Keyword
cyber insurance
Co-operators has no duty to defend a “novel” data policy exclusion: Appeal court
March 19, 2021 by David GambrillThe 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…
Cyber’s hard market separating insurer wheat from chaff
January 29, 2021 by Adam MalikThe global COVID-19 pandemic has distinguished between cyber insurers who are serious about offering coverage, and those who were just hoping to ride the gravy train while times were profitable, according to one industry analyst. Cyberattacks have skyrocketed, in part…
Why you shouldn’t treat cyber policies like auto or property policies
January 14, 2021 by Adam MalikMany brokers and insurers are treating cyber coverage the same way they would a generic home, auto or CGL cover, a cyber expert warns, and this is not only eroding the trust of clients, but also putting them at risk.…
Two options for cyber insurers dealing with huge loss ratios
November 27, 2020 by Adam MalikInsurers will be forced to make tough decisions about how they offer cyber coverage, thanks to claims going through the roof this year and losses piling up across the board, a cycler expert recently told Canadian Underwriter. Insurers will have…
Cyber insurance: Most frequent and costly claims revealed
November 24, 2020 by Jason ContantExternal attacks on companies result in the most expensive cyber insurance losses, but internal failures like employee mistakes and technical problems are the most frequent generator of claims by number (albeit with a lower financial impact), a new report says.…
‘The cost nobody talks about’ with cyber
October 23, 2020 by Adam MalikBrokers are advised to factor in the cost of reputational harm for their commercial clients when discussing cyber policy, because that’s typically the most expensive aspect of a breach. Clients typically focus on costs related to notifying clients and forensics,…
If you thought cyber was hard to sell before…
October 20, 2020 by Adam MalikCyber claims have skyrocketed recently thanks to the COVID-19 pandemic, and the relatively young class of business has entered a hard market, meaning that an already-tough-to-sell insurance product may become an even harder sell, according to an expert in the…
How COVID-19 has changed selling cyber insurance
August 21, 2020 by Adam MalikBrokers and insurers should expect an upswing in cyber insurance demand, if they haven’t seen it already, as the workforce shifts in the wake of the COVID-19 pandemic, a number of reports suggest. Just over a third (34%) expect to…
These types of businesses are in serious need of a cyber policy
May 28, 2020 by David GambrillWith ransomware and financial fraud on the rise, smaller businesses in Canada are vulnerable, particularly less-sophisticated organizations that move large amounts of money. For smaller brokerage houses selling cyber, examples of your next opportunities may be car dealers, people involved…
Opinion: How to sell cyber insurance digitally
May 20, 2020 Nick Novinger, Regional Manager (Quebec), Canadian Insurance Brokers Inc.We’re operating in a much more digital world than just a few months ago. As companies of all sizes scramble to make their operations work outside their physical buildings, the threat of cyberattacks increases. Small business clients intuitively understand the…
How COVID-19 may change the cyber insurance landscape
May 8, 2020 by David GambrillOne long-term impact of the novel coronavirus pandemic may be an uptick in the sale of commercial cyber insurance policies, industry experts predicted during a recent Canadian Underwriter webinar. In addition, the pandemic may provide an opportunity for brokers to…
Will cyber insurance ever be fully standardized?
January 14, 2020 by Jason ContantWill cyber insurance products ever become completely standardized? While aspects of cyber insurance, such as language around data breach, have become more standardized, there is still an overall lack of standardization across the line. Canadian Underwriter has also heard suggestions…