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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

News Insurance

Six ways insurers can reduce ransomware risk

January 18, 2022 Erin Kenneally

Cyber insurance was once seen as a bright spot for the commercial insurance industry, with lower loss ratios and higher profitability than other major areas of commercial coverage. Fast forward a few years and Fitch Ratings is reporting 2020’s direct

News Insurance

As cyber attacks increase, insurers in the space face rising losses

October 13, 2021 James Langton - Advisor's Edge

Amid rising losses and increasing claims on cyber insurance, companies that provide insurance against online hackers are facing growing risks, says Fitch Ratings. In a new report, the rating agency said that while cyber insurance has been a profitable line

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Will cyber insurance become mandatory?

October 7, 2021 Canadian Underwriter Staff

Cyber insurance is set to become as essential as workers’ compensation insurance in the near future, a cyber insurance provider CEO has predicted. Vishal Kundi, CEO and co-founder of Toronto-based cybersecurity and insurance specialist MGA BOXX Insurance, told Canadian Underwriter

A Computer System Hacked Warning
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Brokers should focus on prevention in the cyber sales conversation, suggests MGA

September 9, 2021 Canadian Underwriter Staff

Brokers need to change the way they sell cyber insurance and focus on preventing cyberattacks in the first place, a cyber insurance provider suggests. A cyber claim can be terminal for a business, Vishal Kundi, CEO and co-founder of Toronto-based

News Insurance

Cyber insurance caught in “perfect storm” as losses surge: Coalition Canada

September 7, 2021 Canadian Underwriter Staff

Correction: This article has been corrected to reflect that Coalition Canada has not sub-limited its ransomware coverage. We regret the error. The cyber insurance industry is battling “a perfect storm between widespread technology risk, increased regulations, increased criminal activity and

News BrokersClaimsCommercial LinesInsuranceMarkets / CoveragesTechnology

Doubled pricing, two-year recovery predicted for cyber lines, post-COVID

July 13, 2021 by David Gambrill

Brokers can foresee cyber pricing doubling over the next year — and it could take up to two years after the pandemic is over before the market shows signs of softening again. “I think the price has to reflect the

News Insurance

Cyber insurance rates likely to rise amid escalating ransomware attacks

July 12, 2021 David Paddon - THE CANADIAN PRESS

TORONTO – Companies looking to purchase insurance against cyberattacks in which their data is held for ransom will soon find it more expensive and difficult to obtain, according to a cybersecurity expert. Brent Arnold, a partner at law firm Gowlings

manager pushing open virtual lock to initiate a rapid grab-and-go response.
News Insurance

What’s the state of the cyber market these days?

June 17, 2021 by Adam Malik

A lack of scrutiny around the risk being taken on and a flawed claims process bit the cyber insurance market hard, especially over the last year, according to experts in the field. Now, they added, there are signs that insurers

News Insurance

Experts want you to change cyber convos. Here’s how

June 10, 2021 by Adam Malik

Brokers and insurers need to change the way they speak to clients about cyber coverage and the types of products that are available, a cyber expert recently advised. Selling full-suite, one-size-fits-all cyber policies that don’t actually fit a client’s profile

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Should insurers (and others) be banned from making cyber ransom payments?

May 30, 2021 by David Gambrill

Editor’s Note: A previous verison of this article incorrectly stated that a cyberattack against AXA had happened after AXA’s announcement that it was suspecnding insurance coverage in France for ransomeware extortion payments. In fact, as per a Financial Times report

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Co-operators has no duty to defend a “novel” data policy exclusion: Appeal court

March 19, 2021 by David Gambrill

The Co-operators does not have a duty to defend a cyber liability case involving a “novel” policy exclusion for breached data being published over the internet, the Ontario Court for Appeal has ruled. Reversing the previous decision of a lower