom Harvey said in a statement that the cyberattack “clearly demonstrates the systemic nature of the risk, with

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One in three Americans hacked in the past year, new HSB cyber survey finds

September 13, 2016 by Canadian Underwriter

More than one-third of consumers in the United States experienced a computer virus, hacking incident or other cyberattack in the past 12 months, according to a new survey by Zogby Analytics for The Hartford Steam Boiler Inspection and Insurance Company