Canadian Underwriter

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cyber


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

News InsuranceMarkets / CoveragesTechnology

One way of devaluing cyber attacks

February 1, 2019 by Jason Contant

Financial 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

News ClaimsCommercial LinesInsurance

Why the cyber market has become so crowded

January 31, 2019 by Greg Meckbach

Clients shopping for cyber insurance today can choose from among far more carriers than they could a few years ago, because it’s such a profitable line of business. However, one reason cyber is more profitable than other lines of coverage

News Legislation / RegulationRiskTechnology

This province lacks ‘reasonable’ cyber security: privacy commissioner

January 15, 2019 Keith Doucette - THE CANADIAN PRESS

HALIFAX – A pair of reports slam the Nova Scotia government for failing to protect personal information, saying the risk management around its freedom-of-information website was inadequate and a privacy breach last year was preventable. In his report released Tuesday

News InsuranceRiskTechnology

How not to deal with a ransomware attack

December 19, 2018 by Greg Meckbach

Your client should never have to negotiate with a cyber criminal even if that client has suffered a ransomware attack, cyber security experts advise. Ransomware is a type of computer malware that prevents clients from either using their computers or