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cyber insurance

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Brokers’ Number 1 obstacle when selling cyber

October 18, 2023 by Jason Contant

For 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

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Which commercial line needs more capital?

October 16, 2023 by Jason Contant

Even 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

Low angle of a black wrought iron kettle pot that has been knocked over spilling it's gold coins onto the grass, with sun flare and rainbow. Mythology says it is the secret hiding place of an Irish Leprechaun's pot of gold, some even say he is tricky.
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How brokers can cash in on a $900-billion cyber opportunity

October 12, 2023 by David Gambrill

With the Global Federation of Insurance Associations (GFIA) citing a $900-billion cyber insurance protection gap, Canadian brokers are seeing a huge growth opportunity in cyber, with some predicting cyber insureds will ultimately overtake the proportion of those covered by property

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Help small business clients deter cyberattacks

October 3, 2023 Jason Contant

When 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,

Clients that lock down their cybersecurity are favoured by insurers
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Which clients are cyber underwriters favouring?

September 11, 2023 David Gambrill

Recent loss ratio data suggests the hard market in cyber insurance has plateaued. In part, that’s due to underwriters being more discriminating about which risks they select for coverage. “Insurance companies have rightsized their books. They know which clients they

Ransomware attack on a business computer
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Why ransomware is still a threat to your cyber clients

August 31, 2023 by Jason Contant

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

Encryption your data. Binary code and digital Lock. Hacker attack and data breach. Big data with encrypted computer code.
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Hub privacy breach affects “limited” amount of Canadian data

August 11, 2023 by David Gambrill

Hub International Limited, a Chicago-based brokerage with offices in 10 Canadian provinces and territories, has reported a privacy breach of data related to “a limited number of Canadians.” Hub posted a “notice of a data privacy event” online on Friday,

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How insurers can reduce cyber claims without slashing coverages

July 6, 2023 by Alyssa DiSabatino

Cyber insurers are finding that acting as incident response services for their small- to mid-sized business clients is helping to reduce overall claims, experts shared during an industry conference.  Insurers should be the first ones to open the lines of

Woman lamenting as two computer screens show her system has been hacked.
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Will cyber bonds help reinsurers transfer risk?

February 3, 2023 Philip Porado

Can reinsurers transfer cyber risk to the capital markets? We may be close to finding out. Recently, two announcements about the issuing of insurance-linked securities (ILS) show there’s a potential to create a broader reinsurance source for cyber risk, said

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How Canada’s D&O and cyber insurance markets are shifting

November 14, 2022 by David Gambrill

Softer market conditions in Canada’s D&O insurance market have arrived, with ample capacity and decreased pricing in this class of business in 2023 Q3, according to Aon. “The [Canadian D&O] market transition further accelerated in Q3, especially for public companies

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Is cyber insurance upticking across Canadian organizations?

October 11, 2022 by Alyssa DiSabatino

Seventy-four per cent of organizations across Canada have decided to invest in cyber insurance in 2022 compared to 59% in 2021 despite increasing costs and requirements, finds a survey from the Canadian Internet Registration Authority (CIRA).   However, most organizations

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“Antivirus on steroids:” One way to protect your clients from ransomware

March 16, 2022 by David Gambrill

To help clients detect their cyber exposures, insurers are recommending ‘powerful’ preventative measures such as endpoint detection responses (EDR) — dubbed ‘antivirus on steroids.’ Used in combination with multi-factor authentication, EDR is deemed superior to traditional anti-virus software because the