Having spent the past few months traveling across the country to, at last, meet in person with our team and clients and brokers, I was amazed not just by the beauty of the landscape and the warmth of the people,…
Regulators and governments can work with the insurance industry to develop the cyber product through data sharing and consumer education, said Celyeste Power, IBC’s executive vice president of strategic initiatives and advocacy during a Canadian Underwriter webinar. “We think governments and regulators…
In the wake of lifting of pandemic restrictions, digital transformation is becoming so extensive that organizations are having trouble getting a handle on their broadening cyber exposures. “As organizations grow and incorporate digital and cloud transformation into the fabric of…
Introducing Victor Canada’s new cyber assessment and consultation, a complimentary offering for Victor Errors & Omissions and Technology policyholders. An increase in the frequency and sophistication of cyberattacks has left many brokers wondering how best to help their clients manage…
With cybersecurity spending expected to exceed US$1 trillion, it’s clear more businesses than ever before are realizing the need to invest in their cyber defenses. “Yet throwing money at a problem is never the lone answer,” says Kevin Auger, department…
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…
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 “misconfigured cloud-based file repository” exposed the names, addresses, account details and account personal identification numbers (PINs) of as many as 14 million U.S. customers of telecommunications carrier Verizon, according to a recent blog from computer security company UpGuard. The…
Cyber risks should be on the radar of every type of business. Manufacturing has lagged other sectors in buying insurance, revealing vulnerabilities that have not, until recently, been fully appreciated, but could lead to enormous costs. Considering all vulnerabilities is essential to building towers of coverage that provide meaningful protection.
The global insurance industry’s ability to confront structural and technological changes is now the greatest risk it faces, according to a new survey of insurers and close observers of the sector, released on Tuesday. The Centre for the Study of…
There 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…
Medical professional liability insurers who retain cyber risk need to limit their exposure “through strong policy language,” A.M. Best Company Inc. warned in a report released Wednesday. The ability to “identify emerging risks in areas such as cyber security,” is,…