Capacity is still readily available to cover cyber risks, but more insurers are approaching the coverage cautiously, a speaker said Friday at NetDiligence’s Cyber Risk Summit in Toronto. In terms of procedure, clients’ applications for cyber coverage must clear more…
Business leaders in Canada are concerned about cyber extortion and social engineering fraud, such as business email compromise (BEC) and email account compromise (EAC), Aon reported. “The last year has seen a tremendous increase in cyber-related claims in Canada,” said…
Canada’s new mandatory breach notification requirements have increased the number of reported claims, leading to a re-shuffling of claims costs for insurers, according to a privacy lawyer. “It definitely leads to more claims and it makes its presence [known] in…
Rates for excess cyber insurance in Canada are on the rise. “In Canada, I would say what we are seeing is excess cyber insurers increasing rates,” Brian Rosenbaum, national director of the legal and research practice at Aon Risk Solutions,…
OTTAWA – Federal cabinet ministers now have their own special hotline to report suspected hacking incidents. Officials at the Canadian Centre for Cyber Security set up the round-the-clock telephone service last year to respond swiftly to possible security breaches, newly…
Ransomware and privacy breaches may be among the top cyber threats on your radar, but are you aware of all of the connected manufacturing and other industrial control systems that may be at risk, a commercial insurer warns. “These production…
James Burns, cyber product leader with CFC Underwriting, shares his insights on what the industry needs to do to sell more cyber insurance policies. cu | How do successful brokers sell cyber insurance? They make cyber products relevant to the…
If you are placing commercial cyber coverage, pay attention to what the various insurers’ policies say about war and terrorism, a commercial broker advises. “I would not say it’s an obscure little corner of your insurance policy,” Tom Srail, executive…
Risk managers accustomed to a buyer’s market for commercial cyber insurance might discover soon the party is over. “We are starting to see rates harden,” Lindsey Nelson, U.K. and International Cyber Team Leader for CFC Underwriting, said Thursday. She was…
Cyber insurers need to get a firmer handle on cyber claims response to be able to add value to their policies, a specialist insurer said recently. James Burns, cyber product leader with London, U.K.-based CFC Underwriting, said that the industry…
Policies that don’t specifically include or exclude cyber losses (“silent cyber”) have long been a concern of insurers, but you’d think a data breach loss would be covered by a cyber policy, right? Not always. The devil is sometimes in…
Brokers are finding they have to educate themselves more on the legal and technical side of cyber rather than on the cyber insurance policy itself, a speaker said recently at Insurance Bureau of Canada’s Commercial Insurance Symposium. “What we’ve noticed…