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Keyword
social engineering

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Intact announces new crimes coverage options

February 28, 2020 by Adam Malik

Intact 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

News ClaimsRisk

Ontario brewery loses $2.1 million in cyber attack

November 21, 2019 The Canadian Press

KITCHENER, Ont. – Waterloo Brewing Ltd. says it has lost $2.1 million in what it calls a social engineering cyberattack. The Ontario brewery says the incident occurred in early November and involved the impersonation of a creditor employee and fraudulent

News Markets / CoveragesTechnology

Cyberattacks will increasingly lead to business interruption, cyber insurer warns

February 22, 2018 by Jason Contant

Cyber insurer Beazley is expecting an increase in cyberattacks that lead to business interruption, especially due to the growth of cloud platforms and connected devices in the workplace. On Wednesday, Beazley released its 2018 Breach Briefing outlining the types of

News InsuranceMarkets / CoveragesTechnology

Questions for brokers to ask clients about cyber insurance

January 17, 2018 by Jason Contant

Serge Solski, principal at AdviseAware Risk Consulting, advises brokers and other clients about technology risks — including cyber risks and coverage. He spoke to Canadian Underwriter Monday about some questions that brokers should be asking their clients to help understand

News InsuranceLegalLegislation / RegulationMarkets / CoveragesTechnology

Are your clients covered for social engineering fraud?

November 27, 2017 Greg Meckbach, Associate Editor

Brokers should not assume that a client who has bought a cyber or crime policy is covered for the risk of innocent employees who are duped into making fraudulent money transfers. ‘Social engineering fraud’ is a broad term describing scams

News InsuranceMarkets / CoveragesTechnology

Beazley reports nine-fold rise in data breaches due to social engineering in first three quarters of 2017

October 24, 2017 by Canadian Underwriter

Specialist insurer Beazley has reported a nine-fold increase in data breaches due to social engineering in the first to third quarters of this year. In the first three quarters of 2016, attacks involving social engineering – a form of attack

News ClaimsInsuranceMarkets / CoveragesTechnology

Cyber attacks among polled U.S. business costing at least US$5,000

October 2, 2017 by Canadian Underwriter

Seven in 10 of the surveyed U.S. businesses that experienced a cyber attack in the last year spent in excess of US$5,000 to investigate each incident, restore or replace software and hardware, and address any other consequences. However, 38% of

News Insurance

Cybercriminals will shift focus from data to threatening human life, cybersecurity expert predicts

September 13, 2017 Jason Contant, Online Editor

Cybercriminals will navigate away from their focus on data and start to target or threaten human life in the near future, cybersecurity expert Kevvie Fowler suggested in an interview with Canadian Underwriter. “Moving forward the next five or ten years,

News InsuranceMarkets / CoveragesTechnology

Ransomware attacks continue to rise, but accidental data breaches remain a major cause of loss: Beazley

August 1, 2017 by Canadian Underwriter

Ransomware attacks continued their rise in the first half of 2017, up by 50% over the first half of 2016, but accidental breaches continue to be a major problem and account for 30% of breaches overall, specialist insurer Beazley reported

News InsuranceTechnology

Cyber threat landscape growing, potential for emergence of destruction of service attacks: Cisco

July 20, 2017 by Canadian Underwriter

The potential for “destruction of service” (DeOS) attacks is greatly concerning and organizations would be well-advised to adopt a proactive cyber stance in their protection efforts to combat increasingly sophisticated attackers, warns a new report from Cisco. “Cyber incidents such

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Multi-factor authentication central to helping reduce data breaches: Ostertag

July 4, 2017 by Angela Stelmakowich

Taking a multi-layered approach to cyber security – including authentication – is likely the most important single thing to help combat access that then results in data breaches, David Ostertag, global investigation manager for Verizon’s investigative response unit, advised last

News InsuranceMergers and AqcuisitionsTechnology

Gains, losses in efforts to combat cyber crime in 2016: Trustwave

June 20, 2017 by Canadian Underwriter

The fight against cyber crime showed both advances and retreats in 2016, with improvements on the intrusion detection and breach containment fronts matched by cyber crime increasingly being treated as a business, suggests a Trustwave report released Tuesday. Findings in