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As cyber attacks increase, insurers in the space face rising losses

October 13, 2021 James Langton - Advisor's Edge

Amid rising losses and increasing claims on cyber insurance, companies that provide insurance against online hackers are facing growing risks, says Fitch Ratings. In a new report, the rating agency said that while cyber insurance has been a profitable line

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Will cyber insurance become mandatory?

October 7, 2021 Canadian Underwriter Staff

Cyber insurance is set to become as essential as workers’ compensation insurance in the near future, a cyber insurance provider CEO has predicted. Vishal Kundi, CEO and co-founder of Toronto-based cybersecurity and insurance specialist MGA BOXX Insurance, told Canadian Underwriter

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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Doubled pricing, two-year recovery predicted for cyber lines, post-COVID

July 13, 2021 by David Gambrill

Brokers can foresee cyber pricing doubling over the next year — and it could take up to two years after the pandemic is over before the market shows signs of softening again. “I think the price has to reflect the

News Insurance

Cyber insurance rates likely to rise amid escalating ransomware attacks

July 12, 2021 David Paddon - THE CANADIAN PRESS

TORONTO – Companies looking to purchase insurance against cyberattacks in which their data is held for ransom will soon find it more expensive and difficult to obtain, according to a cybersecurity expert. Brent Arnold, a partner at law firm Gowlings

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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.

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Cyber insurance: Most frequent and costly claims revealed

November 24, 2020 by Jason Contant

External attacks on companies result in the most expensive cyber insurance losses, but internal failures like employee mistakes and technical problems are the most frequent generator of claims by number (albeit with a lower financial impact), a new report says.

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So when is the P&C industry going to make real money in cyber?

November 28, 2019 by David Gambrill

There’s a huge opportunity for Canadian brokers during this hard market and it’s hidden in plain sight — cyber insurance. Cyber protection has been a dominant fixture in industry discussions for the past several years. The product has evolved considerably,

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How brokers can talk clients out of declining coverages

July 10, 2019 by Adam Malik

Companies looking to save a few bucks by declining certain insurance coverage options are putting themselves at risk, and it’s up to brokers to ensure their clients understand the consequences. What do you tell a commercial client who doesn’t want

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Will you soon be selling cyber insurance for automated vehicles?

October 22, 2018 by David Gambrill

Brokers may wind up selling cyber insurance for automated vehicles by 2040. “Cybersecurity is a red-hot topic in the insurance world,” Sami Shaker, a physicist for Kodsi Forensic Engineering, told brokers attending a presentation on automated cars at the 2018

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Covering Small Business Cyber Exposure

October 18, 2018 David Gambrill

Considering the potentially devastating effect of a cyber attack on a small business in Canada, it’s surprising to see a recent study showing that more than a third of Canadian firms do not report carrying cyber insurance coverage. “For me,

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Hacked Ontario town recently purchased cyber insurance

September 14, 2018 The Canadian Press

Police in Ontario are warning municipalities about a rash of cyberattacks targeting local governments in which hackers demand a ransom in exchange for access to systems. Ontario Provincial Police did not provide firm numbers on the ransomware incidents but say