Keyword
cyber
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…
Why 2022 was a good year for cyber insurers
February 21, 2023 by Jason ContantControls and underwriting actions that cyber insurers took over the course of 2020 and 2021 started paying off last year, a cybersecurity expert told Canadian Underwriter recently. “I think the cyber insurance industry in general had a much better year…
Why one cyber expert believes cyber insurance is in a good place right now
February 16, 2023 by Jason ContantThe cyber insurance market has never been in a more stable and positive position going into 2023, largely because of the learning experiences over the last two to three years, one cyber expert told Canadian Underwriter in an interview Wednesday.…
Will cyber bonds help reinsurers transfer risk?
February 3, 2023 Philip PoradoCan reinsurers transfer cyber risk to the capital markets? We may be close to finding out. Recently, two announcements about the issuing of insurance-linked securities (ILS) show there’s a potential to create a broader reinsurance source for cyber risk, said…
Information of 360,000 people affected in Ontario COVID-19 vaccine data breach
December 12, 2022 The Canadian PressTORONTO – The Ontario government began notifying about 360,000 people on Friday that their personal information had been part of a COVID-19 vaccine database breach that took place more than a year ago. The breach happened on Nov. 16, 2021…
Is cyber insurance underwriting headed in the right direction?
November 29, 2022 by Jason ContantNew exclusions and strict requirements to obtain cyber insurance have dramatically improved the sophistication of underwriting processes, but one large consulting and advisory firm is questioning whether this is the right approach for the market to take. “[Chief information security…
Cyber incident cancels online classes, knocks out email, phones at school board
November 28, 2022 The Canadian PressWHITBY, Ont. – The Durham District School Board says online classes have been cancelled after it was subject to what it’s calling a “cyber incident.” The board, which serves Oshawa and the surrounding region east of Toronto, says it learned…
Privacy commissioner recommends ransomware insurance
October 31, 2022 by David GambrillOntario’s privacy commissioner recommends businesses should consider an insurance policy that will cover first-party costs of responding to a ransomware attack. “Consider obtaining a cyber insurance policy that offsets the costs associated with responding to an incident such as forensic…
What your cyber clients are doing right (and wrong)
October 24, 2022 by Jason ContantCyber insurance customers are getting better at protecting their personal information and data from cyberattacks but poor cybersecurity behaviours remain prevalent, according to the results of Chubb’s Fifth Annual Report on Personal Cyber Risk. For the first time, the annual…