Canadian Underwriter

Keyword
ransomware

News Insurance

Pandemic leading to ‘ticking time bomb’ for cybersecurity

September 17, 2021 by Jason Contant

Most IT teams believe that working from home has become a “ticking time bomb” that might lead to a corporate network breach, according to a recent survey from HP Inc. The HP Wolf Security Rebellions & Rejections report, released Sept.

News Insurance

Cyber insurance caught in “perfect storm” as losses surge: Coalition Canada

September 7, 2021 Canadian Underwriter Staff

Correction: This article has been corrected to reflect that Coalition Canada has not sub-limited its ransomware coverage. We regret the error. The cyber insurance industry is battling “a perfect storm between widespread technology risk, increased regulations, increased criminal activity and

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News Insurance

How to secure your brokerage’s data

August 23, 2021 Canadian Underwriter Staff

Brokers must secure their client data to protect their trusted advisor status, a cyber insurance provider has warned. “What many brokers fail to realize is that when customers engage them as a trusted risk advisor, it implies they’re also trusting

News Insurance

How much ransom demands are increasing for your cyber clients

July 27, 2021 by Jason Contant

Average ransom demands have increased nearly threefold and smaller companies are experiencing more cyberattacks, according to the results of Coalition Inc.’s latest cyber insurance claims report. From the first half of 2020 to H1 2021, the average ransom demand made

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News Insurance

How the cyber threat landscape is evolving

July 16, 2021 by Jason Contant

Cyberattacks used to traditionally target specific industry sectors like healthcare, but one cyber insurance writer is now seeing a wide range of sectors in the line of fire. “When you look at our 2020 stats, we see a big difference

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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

Why clients are still forking over ransomware demands

June 4, 2021 by Adam Malik

Clients are still indeed paying ransomware demands, despite a report to the contrary, because the threat of having sensitive data exposed is very much a concern, according to a pair of cyber insurance experts. Their comments come following a report

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Should insurers (and others) be banned from making cyber ransom payments?

May 30, 2021 by David Gambrill

Editor’s Note: A previous verison of this article incorrectly stated that a cyberattack against AXA had happened after AXA’s announcement that it was suspecnding insurance coverage in France for ransomeware extortion payments. In fact, as per a Financial Times report

News Insurance

Cyber insurance experts debunk conspiracy theories

May 26, 2021 by Adam Malik

One cybercriminal recently mused online that hackers are incentivized to launch cyberattacks because companies have cyber insurance coverage, a theory recently debunked by cyber insurance experts. The cybercriminal’s rationale? Since insurance exists for the victims, the hackers will be paid.

News Insurance

Manufacturers increasingly targets for ransomware attacks, study finds

May 19, 2021 The Canadian Press

TORONTO – A new report says North American manufacturing companies are increasingly targets for cybercriminal gangs that use malicious software to shut down businesses if they don’t pay a ransom. Research from Toronto-based eSentire says that six known criminal gangs

News Insurance

Why ransomware victims are deciding not to pay up

April 15, 2021 by Adam Malik

It appears ransomware victims are less willing to give in to cybercriminals and pay up, according to a recent report by ransomware incident response platform Coveware. Commercial clients are considering the tradeoffs and are increasingly opting not to hand over

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What the P&C industry is telling Wall Street about cyber risk

February 9, 2021 by Greg Meckbach

Commercial insurers are taking a good look at their exposure to widespread cyber events and some are forming partnerships with tech vendors in the hopes of improving their clients’ cyber risk management. “The next pandemic – the exposure that looks