Keyword
cybercrime
Intact announces new crimes coverage options
February 28, 2020 by Adam MalikIntact 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…
Canadian companies paying high cybercrime bills
May 13, 2019 by Adam MalikMalicious 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…
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
A new tool for small businesses in the fight against cybercrime
June 14, 2018 by Jason ContantThe 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…
To cover or not to cover crime on a cyber policy
April 19, 2018 by Jason ContantDo 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…
Tips from an insurer for brokers selling cyber policies
April 17, 2018 by Jason ContantListening 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…
‘Somebody could actually die’: Cybercrime’s grave threat to automated resource firms
November 27, 2017 Dan Healing - THE CANADIAN PRESSCALGARY – 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…
Cybercrime drains US$11.7 million per business annually, up 62% in five years, study finds
September 29, 2017 by Canadian UnderwriterThe 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…
Construction industry ‘particularly vulnerable to cybercrime,’ Northbridge warns
September 12, 2017 by Canadian UnderwriterLarge 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…
Chubb broadens cyber enterprise risk management solutions for Canadian and American clients
August 30, 2017 by Canadian UnderwriterChubb 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…
Technological change and cyber risk overtake regulation as top risks for global insurers: study
May 31, 2017 by Canadian UnderwriterThe global insurance industry’s ability to confront structural and technological changes is now the greatest risk it faces, according to a new survey of insurers and close observers of the sector, released on Tuesday. The Centre for the Study of…
Ontario-based Pen Underwriting Canada launches cyber insurance product
February 15, 2017 by Canadian UnderwriterBurlington, Ont.-based Pen Underwriting Canada Limited announced on Wednesday that it has created a comprehensive cyber solution to respond to the “increasing threat that cybercrime poses for corporations.” Backed by A+ rated capacity, the specialist cyber product is designed for…