Keyword
cyber
Why brokers need a new technology approach to cyber insurance
November 11, 2021 by Jason ContantOld-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…
Four uninsurable cyber risks
November 2, 2021 by Greg MeckbachLosses 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…
Is it time for a public-private partnership for cyber risk?
October 18, 2021 by Jason ContantThere 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…
Double extortion: The new cyber threat
October 12, 2021 by Jason ContantYour 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…
Will cyber insurance rates double in the next couple years?
October 4, 2021 by Jason ContantPrices 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…
Less than half of SMEs are ‘very confident’ in their cyber defences: survey
September 29, 2021 Maddie Johnson, Advisor’s EdgeThe 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…
Understanding cyberattack techniques can improve your game
September 20, 2021 Canadian Underwriter StaffKnowing the most common cybersecurity attacks can help brokers better advise their clients on risk mitigation strategies, a Canadian cyber insurance provider has said. Selling cyber policies remains a concern for many brokers, who are struggling to keep up with…
How much Canadian insurers have lost on cyber liability so far in 2021
August 31, 2021 by Greg MeckbachPrivate passenger personal accident insurers have experienced a loss ratio of nearly 70% so far in 2021, while the loss ratio for cyber liability is more than 100%. The federal Office of the Superintendent of Financial Institutions has posted the…
This insurer has ‘much more stringent underwriting criteria’ in cyber
August 18, 2021 by Greg MeckbachAggregation and systemic risk in cyber insurance means commercial carriers need to build up more capital for large widespread losses, suggests the CEO of a Bermuda insurer. Within cyber lines, Axis Capital Holdings Limited reduced its limits and increased deductibles,…
How does North America’s cyber risk compare to other regions?
August 16, 2021 by Jason ContantIf your client thinks they are more at risk of a cyberattack in the future, they may not be imagining things. According to a recent survey from global cybersecurity company Trend Micro, 80% of global organizations report they are more…
5 ways to overcome barriers to cyber insurance
August 6, 2021 Canadian Underwriter StaffThe Insurance Bureau of Canada says 99% of Canadian organizations have reported an increase in cyberattacks since COVID-19 began, but many brokers appear to be struggling to sell cyber. “Anecdotally, Canadian brokers have indicated that many clients don’t believe a…
CEOs becoming easy targets of ‘spear-phishing’: cyber insurance provider
August 3, 2021 Canadian Underwriter StaffWith C-Suite email credentials sold on the dark web for as little as $250 per user, Canadian CEOs could become increasing targets for “spear-phishing” attacks, a cyber insurance provider warns. The digital scam involves sending fraudulent emails from what appears…