Keyword
cyber insurance
One important attribute required for the sale of cyber insurance
December 4, 2017 Greg Meckbach, Associate EditorAdvising clients on cyber policies “takes a level of sophistication on the broker’s side,” New Brunswick insurance defence lawyer Ryan Burgoyne told Canadian Underwriter Friday. “If you are putting yourself out to have specialized expertise in cyber liability insurance as…
New federal law may make cyber a must-have
December 4, 2017 Greg Meckbach, Associate EditorThis may be a prime time for brokers to start selling cyber insurance to commercial clients. There is still no word on when Canada will have nation-wide mandatory breach notification, but a legal cyber specialist says companies should start to…
Fraudulent e-mail a ‘real big deal’ in cyber risk
November 16, 2017 Greg Meckbach, Associate EditorThere is plenty of competition in the cyber insurance market but placing a cyber product suitable for a client “can be a challenge” because different insurers offer different products, the author of a recent report suggested Thursday. International Risk Management…
83% of polled organizations had standalone cyber insurance policies: 2017 RIMS Cyber Survey
August 24, 2017 by Canadian UnderwriterOrganizations 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…
U.S. data breaches increased at record pace during first half of 2017
July 24, 2017 by Canadian UnderwriterThe number of data breaches in the United States tracked through June 30 hit a half-year record high of 791, according to recent numbers release by the Identity Theft Resource Center (ITRC) and CyberScout, a provider of identity protection solutions.…
ENCON Group announces standalone cyber policy for Canadian companies
June 16, 2017 by Canadian UnderwriterCanadian managing general agent (MGA) ENCON Group Inc. announced on Thursday the introduction of a standalone cyber insurance policy that provides coverage for network business interruption, ecommerce trading exposure, crime and intellectual property risks. Ottawa-based ENCON Group said in a…
“Slow but steady” trend in take-up rates among U.S. cyber insurance clients: Council of Insurance Agents & Brokers
May 19, 2017 by Canadian UnderwriterThere is a “slow but steady” trend in take-up rates among cyber insurance clients and prices continue to stabilize, according to a recent survey from the Council of Insurance Agents & Brokers (CIAB) in Washington, DC. When it comes to…
Global organizations spending almost four times more budget on property-related risks than cyber risks: Aon/Ponemon report
April 25, 2017 by Canadian UnderwriterGlobal organizations are spending nearly four times more budget on property-related risks than cyber risks, according to a report released on Tuesday by the Ponemon Institute and sponsored by Aon plc. The 2017 Cyber Risk Transfer Comparison Global Report also…
Willis Towers Watson launches new cyber product for global airlines
April 11, 2017 by Canadian UnderwriterGlobal advisory, broking and solutions company Willis Towers Watson (WTW) announced on Tuesday that it has introduced a new “flexible insurance solution” specifically tailored to cover cyber exposure affecting the global airline industry. CyFly forms part of WTW’s integrated approach…
Organizations considering standalone cyber coverage should evaluate risk profile to see if traditional policies are adequate: RIMS
March 24, 2017 by Canadian UnderwriterOrganizations considering standalone cyber coverage should carefully evaluate their risk profile and determine whether more traditional policies provide adequate coverage, suggests a newly released report from RIMS, the risk management society. The report, authored by Teri Cotton Santos, a member…
Ontario-based Pen Underwriting Canada launches cyber insurance product
February 15, 2017 by Canadian UnderwriterBurlington, Ont.-based Pen Underwriting Canada Limited announced on Wednesday that it has created a comprehensive cyber solution to respond to the “increasing threat that cybercrime poses for corporations.” Backed by A+ rated capacity, the specialist cyber product is designed for…
Increase in smart home devices adds new hacking risks: HSB cyber survey
January 25, 2017 by Canadian UnderwriterEight out of ten consumers in the United States have a home data network and more than one-third connect entertainment systems, gaming consoles and other smart devices to the Internet, increasing the risk of home cyberattacks, according to a new…