Keyword
cybercrime
Giant Tiger customer data compromised in incident with third-party vendor
March 26, 2024 Tara Deschamps – The Canadian PressGiant Tiger Stores Ltd. says contact information for some of its customers was compromised in an “incident” linked to a third-party vendor it uses. Alison Scarlett, a spokesperson for the Ottawa-based discount retailer, would not name the vendor on Monday…
What’s driving rising ransomware attacks
October 30, 2023 Philip PoradoRansomware attacks are increasing globally thanks to evolving cybercrime tactics that make it easier for thieves to transfer data from computers or other devices. “Cyber claims frequency has picked up again this year as ransomware groups continue to evolve their…
Help small business clients deter cyberattacks
October 3, 2023 Jason ContantWhen it comes to cybersecurity in 2023, employees are usually the weakest link, ethical hackers told Canadian Underwriter. This is especially true for smaller businesses, which often have no visibility into their corporate networks, little or no budget for cybersecurity,…
Why insurers worry about clients’ crime coverage
September 15, 2023 Alyssa Di SabatinoAs clients tighten their purse strings in anticipation of an economic downturn, they are increasingly underinsured for their crime-related losses. Crime insurers are seeing an uptick in social engineering (i.e., phishing) claims, says Katherine Gauthier, vice president of specialty solutions…
Financial burden of cybercrime in Canada remains high: IBM report
July 24, 2023 Amanda Stephenson - THE CANADIAN PRESSCALGARY – Increased corporate awareness and a string of high-profile incidents have done little to reduce the financial burden of cybercrime in Canada, according to a new report. The average cost to companies of a cybersecurity breach in Canada as…
Can we predict where cyber claims might emerge?
July 4, 2023 Philip PoradoData culled from external scanning systems and other tech tools can help insurers improve underwriting by showing where cyber claims might emerge. But only if the companies develop methods for making proper use of that data, said a recent Gallagher…
Will cyber become uninsurable?
February 10, 2022 by Alyssa DiSabatinoWith some loss ratios peaking around 400% in recent years, underwriting cyber risk has become a challenge for the industry. Brokerage executives discussed whether cyber is becoming uninsurable, and agreed a lack of understanding about technology risk is creating undue…
Ransomware claims: behind the scenes
January 27, 2022 Ashley BurdonSadly, many of your clients will have fallen victim to cybercrime over the past couple of years – their data held hostage, systems suspended, or payments redirected by some faceless criminal halfway around the world. Worse, despite the clear benefit…
What’s the state of the cyber market these days?
June 17, 2021 by Adam MalikA lack of scrutiny around the risk being taken on and a flawed claims process bit the cyber insurance market hard, especially over the last year, according to experts in the field. Now, they added, there are signs that insurers…
Canada to see a faster payments system in 2022. Opportunity knocks for brokers
March 29, 2021 by Adam MalikWhile many are eager to see the imminent arrival of a new system that promises to make day-to-day financial transactions quicker, cyber risk experts are warning that such a system may elevate the risk exposure to cybercrime, potentially opening the…
Cyber cops in 9 nations, including Canada, team up to disrupt dangerous malware
January 27, 2021 Mike Corder - THE ASSOCIATED PRESSTHE HAGUE, Netherlands – Law enforcement authorities in several countries have joined forces to disrupt what they call one of the world’s most dangerous pieces of malware, one that allowed criminal gangs to install ransomware and steal data from computer…
These types of businesses are in serious need of a cyber policy
May 28, 2020 by David GambrillWith 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…