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cyber insurance

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Brokers leaving a lot of SME cyber business on the table: Leger poll

September 27, 2019 by Jason Contant

Brokers need to do a better job of securing cyber insurance coverage for their small and medium-sized business (SME) clients, the results of a new nationwide poll conducted by Leger show. “In the last three years, has your insurance professional

News InsuranceProductsTechnology

Should cyber insurance products become more standardized?

June 10, 2019 by Jason Contant

How far along is the Canadian insurance industry in terms of cyber product standardization? While some of the standard language for base coverage has become more standardized over the years, there is still an overall general lack of standardization. There

News InsuranceTechnology

Hacked Ontario town recently purchased cyber insurance

September 14, 2018 The Canadian Press

Police in Ontario are warning municipalities about a rash of cyberattacks targeting local governments in which hackers demand a ransom in exchange for access to systems. Ontario Provincial Police did not provide firm numbers on the ransomware incidents but say

News BrokersInsuranceMarkets / CoveragesMGAs

Look to utilities, retailers for cyber sales opportunities, suggests new survey

August 22, 2018 by Jason Contant

If you’re looking to sell cyber coverage to big business, focus your efforts on utilities and retailers, suggest the results of a recent survey. The survey of companies with 500 or more employees also found that a growing number of

News InsuranceMarkets / CoveragesRisk

Two lesser-known risks in the restaurant industry

July 26, 2018 by Jason Contant

Besides the obvious liquor liability risk in the restaurant and bar sector, risk managers should also pay attention to cyber and sexual harassment risks, says a broker with Holmes Murphy who specializes in the area. Over the past few years,

News InsuranceMarkets / CoveragesTechnology

How fast are standalone cyber premiums growing in Canada?

June 11, 2018 by Jason Contant

Standalone cyber insurance premiums in Canada are expected to be worth about $68 million in 2020, an increase at a compound annual growth rate of 15.8% relative to the 2016 estimate, Finaccord said Monday. Alan Leach, director of the London,

News InsuranceLegislation / RegulationMarkets / CoveragesTechnology

Privacy Commissioner gives brokers more ammunition to sell cyber policies

June 6, 2018 by Jason Contant

Canada’s privacy commissioner is looking to add some bite to the country’s federal privacy laws. And if you need another reason to keep cyber insurance top of mind for your clients, look no further than a recent survey from the

News InsuranceTechnology

Cyber response should not involve ‘running around panicking’

April 23, 2018 by Greg Meckbach

Clients buying cyber insurance can only be prepared for the risk of a computer security breach if senior executives practice beforehand, a commercial insurer executive told Canadian Underwriter Friday. Corporate clients need to hold “table top exercises,” meaning they gather

News InsuranceTechnology

How to give your client a ‘wake-up call’ on cyber risk

April 14, 2018 by Greg Meckbach

Cyber insurance application forms can give companies a “good understanding” of how well prepared they are to deal with an information security-related loss, speakers said Thursday at the International Cyber Risk Management Conference in Toronto. “We have seen clients stop

News InsuranceMarkets / Coverages

What underwriters want to know from brokers when placing cyber coverage

March 28, 2018 by Greg Meckbach

Brokers placing cyber insurance should take a good look at their clients’ information security culture, a computer security expert advises. What is “often overlooked by brokers is that underwriters really care about the security culture of an organization [applying for

News InsuranceMarkets / CoveragesTechnology

Profitable global cyber market one incident away from a correction, analyst warns

March 27, 2018 by Greg Meckbach

Globally, commercial insurance customers are getting a great deal on cyber insurance right now, but this will only last until a major cyber incident causes a huge, one-time loss for the property and casualty insurance industry, a computer security expert

News InsuranceMarkets / CoveragesTechnology

How Canada’s data breach reporting law can help brokers sell cyber based on facts, not fear

March 22, 2018 by David Gambrill

Canada’s forthcoming implementation of mandatory data breach reporting may create an opportunity for the country’s commercial brokers to have conversations with their clients about cyber insurance risk based on concrete data instead of fear, a Marsh Canada broker says. Improved