Canadian Underwriter

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cybercrime

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‘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

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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

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Technological change and cyber risk overtake regulation as top risks for global insurers: study

May 31, 2017 by Canadian Underwriter

The 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

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Ontario-based Pen Underwriting Canada launches cyber insurance product

February 15, 2017 by Canadian Underwriter

Burlington, 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

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IBM’s famed Watson computer ‘gets a job’ fighting cybercrime threat

February 13, 2017 Kevin Bissett - THE CANADIAN PRESS

FREDERICTON – A year after IBM began teaching its Watson computer system to fight cybercrime, the company is making the platform available for use. “Now he gets a job and makes us some money,” quipped Caleb Barlow, vice-president of IBM

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Police investigating possible cyber threat against Ontario’s Hydro One: company

January 4, 2017 The Canadian Press

TORONTO – Ontario’s Hydro One says it is assisting Canadian law enforcement agencies in an ongoing investigation into a possible cyber threat against the electricity distributor. The company’s chief security officer, Rick Haier, says they were contacted by the RCMP

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U.S. prosecutor’s office paid bitcoin ransom in cyberattack

December 6, 2016 Joe Mandak - THE ASSOCIATED PRESS

PITTSBURGH – A state prosecutor’s office in Pennsylvania was among hundreds of thousands of victims of a now-shuttered international cybercrime operation, paying nearly $1,400 in a bitcoin ransom to free up its infected computer network, authorities disclosed Monday. Federal prosecutors

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Ed launches global cyber academy

November 4, 2016 by Canadian Underwriter

Ed, the global reinsurance, wholesale and specialty broker, announced on Friday the launch of what it is calling the insurance industry’s first global cyber academy. The Ed Cyber Academy, which will be led by Peter Hacker, the company’s group chief innovation officer,

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Commercial insurers in Canada face challenges, opportunities: Kadow

September 12, 2016 Angela Stelmakowich, Editor

CALGARY — Current trends around ownership of brokers by insurers is “basically leaving the mid- to large end of the commercial market to fight over,” Ulrich Kadow, chief agent, Canada for Allianz Global Corporate & Specialty Americas (AGCS), said in

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Global cybersecurity market to grow from US$122.45 billion to US$202.36 billion by 2021: report

August 10, 2016 by Canadian Underwriter

The global cybersecurity market is set to grow from US$122.45 billion in 2016 to US$202.36 billion by 2021 at a compound annual growth rate (CAGR) of 10.6%, according to a recent report from Research and Markets. The Cyber Security Market