Canadian Underwriter

Keyword
cyber

Roadblocks to cyber policy sales
News BrokersInsuranceTechnology

Biggest barriers to selling cyber policies

March 1, 2024 David Gambrill

Product complexity remains a huge obstacle to selling cyber insurance to neophyte business clients, brokers told Canadian Underwriter in a January online survey. A stronger emphasis on cyber education — to clients, brokers, and underwriters alike — is critical to

Cloud computing and global cyberattack concept
News ClaimsClaims CanadaInsuranceMarkets / CoveragesReinsuranceRiskTechnology

Why systemic cyber remains an industry risk

January 30, 2024 by Jason Contant

Editor’s Note: An earlier version of this article said that CFC established the cyber monitoring centre when in fact they were the driving force behind its establishment. As well, the article implied that the centre has a link to insurance

Cyber security concept
News ClaimsClaims CanadaCommercial LinesInsuranceLegislation / RegulationMarkets / CoveragesTechnology

How cyber pricing is trending for large Canadian companies

January 25, 2024 by Jason Contant

Large corporate cyber clients in Canada saw pricing decreases last year and one cyber underwriter expects the market for those risks will flatten out in 2024. “In 2023, we did see some fairly significant softening in the market; prices were

Chat with AI
News Commercial LinesInsuranceMarkets / CoveragesRiskTechnology

4 ways ChatGPT could worsen cyber risk

December 14, 2023 by Jason Contant

Language models like ChatGPT could be used by bad actors to re-write software code and better prepare phishing emails, a cyber specialist warned recently.  The state-of-the-art language generation model is capable of understanding and generating human-like text based on a

Magnifying glass in the laptop in the dark
News ClaimsClaims CanadaCommercial LinesInsuranceLegalMarkets / CoveragesTechnology

Why it’s important to understand legal privilege after a breach

December 7, 2023 by Jason Contant

A recent court ruling in Australia concerning the primary purpose of a forensics report following a cyberattack serves as a crucial reminder about legal privilege for Canada’s cyber insurance market. In a Nov. 10 decision, the Federal Court of Australia

Phone call from an unknown number - possible scam fraud or phishing
News ClaimsClaims CanadaCommercial LinesInsuranceLegalMarkets / CoveragesTechnology

Government impersonation, phishing are top financial scams, Interac survey finds

November 30, 2023 Ritika Dubey - THE CANADIAN PRESS

TORONTO – Government impersonation is one of the most common financial scams plaguing people across Canada, a new survey from payment processing company Interac Corp. has found. The report, released Tuesday, said 42 per cent of survey respondents reported dealing

Global cyberattack
News ClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesProductsRiskTechnology

Is it time for a new approach to systemic cyber?

November 10, 2023 by Jason Contant

Systemic cyber risk needs to be tackled with more capacity and ways of dealing with the attritional cyber market, Marc Lipman, president and attorney-in-fact at Lloyd’s Canada, suggested during an industry event last month. “Just like there developed a traditional,

Student using laptop having online class with teacher
News BrokersClaimsInsuranceRiskTechnology

Business owners lack cyber insurance knowledge: survey

November 9, 2023 by David Gambrill

One out of every five Canadian businesses surveyed said they don’t know enough about cyber insurance, suggesting an open window for brokers and insurers to provide educational support, a new cyber survey from Travelers Canada suggests. “I think what the

Cyber Liability Insurance Data Cover 3d Illustration Shows Internet Fraud Insurers Giving Risk Coverage
News ClaimsInsuranceReinsuranceRiskTechnology

Reinsurers examining alternative ways to insure cyber

October 6, 2023 by David Gambrill

Cyber may be one of the fastest-growing lines of insurance business in both Canada and abroad, but it’s associated with global systemic issues, and reinsurers are pondering how to raise additional capital to help cover the potentially huge demand for

Map of Canada with blue background
News AppointmentsCommercial LinesInsuranceMarkets / CoveragesProductsProfessional Development

Specialty insurer expands across Canada in five product lines

October 2, 2023 by Jason Contant

Specialty insurer Mosaic Insurance has expanded its offerings across Canada in five product lines — cyber, transactional liability, financial institutions, professional liability and environmental liability.  The global firm first opened an office in Toronto in July 2022 and now serves

Security awareness training
News Commercial LinesInsuranceMarkets / CoveragesTechnology

Mandatory security awareness training among changes since arrest of employee: RCMP

October 2, 2023 Jim Bronskill - THE CANADIAN PRESS

OTTAWA – The RCMP says it has introduced mandatory security awareness training for employees, one of several changes prompted by the 2019 arrest of a senior civilian member for allegedly leaking classified information. The Mounties say they have also made

Warning of ransomware detected on machine
News ClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesTechnology

Why your cyber clients need to keep an eye on ransomware 

September 25, 2023 by Jason Contant

Canada was the third most affected country in the world for successful ransomware-as-a-service (RaaS) and extortion attacks in the first and second quarters of 2023, said a report from cybersecurity company Trend Micro.  The report, LockBit, BlackCat, and Clop Prevail