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Why cyber insurance companies are requiring businesses to use multi-factor authentication

January 6, 2022 by Alyssa DiSabatino

Canadian cyber insurance companies are now requiring businesses to offer multi-factor authentication (MFA) and have cybercrime/data breach response plans in place before qualifying for coverage.    Prudent, since cybercrimes and ransomware attacks are on the rise – Canadians have lost $4.9

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What Canadian insurers paid for reinsurance in Jan. renewals

January 5, 2022 by David Gambrill

Reinsurance rate increases for catastrophes in Canadian property lines depended on whether the carriers’ portfolios took a hit last year, with 10% to 20% rate increases for catastrophe portfolios that took a loss, and 5% to 10% increases for those

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Liquor and Gaming Authority investigates cyber security incident

December 31, 2021 The Canadian Press

The Saskatchewan Liquor and Gaming Authority says it’s investigating a cyber security incident that impacted the organization’s computer systems. The organization says it has brought in independent cyber security experts to help address the matter and assess the impact to

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No way for average user to know which websites contain software flaw: Experts

December 14, 2021 Amanda Stephenson - THE CANADIAN PRESS

CALGARY – Experts say Canadians should use good “cyber hygiene” in light of the discovery of a massive software flaw that has resulted in the precautionary shutdown of thousands of websites. The federal government, the government of Quebec and the

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Talking to clients about the importance of cyber security and coverage

November 30, 2021 Brooke Smith

All lines of insurance have challenges, but lately cyber’s been bringing brokers ever-changing complexities. “It’s really the new problem child in the insurance world,” said Kevin Neiles, president, western Canada & chief markets officer, with Gallagher, at a November Gallagher

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Why cyber risk is frustrating for some insurers

November 25, 2021 by Greg Meckbach

Cyber insurers are taking a “multi-pronged” approach to ensure they can actually make money off the product. More carriers are expanding their offerings to include cyber, more commercial clients are buying cyber coverage and more insurance buyers are aware of

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Why brokers need a new technology approach to cyber insurance

November 11, 2021 by Jason Contant

Old-fashioned methods by brokers for obtaining cyber insurance quotes just don’t work in today’s environment, a managing general agent told Canadian Underwriter Tuesday. “The old approach to cyber insurance was, ‘Hey, let me get you an application, you bring that

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Four uninsurable cyber risks

November 2, 2021 by Greg Meckbach

Losses caused by cyber wars – and widespread outages of electricity and telecommunications – are essentially uninsurable, Munich Re experts suggest. “Historically, in property insurance, damages caused by war have been seen as uninsurable,” said Tim Zeilman, vice president and

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Is it time for a public-private partnership for cyber risk?

October 18, 2021 by Jason Contant

There will be a point at which a cyber tail event will be too expensive for the insurance industry, as a whole, to cover, a speaker said Thursday during the CatIQ Connect virtual conference. “That’s where we are already starting

News Insurance

Double extortion: The new cyber threat

October 12, 2021 by Jason Contant

Your cyber clients may now be exposed to two risks in one, as the sophistication of ransomware attack patterns continue to increase. “There’s double extortion tactics which are just crippling organizations now,” said Greg Markell, president and CEO of Ridge

News Insurance

Will cyber insurance rates double in the next couple years?

October 4, 2021 by Jason Contant

Prices in the cyber re/insurance market could rise sharply between 2021 and 2023, in some cases doubling from current levels, according to a report from S&P Global Ratings. “Depending on the region and [terms and conditions], policyholders could expect rate

News Insurance

Less than half of SMEs are ‘very confident’ in their cyber defences: survey

September 29, 2021 Maddie Johnson, Advisor’s Edge

The vast majority of Canadian companies have cyber security protocols in place, yet many still fall behind when it comes to testing their systems, according to new research from KPMG LLP. The Toronto-based firm’s 2021 Cyber Security Poll found that