Canadian Underwriter

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cybercrime

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These types of businesses are in serious need of a cyber policy

May 28, 2020 by David Gambrill

With ransomware and financial fraud on the rise, smaller businesses in Canada are vulnerable, particularly less-sophisticated organizations that move large amounts of money. For smaller brokerage houses selling cyber, examples of your next opportunities may be car dealers, people involved

News BrokersClaimsInsuranceRiskTechnology

What smaller brokerages need to sell cyber to SMEs

May 21, 2020 by David Gambrill

Smaller brokerages need improved tools to sell cyber insurance to small and mid-sized enterprises (SMEs), a cyber insurer told Canadian Underwriter recently. The industry is currently working to provide those tools, which may include a scaled version of the third-party

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Intact announces new crimes coverage options

February 28, 2020 by Adam Malik

Intact Insurance has updated and expanded its crime coverage to include “social engineering,” which describes a situation in which nefarious online actors dupe unsuspecting employees into sending money or products to criminals. “What we’ve taken is the crime coverages that

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Canadian companies paying high cybercrime bills

May 13, 2019 by Adam Malik

Malicious insiders and malware attacks are costing Canadian companies. New research from global professional services company Accenture and data protection research firm Ponemon Institute pegged the average cost of cybercrime to a Canadian company at more than $12 million in

Feature

How to protect small business

December 6, 2018 by Neal Jardine, Senior General Adjuster, Cyber Practice Leader, Crawford & Company (Canada) Inc.

Developing a cyber response plan is critical for SMEs

News Markets / CoveragesTechnology

A new tool for small businesses in the fight against cybercrime

June 14, 2018 by Jason Contant

The federal government has unveiled its National Cyber Security Strategy, with which it will establish a voluntary, recognizable certification intended to enable small- and medium-sized enterprises (SMEs) to demonstrate to both businesses and consumers that they meet a baseline set

News Markets / CoveragesTechnology

To cover or not to cover crime on a cyber policy

April 19, 2018 by Jason Contant

Do elements of cybercrime, such as social engineering fraud and phishing scams, belong on a traditional crime insurance policy or should they be part of a cyber policy? The answer to that question depends on which carrier you ask. “There’s

News Markets / CoveragesTechnology

Tips from an insurer for brokers selling cyber policies

April 17, 2018 by Jason Contant

Listening to clients’ exposures before offering them a cyber policy could go a long way in selling the right coverage, a cyber insurer told Canadian Underwriter Monday. “By asking the question: ‘What keeps you up at night and what do

News InsuranceMarkets / CoveragesTechnology

‘Somebody could actually die’: Cybercrime’s grave threat to automated resource firms

November 27, 2017 Dan Healing - THE CANADIAN PRESS

CALGARY – Data theft from high-profile hacks against companies like Uber and Equifax can cost consumers thousands of dollars but resource companies worry about millions in damage, along with potential injuries and death, if their technology is compromised. The thought

News InsuranceMarkets / CoveragesTechnology

Cybercrime drains US$11.7 million per business annually, up 62% in five years, study finds

September 29, 2017 by Canadian Underwriter

The average cost of cybercrime globally climbed to US$11.7 million per organization, a 23% increase from US$9.5 million reported in 2016, according to new research from Accenture and the Ponemon Institute. The year-over-year increase also represents a “staggering” 62% increase

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Construction industry ‘particularly vulnerable to cybercrime,’ Northbridge warns

September 12, 2017 by Canadian Underwriter

Large and small construction contractors are vulnerable to cyber crime, with “smart” building devices and lucrative engineering drawings in particular presenting vulnerabilities, Northbridge Insurance warns. “Major advancements in digital connectivity have left the construction industry particularly vulnerable to cybercrime,” Northbridge

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Chubb broadens cyber enterprise risk management solutions for Canadian and American clients

August 30, 2017 by Canadian Underwriter

Chubb announced on Wednesday that it has broadened its enterprise risk management solutions for Chubb commercial cyber policyholders in the United States and Canada. Two new policy forms, Cyber Enterprise Risk Management and DigiTech Enterprise Risk Management, combine cyber insurance