Canadian Underwriter

Keyword
cybercrime

Two hands, lit up with purple light, coding or hacking in a dark room. Photo is overlaid with a string of code.
News Brokers

Will cyber become uninsurable?

February 10, 2022 by Alyssa DiSabatino

With 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 on computer screen
News Insurance

Ransomware claims: behind the scenes

January 27, 2022 Ashley Burdon

Sadly, 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

manager pushing open virtual lock to initiate a rapid grab-and-go response.
News Insurance

What’s the state of the cyber market these days?

June 17, 2021 by Adam Malik

A 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

News Insurance

Canada to see a faster payments system in 2022. Opportunity knocks for brokers

March 29, 2021 by Adam Malik

While 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

News Insurance

Cyber cops in 9 nations, including Canada, team up to disrupt dangerous malware

January 27, 2021 Mike Corder - THE ASSOCIATED PRESS

THE 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

News BrokersClaimsInsuranceRiskTechnology

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

News BrokersInsurance

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

News Claims CanadaRiskTechnology

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