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For how long will a ransomware attack knock out your client’s operations?

March 5, 2018 by Jason Contant

Companies in Canada and the United States can expect one week of downtime as a result of a ransomware attack, speakers said at NetDiligence’s recent Cyber Risk Summit in Toronto. “A decryption effort, even in the best case scenario, is

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Province working on technology to ease damage in flood season

March 5, 2018 Kevin Bissett - THE CANADIAN PRESS

FREDERICTON – Flood forecasters in New Brunswick are using new technology to track snow loads and ice movement, hoping more information leads to less damage. Jasmin Boisvert, a water services specialist with the Department of Environment and Local Government, says

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Opta Information Intelligence and Risk Management Services Combine Forces to Meet Evolving Needs of Canadian Insurers

March 5, 2018 Opta Information Intelligence

TORONTO, March 5, 2018 /insPRESS/ – Opta Information Intelligence (Opta) and sister company Risk Management Services (RMS) are proud to announce the integration of the two companies. Going forward we will be expanding our suite of services and innovation solutions for the

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Bank of England chief slams cryptocurrencies; urges action

March 2, 2018 Pan Pylas - THE ASSOCIATED PRESS

LONDON – Bank of England Governor Mark Carney on Friday launched a withering attack on cryptocurrencies such as bitcoin and urged regulators around the world to monitor them in the same way as other financial assets. In a speech to

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One easy way to reduce ransomware risk

March 2, 2018 Greg Meckbach, Associate Editor

Risk managers who teach employees what suspicious email looks like can drastically reduce the risk of being hit with ransomware, a commercial insurer executive said Wednesday. Ransomware is when criminals hack into computer systems, encrypt files and demand a ransom

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At least two cool ways that AI can help insurance companies

February 28, 2018 by Jason Contant

Machine learning could be used to underwrite faster, reduce fraud and assess vehicle damages more accurately, Lawrence Wong, Munich Re Canada’s director of application development, said Tuesday. Speaking at the 16th annual Technology Conference in Toronto, Wong said that

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Inconvenience: the new standard for certifying privacy breach class actions?

February 28, 2018 by Jason Contant

Judges in class action lawsuits involving privacy breaches are going to become “more accepting of the notion that you can get money for your inconvenience,” a lawyer said on Friday at NetDiligence’s Cyber Risk Summit in Toronto. Eric Dolden, a

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Flood risk training for home inspectors coming in September

February 28, 2018 by Greg Meckbach

Training home inspectors to assess properties for risk of basement flooding is the “most positive action” the industry can take to address the problem of flood-damaged homes, a conference speaker told insurance professionals Tuesday. A new course for home inspectors,

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Trial begins over fuel spill in Vancouver harbour

February 28, 2018 Linda Givetash - THE CANADIAN PRESS

VANCOUVER – A port worker says he suspected large plumes of oil that were shining on the surface of the water in Vancouver’s harbour nearly three years ago was bunker fuel, based on the smell. A B.C. provincial court judge

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How cyberattacks can sabotage the plants of your industrial clients

February 27, 2018 by Jason Contant

Industrial control systems (ICS) at manufacturing plants are perfect targets for cybercriminals because they are not designed with security in mind, Zurich Canada’s head of specialty products, Greg Irvine, said recently. Speaking at NetDiligence’s Cyber Risk Summit in Toronto on

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Feds tighten tax rules for small businesses and passive income in budget

February 27, 2018 Craig Wong - THE CANADIAN PRESS

OTTAWA – The Liberal government moved to tighten the tax rules for small businesses in the federal budget Tuesday as it fine-tuned the changes that prompted an uproar last year. However, Finance Minister Bill Morneau still faces the challenge of

News InsuranceMarkets / Coverages

The latest flood peril: Do-it-yourself condo repair

February 26, 2018 by Canadian Underwriter

Insurance professionals selling condo insurance might want to advise their self-styled handyman clients to consult an expert before taking on seemingly minor home alterations. A British Columbia strata lot owner is on the hook for more than $8,000 after accidentally