Canadian Underwriter

Keyword
ransomware

Businessman buys data from a hacker
News Insurance

In the crosshairs: Why insurance remains a target for cybercriminals

April 27, 2022 by Jason Contant

Cybercriminals are now specifically searching for terms like ‘insurance’ when looking for data, a partner with Norton Rose Fulbright Canada LLP said during an industry event last week. “They’re not just looking for any data. They’re actually quite smarter,” says

Man types on his laptop. An image of a masked man holding a padlock and the text "pay" shows up on his screen.
News ClaimsInsuranceLegalMergers and Aqcuisitions

What happens when you negotiate with a hacker?

March 18, 2022 by Alyssa DiSabatino

Clients have a tough choice to make when they’re hit with a ransomware attack — to pay or not to pay?   “If you decided not to pay the ransom for whatever reason, and that hacker ultimately discloses that information,

A hacker spying your data file
News BrokersClaimsCommercial LinesInsuranceMarkets / CoveragesRiskTechnology

“Antivirus on steroids:” One way to protect your clients from ransomware

March 16, 2022 by David Gambrill

To help clients detect their cyber exposures, insurers are recommending ‘powerful’ preventative measures such as endpoint detection responses (EDR) — dubbed ‘antivirus on steroids.’ Used in combination with multi-factor authentication, EDR is deemed superior to traditional anti-virus software because the

Digital skull and crossbones implying ransomware.
News ClaimsClaims CanadaInsuranceRiskTechnology

How insurers are rethinking ransom coverage

March 15, 2022 Jason Contant

Ransomware has long been a thorn in the side for insurers, particularly in recent years. And, although the market will continue to see rate changes in reaction to ransomware losses over the next year, “insurers will be equally focused on

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

News Insurance

Six ways insurers can reduce ransomware risk

January 18, 2022 Erin Kenneally

Cyber insurance was once seen as a bright spot for the commercial insurance industry, with lower loss ratios and higher profitability than other major areas of commercial coverage. Fast forward a few years and Fitch Ratings is reporting 2020’s direct

News Insurance

Is cyber insurable?

January 7, 2022 Greg Meckbach

Cyber exposure is a bit of a moving target, and efforts to quantify the risk are challenging some of the underwriters in the business. “Cyber is fairly unique in that you are playing against a human adversary,” said Tim Zeilman,

News Insurance

N.L. rebuilding ‘from scratch’ systems downed by cyberattack using backups: official

December 15, 2021 The Canadian Press

ST. JOHN’S, N.L. – An Irish expert says the fact Newfoundland and Labrador has to rebuild “from scratch” systems affected by an Oct. 30 cyberattack provides a new clue about the attack and its progress. Brian Honan said in an

News Insurance

Take steps to fend off ransomware attacks, federal ministers urge Canadians

December 6, 2021 by Jason Contant

OTTAWA – Citing a dramatic increase in ransomware attacks on organizations – including health providers and vital utilities – federal ministers are urging Canadians to bolster their cybersecurity. In an open letter Monday, the ministers encouraged people to adopt the

News Insurance

TTC says personal info of up to 25,000 current, former employees accessed in cyberattack

November 9, 2021 Christopher Reynolds - THE CANADIAN PRESS

Toronto’s public transit authority says it now believes the personal information of up to 25,000 employees, former transit workers and pensioners was stolen in a ransomware attack last month. Names, addresses and social insurance numbers were taken, said the Toronto

News Insurance

Canada ranks third for ransomware attacks

November 1, 2021 Philip Porado

Businesses in Canada, with 62 attacks, are the third most likely worldwide to have their data held hostage, said new research by NordLocker. Researchers, who analyzed 1,200 companies hit by ransomware gangs in 2020 and 2021, said the U.S. (732

News Insurance

As cyber attacks increase, insurers in the space face rising losses

October 13, 2021 James Langton - Advisor's Edge

Amid rising losses and increasing claims on cyber insurance, companies that provide insurance against online hackers are facing growing risks, says Fitch Ratings. In a new report, the rating agency said that while cyber insurance has been a profitable line