Keyword
cyber
Don’t let clients cheap out on cyber coverage
May 10, 2023 Philip PoradoAs high-profile ransomware attacks continue to grab headlines, insurers providing directors and officers (D&O) coverage are concerned private company boards might not be managing cyber risk. “Are they allocating enough funds to cybersecurity? Are they going to have a lawsuit…
Aviva reveals Number 1 risk facing Canadian businesses
May 3, 2023 by Jason ContantEconomic uncertainty remains the Number 1 risk facing Canadian businesses, according to Aviva Canada’s second annual Risk Insights Report. Based on a survey of nearly 1,500 Canadian business leaders, the report found one in three businesses stated they were “very…
How the cyber liability loss ratio fared in 2022
April 28, 2023 by Alyssa DiSabatinoCanadian cyber liability insurance seems to have turned a corner on its loss ratios, even accounting for reserve releases, says an industry financial observer. With net incurred claims of negative-$178.7 million last year and net premiums earned at $372.7 million,…
The case for encrypting your clients’ cyber policies
April 26, 2023 by Alyssa DiSabatinoTo balance out loss ratios, cyber insurers have been rolling out new security requirements and best practices for policyholders, and one managing general agent (MGA) says the next logical step for consumer protection is encrypted cyber policies. If a cybercriminal…
Break-in at government office results in privacy breach
April 21, 2023 The Canadian PressYELLOWKNIFE – The Northwest Territories government says a break-in at its Department of Education, Culture and Employment headquarters in Yellowknife has resulted in a privacy breach affecting about 3,000 people. The government says the break-in occurred early on Sunday and…
Canadian oil and gas sector routinely targeted by cyberattackers, experts say
April 11, 2023 The Canadian PressCALGARY – Cybersecurity experts say they aren’t surprised by the revelation contained within a package of leaked U.S. intelligence documents suggesting Russian-backed hackers successfully gained access to Canada’s natural gas distribution network. They say oil and gas infrastructure in Canada…
How underwriters are tackling cyber exposure in D&O policies
April 6, 2023 by Jason ContantUnderwriters are starting to address cyber exposure in directors and officers (D&O) policies, an insurtech told delegates at the NetDiligence Cyber Risk Summit in Toronto. “What we’re seeing is mandatory cybersecurity exposure questions on D&O submissions,” said Ben Davis, team…
One simple question your cyber clients can’t answer
April 4, 2023 by Jason ContantYour cyber clients likely don’t know the answer to basic questions such as what is being done on a particular server, or even how many computer servers the company has, an expert from a cyber response and recovery firm said…
How insurers are deliberately addressing silent cyber
March 30, 2023 by Jason ContantCyber insurers are now deliberately addressing silent cyber coverage in insurance policies, a Marsh executive said Wednesday at NetDiligence’s Cyber Risk Summit in Toronto. “With property [insurance policies]…I’m not seeing silent cyber anymore. I’m seeing very purposeful underwriting,” Karen Continenza,…
Can cyber coverage recover from past high loss ratios?
March 20, 2023 Jason ContantThe Canadian cyber market in general has suffered some “pretty bad loss ratios in the last couple of years,” said Jack Bottomley, senior consultant for cybersecurity with KPMG in Canada. Not long ago, the industry saw its cyber loss ratio…
How the protection gap affects Canada
March 15, 2023 by Alyssa DiSabatinoA growing global protection gap in NatCat and cyber will require more collaboration between public entities and private companies, lest consumers become increasingly uninsurable, the Global Federation of Insurance Associations (GFIA) said in a new report. The report identified a…
Is cyber coverage broken? And, can it be fixed?
March 10, 2023 Jason ContantNot long ago, the Canadian P&C industry’s cyber loss ratio was more than 400%, meaning cyber insurers were paying out an average of more than $4 for every $1 they received in premiums. Those first-quarter numbers from two years ago…