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Cyber Security

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How federal budget could improve cyber underwriting

March 21, 2019 by Greg Meckbach

Insurance Bureau of Canada officials are hoping a $145-million commitment by the federal government towards cyber security will help the industry better understand how much a cyber incident could cost. In the 2019-20 budget document tabled Tuesday, federal Finance Minister

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How BC Hydro fares in managing its cyber security risk

March 20, 2019 by Jason Contant

British Columbia’s electric utility is managing its cyber security risk for system components that must conform to mandatory reliability standards, but not for components to which the standards do not apply, the province’s auditor general has found. “We concluded that

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Emergency $102B stash for feds could mitigate cyber attack risk

March 13, 2018 Andy Blatchford - THE CANADIAN PRESS

OTTAWA – The federal government committed hundreds of millions of dollars in its recent budget to help reinforce Canada’s cyber defences _ but if the effort fails to prevent a major attack, Ottawa can always turn to its little-known $102-billion

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Utilities cautioned to act now to strengthen their cyber security defences: Accenture

October 5, 2017 by Canadian Underwriter

Unprepared distribution utilities are urged to immediately begin improving their cyber security capabilities given the anticipated future hike in cyber attacks and the fact that most recently polled utility executives say such an attack could interrupt electricity supply, Accenture suggests

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Equifax says U.S.-focused theft of data touched ‘certain’ Canadian residents

September 8, 2017 The Canadian Press (CPSTF)

TORONTO – Credit monitoring company Equifax says that it will work with regulators in Canada and the United Kingdom to determine the appropriate steps following a lapse in cyber security that’s affecting about 143 million people in the United States.

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On Balance

July 24, 2017 Brett Hansen, Vice President, Endpoint Data Security and Management, Dell

The balancing act demanded of employees trying to meet the twin goals of efficiency and data safety makes the people side of data security critically important. Organizations must design security programs that implement a mix of solutions to address security awareness, enablement and protection in the workforce.

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Multi-factor authentication central to helping reduce data breaches: Ostertag

July 4, 2017 by Angela Stelmakowich

Taking a multi-layered approach to cyber security – including authentication – is likely the most important single thing to help combat access that then results in data breaches, David Ostertag, global investigation manager for Verizon’s investigative response unit, advised last

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Holistic approach needed to reduce confusion around cyber security, tackle inaction: Echols

June 15, 2017 by Canadian Underwriter

Tools meant to bolster cyber security are being introduced absent a holistic view, producing even more questions among already-confused businesses expecting some progress on their individual risk reduction efforts, cyber expert Michael Echols suggested Tuesday during a symposium in downtown

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36% of polled Canadian firms have no cyber security insurance: FICO

June 1, 2017 by Canadian Underwriter

More than a third of surveyed Canadian firms do not have cyber security insurance, a concerning situation made worse by an incomplete understanding of how premiums are priced and failure to do everything possible to guard against breaches, FICO notes.

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Criminal data breaches forecast to cost global business $8 trillion in next five years: Juniper

May 30, 2017 by Canadian Underwriter

Higher levels of Internet connectivity and inadequate enterprise-wide security are expected to pave the way for criminal data breaches costing businesses around the world about $8 trillion over the next five years, suggests U.K.-based Juniper Research. Research released Tuesday indicates

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Cyber security a ‘key aspect’ of risk management for medical professional liability insurers: A.M. Best

May 11, 2017 by Canadian Underwriter

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,

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BlackBerry expanding channels of distribution via cyber security initiative with Allied World

April 21, 2017 by Canadian Underwriter

Ontario-based BlackBerry Limited is growing its footprint in the insurance industry through a new initiative with Allied World Assurance Company Holdings in which the latter’s U.S. cyber policyholders will gain direct access to the former’s cyber security expertise through an