Keyword
ransomware
New cyberattack causes mass disruption globally
June 27, 2017 by Canadian UnderwriterOne month after the massive global WannaCry ransomware attack, “a new and highly virulent outbreak of malicious data-scrambling software appears to be causing mass disruption across the world, hitting companies and governments in Europe especially hard,” the Associated Press reported…
Cyber line expected to be one of the leading P&C growth areas in the U.S. over the next few years: A.M. Best
June 23, 2017 by Canadian UnderwriterThe cyber line of business is expected to be one of the leading growth areas within the property and casualty space in the United States, with cyber coverages estimated to increase between US$7.5 billion to US$20 billion by 2020, a…
FIN10 intrusion operations predominately targeting Canadian organizations: FireEye
June 16, 2017 by Canadian UnderwriterFireEye, Inc. has observed an actor carrying out financially motivated intrusion operations – targeting organizations in North America, but predominately in Canada – that may require a different type of response, the company suggests in a new report. Believed to…
Bank of Canada warns of cyberattack vulnerabilities in financial sector
June 13, 2017 Mike Blanchfield and Jim Bronskill - THE CANADIAN PRESSOTTAWA – Canada’s interconnected banks are vulnerable to a cascading series of cyberattacks that could undermine broad confidence in the financial system, the Bank of Canada warns. The structural vulnerability could allow for the easy spread of an initial attack…
Canadian CEOs view disruption as an opportunity, report disrupting their sectors: KPMG study
June 13, 2017 by Canadian UnderwriterThree-quarters of Canadian CEOs (75%) see disruption as an opportunity for their business, not a threat, and 86% said their business is actively disrupting its sector rather than waiting for disruption by competitors, according to a new survey from audit,…
“Slow but steady” trend in take-up rates among U.S. cyber insurance clients: Council of Insurance Agents & Brokers
May 19, 2017 by Canadian UnderwriterThere is a “slow but steady” trend in take-up rates among cyber insurance clients and prices continue to stabilize, according to a recent survey from the Council of Insurance Agents & Brokers (CIAB) in Washington, DC. When it comes to…
Autonomous vehicles will add US$81 billion in new premiums for U.S. auto insurers by 2025: report
May 18, 2017 by Canadian UnderwriterInsurance coverage for autonomous vehicles will bring US$81 billion in new premiums to the auto insurance industry in the United States over the next eight years, according to a new report from Accenture and Stevens Institute of Technology (SIT). The…
Many global Internet users unprepared for dealing with ransomware attack, study finds
May 17, 2017 by Canadian UnderwriterAs institutions around the world continue to assess the full impact of the recent Wannacry ransomware attack, recent research from Ipsos and the Centre for International Governance Innovation (CIGI) suggests that many global Internet users are “distinctly unprepared” for how…
WannaCry ransomware attack “arguably the first ever cyber-catastrophe”: RMS cyber expert
May 16, 2017 by Canadian UnderwriterThe global WannaCry ransomware attack is “arguably the first ever cyber-catastrophe,” an expert in cyber risk management from RMS said on Tuesday. Tom Harvey said in a statement that the cyberattack “clearly demonstrates the systemic nature of the risk, with…
Global cyber attacks expected to up demand for related insurance, U.S. market could grow 10-fold: Fitch Ratings
May 16, 2017 by Canadian UnderwriterFitch Ratings expects demand for cyber insurance protection will increase in the wake of the slew of recent ransomware cyber attacks in 150-plus countries, but cautions against aggressive expansion that could prove credit-negative. “Growth in corporate anxiety from cyber-related threats…
Ransomware ‘WannaCry’ spreads to thousands more computers at start of workweek
May 15, 2017 Yuri Kageyama and Louise Watt - THE ASSOCIATED PRESSTOKYO – The worldwide “ransomware” cyberattack spread to thousands of more computers on Monday as people logged in at work, disrupting business, schools, hospitals and daily life, though no new large-scale breakdowns were reported. In Britain, whose health service was…
Ransomware cyberattack cripples hospitals across the United Kingdom
May 12, 2017 by Canadian UnderwriterA large ransomware cyberattack has “crippled” computer systems at hospitals across the United Kingdom on Friday, with appointments cancelled, phone lines down and patients turned away, the Associated Press has reported. Britain’s National Health Service (NHS) said that a number…