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News InsuranceMarkets / Coverages

Three reasons why healthcare is often the target of cyberattacks

August 21, 2019 by Jason Contant

If your client works in the healthcare industry in Canada, they likely know they are an attractive target for cybercriminals. But new research from global cybersecurity company Kaspersky sheds light on some of the reasons why. The study of more

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One easy way for underwriters to find out if their clients’ data has already been breached

August 15, 2019 by Jason Contant

Underwriters can better price cyber insurance if they have a clear understanding of that user’s real risk of being breached. To do that, it’s essential to understand when a user’s email and password combination has been exposed in a previous

News Insurance

New laws needed to assign cyber fraud liability: Court

August 13, 2019 Colin Perkel - THE CANADIAN PRESS

TORONTO – A deputy judge is calling for passage of clear laws on which innocent party should bear responsibility for financial losses related to cyberfraud. In calling for legislation, Ontario Deputy Judge Shane Kelford said it’s clear the law has

News Insurance

How it happened: Capital One’s $100-million cyber loss

July 30, 2019 by Greg Meckbach

Credit card issuer Capital One Financial Corp. expects that a massive cyber breach affecting millions of Canadians could cost the firm more than $100 million. “Expected costs are largely driven by customer notifications, credit monitoring, technology costs, and legal support,”

News ClaimsInsuranceMarkets / Coverages

How many cyber claims result from human error?

July 3, 2019 by Jason Contant

About three-quarters of cyber claims notified in 2018 to one specialist insurer involved some kind of “easily preventable” human error. “Theft of funds, ransomware, extortion and non-malicious data breaches usually start with a human error or oversight, such as clicking

News Insurance

These behaviours raise your client’s cyber risk

June 28, 2019 by Greg Meckbach

Do your clients know how often their workers click on links they receive in emails that should have been flagged as suspicious? “I wouldn’t find it unreasonable for an insurer to ask questions about phishing click-through rates,” Srinath Sampath, senior

News InsuranceRiskTechnology

The real reason for spike in cyber claims

June 17, 2019 by Greg Meckbach

The number of reported cyber claims has jumped significantly, but it’s not because of the major breaches you’ve been reading in the headlines. Small to mid-sized organizations are at greater risk of cyber losses than large organizations, A.M. Best Company

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How this cyber breach defendant got a six-figure cost award

June 13, 2019 by Greg Meckbach

Defendants who won a class-action lawsuit were recently awarded $166,000 to reimburse them for legal costs, but the plaintiffs are appealing. Casino Rama, located near Orillia, Ont. was the target of a cyber breach in 2016 by an unknown criminal.

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Nova Scotia Health Authority investigating possible privacy breach

June 10, 2019 THE CANADIAN PRESS

HALIFAX – The personal health information of nearly 3,000 people may have been compromised in a phishing attack, the Nova Scotia Health Authority says. The health authority said Monday that it is investigating a “potential” privacy breach affecting 2,841 patients.

News RiskTechnology

Cyber hacking: customized for Canada

May 27, 2019 by Jason Contant

Brokers advising their clients on cyber security will want to take note of new research that identified nearly 100 malicious email campaigns that were specifically targeted at Canadian organizations or were customized for Canadian audiences. “Much of this is due

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New cyber insurance platform offers quotes using single piece of data

May 23, 2019 by Jason Contant

While online quote and bind systems have historically been cumbersome, one specialist insurer will soon offer a cyber insurance platform with single-question quoting capabilities. Using a single piece of client data, brokers will be able generate a cyber insurance quote

News InsuranceTechnology

Huawei a small part of an ‘insurmountably hard problem’ of cybersecurity

May 22, 2019 by Greg Meckbach

The controversy over telecommunications equipment from Chinese manufacturer Huawei is just the tip of a large cyber risk iceberg, an Internet security expert warns. “The question is, should we trust the country in which the company whose products and services