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Holistic approach needed to reduce confusion around cyber security, tackle inaction: Echols

June 15, 2017 by Canadian Underwriter

Tools meant to bolster cyber security are being introduced absent a holistic view, producing even more questions among already-confused businesses expecting some progress on their individual risk reduction efforts, cyber expert Michael Echols suggested Tuesday during a symposium in downtown

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Global business leaders cite regulatory risks, disruptive influences and cyber risks as key challenges

June 14, 2017 by Canadian Underwriter

Companies in Canada and around the world are being increasingly impacted by risk, with nearly three quarters (72%) of business leaders polled in a recent survey “citing that they believe we are living in a riskier world,” said a new

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Toronto considering zoning, licensing and taxation rules for short-term rental platforms

June 13, 2017 by Canadian Underwriter

The City of Toronto will soon consider recommendations to adopt new rules for short-term rental platforms such as Airbnb – which are unregulated – to address concerns ranging from noise to safety and taxation, notes a municipal backgrounder. The Report

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More drone activity anticipated, safety-first approach essential: SCOR newsletter

June 9, 2017 by Canadian Underwriter

An agile and flexible response by all parties is needed in light of the new and little-understood risks expected to emerge with the anticipated increase in drone activity over the next few years, SCOR experts write in a recent technical

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RMS updates North America quake models for U.S., Canada and Mexico

June 9, 2017 by Canadian Underwriter

RMS’s latest North America earthquake models – covering the United States, Canada, and Mexico – are designed to help company clients manage their risk accumulations with more confidence and help with underwriting a better book of business. Version 17.0 benefits

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Use of captives for cyber liability programs increases 20% in 2016: Marsh report

June 7, 2017 by Canadian Underwriter

The number of owners using captives for cyber liability programs – up almost 20% last year – represented the fastest growing non-traditional risk in captives managed by Marsh Captive Solutions, the company notes in a new report this week. Fuelled

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36% of polled Canadian firms have no cyber security insurance: FICO

June 1, 2017 by Canadian Underwriter

More than a third of surveyed Canadian firms do not have cyber security insurance, a concerning situation made worse by an incomplete understanding of how premiums are priced and failure to do everything possible to guard against breaches, FICO notes.

News CatastrophesInsuranceTechnology

Lack of oversight regarding security of third-party IoT implementation: survey

May 31, 2017 by Canadian Underwriter

A gap in understanding how best to mitigate and communicate risks around the Internet of Things (IoT) persists despite organizations reporting high concern about related security, notes a new report from Ponemon Institute and Shared Assessments Program. Released Wednesday, The

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Cyber insurance policies expected to become more similar in next few years: CIFF speaker

May 26, 2017 by Angela Stelmakowich

A lot more convergence in cyber insurance policies is expected within the next few years as policies, exclusions and wording get tested and case law develops, John Elbl suggested Wednesday during a panel discussion at MSA Research Inc.’s Canadian Insurance

News Technology

Hurdles to digital transformation remain, half of respondents have formal strategy: global survey

May 24, 2017 by Canadian Underwriter

Some things seem to persist, including how inflexible IT systems, organizational silos and security concerns continue to rear their heads as obstacles to global enterprises adopting formal strategies for digital transformation. So suggests the Enterprise Digital Transformation Strategies: Turning Disruption

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WannaCry ransomware attack “arguably the first ever cyber-catastrophe”: RMS cyber expert

May 16, 2017 by Canadian Underwriter

The 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

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Global cyber attacks expected to up demand for related insurance, U.S. market could grow 10-fold: Fitch Ratings

May 16, 2017 by Canadian Underwriter

Fitch 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