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cyber

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Debate rages over whether a cyber attack is an act of war

April 18, 2019 by Jason Contant

Can a cyber attack be considered an act of war? That issue came to light in October of 2018 when international food and beverage company Mondelez International sued its insurer Zurich American Insurance Company for declining coverage to Mondelez following

News RiskTechnology

Should your clients have a chief security officer on the board?

April 17, 2019 by Greg Meckbach

Your client may or may not not need a chief security officer [CSO] on its board of directors, but cyber risk should nevertheless be high on its radar screen, speakers told insurance professionals Tuesday. “If the board doesn’t say, ‘Cyber

News InsuranceTechnology

Cyber pricing: Have carriers got it right?

April 17, 2019 by Greg Meckbach

Cyber insurance is a good tool to help clients understand their vulnerabilities, but carriers need to do a better job of pricing according to risk, speakers suggested at a recent conference. “There seems to be a lot of spit-balling on

News ClaimsInsurance

One critical piece of advice to your client about BI cyber claims

April 16, 2019 by Jason Contant

Preparing in advance for how a cyber-related business interruption loss may play out can help transform the claims process, speakers said earlier this month at NetDiligence’s Cyber Risk Summit in Toronto. A lot of the “claims frustration” can be avoided

News InsuranceMarkets / Coverages

Credential stuffing: Canada’s newest cyber threat

April 15, 2019 by Jason Contant

A new cyber threat called “credential stuffing” is emerging, and Canada is the third-most targeted country in the world, according to a new report. Credential stuffing is when hackers take a stolen username and password and then run it through

News ClaimsInsurance

Do your cyber clients have buyer’s remorse?

April 11, 2019 by Jason Contant

Are you spending a lot of time dealing with “coverage leakage” and buyer’s remorse as it relates to cyber insurance? For smaller claims in particular, some clients may not have a cyber policy, but may try to recover out-of-pocket costs

News Risk

How common are “snooping” privacy breaches?

April 8, 2019 by Jason Contant

When it comes to privacy breaches in the healthcare sector, “snooping” is definitely a concern. Snooping, or unauthorized access, breaches occur when an employee (such as a hospital worker) has access to identifiable information and abuses their authority to look

News InsuranceMarkets / Coverages

How will reputational harm coverage evolve?

April 8, 2019 by Jason Contant

Will reputational harm coverage grow into its own coverage or will it remain sublimited, as is often the case? There is currently a lot of variance within the market in how this coverage is offered, if at all. Some insurers

News LegalRiskTechnology

How privacy breach lawsuit could get more expensive for Equifax

March 25, 2019 by Greg Meckbach

Equifax may have to defend itself against separate privacy class action lawsuits in at least two Canadian provinces as a result of a cyber breach in 2017. A cyber insurance claim can be triggered when a client is subject to

News InsuranceTechnology

How modernization of payment systems in Canada could increase cyber claims

February 26, 2019 by Jason Contant

While theft of funds remains a relatively minor source of Canadian cyber claims for one specialist insurer, it is expected to grow as further modernization of payment systems takes place in the country. CFC Underwriting released Friday its 2018 cyber

News InsuranceRiskTechnology

How your client’s directors could be blamed for cyber losses

February 14, 2019 by Greg Meckbach

Cyber risk awareness is on the rise among corporate directors, who could face liability risk if they are accused of being lax on governance. “Corporate clients are more likely to be aware today, compared to a few years ago, of

News InsuranceLegislation / RegulationTechnology

OSFI provides guidance on reporting cyber incidents

February 12, 2019 by Jason Contant

Months after Canada’s mandatory data breach notification law came into effect on Nov. 1, 2018, the Office of the Superintendent of Financial Institutions (OSFI) is now providing guidance on when to report cyber incidents to the financial regulator. In an