Keyword
cyber
Cyber pricing: Have carriers got it right?
April 17, 2019 by Greg MeckbachCyber 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…
One critical piece of advice to your client about BI cyber claims
April 16, 2019 by Jason ContantPreparing 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…
Credential stuffing: Canada’s newest cyber threat
April 15, 2019 by Jason ContantA 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…
Do your cyber clients have buyer’s remorse?
April 11, 2019 by Jason ContantAre 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…
How common are “snooping” privacy breaches?
April 8, 2019 by Jason ContantWhen 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…
How will reputational harm coverage evolve?
April 8, 2019 by Jason ContantWill 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…
How privacy breach lawsuit could get more expensive for Equifax
March 25, 2019 by Greg MeckbachEquifax 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…
Personal impressions
March 16, 2019 by Greg MeckbachSome of your corporate clients are starting to use biometrics to verify identities and online transactions – should you?
How modernization of payment systems in Canada could increase cyber claims
February 26, 2019 by Jason ContantWhile 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…
How your client’s directors could be blamed for cyber losses
February 14, 2019 by Greg MeckbachCyber 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…
OSFI provides guidance on reporting cyber incidents
February 12, 2019 by Jason ContantMonths 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…
One way of devaluing cyber attacks
February 1, 2019 by Jason ContantFinancial institutions looking to verify online users should use “security layers” to help devalue attacks to extract data from legitimate consumers, a Vancouver-based security company recommends. For insurers and banks, security layers with behavioural analytics and passive biometrics can allow…