Keyword
cybercrime
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…
What smaller brokerages need to sell cyber to SMEs
May 21, 2020 by David GambrillSmaller 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…
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…