Canadian Underwriter

Business owner shielding her company's computers from cyberattack
News Insurance

Help small business clients deter cyberattacks

October 3, 2023 Jason Contant

When it comes to cybersecurity in 2023, employees are usually the weakest link, ethical hackers told Canadian Underwriter. This is especially true for smaller businesses, which often have no visibility into their corporate networks, little or no budget for cybersecurity,

Encryption your data. Binary code and digital Lock. Hacker attack and data breach. Big data with encrypted computer code.
News BrokersInsuranceLegalRiskTechnology

Hub privacy breach affects “limited” amount of Canadian data

August 11, 2023 by David Gambrill

Hub International Limited, a Chicago-based brokerage with offices in 10 Canadian provinces and territories, has reported a privacy breach of data related to “a limited number of Canadians.” Hub posted a “notice of a data privacy event” online on Friday,

Web bot scrapes data for cyber attacks.
News ClaimsInsuranceReinsuranceRiskTechnology

Can we predict where cyber claims might emerge?

July 4, 2023 Philip Porado

Data culled from external scanning systems and other tech tools can help insurers improve underwriting by showing where cyber claims might emerge. But only if the companies develop methods for making proper use of that data, said a recent Gallagher

Dollar vanishing to represent loss ratios.
News BrokersClaimsCommercial LinesInsurance

Can cyber coverage recover from past high loss ratios?

March 20, 2023 Jason Contant

The Canadian cyber market in general has suffered some “pretty bad loss ratios in the last couple of years,” said Jack Bottomley, senior consultant for cybersecurity with KPMG in Canada. Not long ago, the industry saw its cyber loss ratio

Woman lamenting as two computer screens show her system has been hacked.
News BrokersCommercial LinesInsuranceMarkets / Coverages

Will cyber bonds help reinsurers transfer risk?

February 3, 2023 Philip Porado

Can reinsurers transfer cyber risk to the capital markets? We may be close to finding out. Recently, two announcements about the issuing of insurance-linked securities (ILS) show there’s a potential to create a broader reinsurance source for cyber risk, said

Blocks in a pyramid shape with silhouettes of executives
News Commercial LinesInsuranceMarkets / CoveragesTechnology

How Canada’s D&O and cyber insurance markets are shifting

November 14, 2022 by David Gambrill

Softer market conditions in Canada’s D&O insurance market have arrived, with ample capacity and decreased pricing in this class of business in 2023 Q3, according to Aon. “The [Canadian D&O] market transition further accelerated in Q3, especially for public companies

Cyber Security Ransomware Email Phishing Encrypted Technology, Digital Information Protected Secured
News InsuranceMarkets / CoveragesRiskTechnology

Privacy commissioner recommends ransomware insurance

October 31, 2022 by David Gambrill

Ontario’s privacy commissioner recommends businesses should consider an insurance policy that will cover first-party costs of responding to a ransomware attack. “Consider obtaining a cyber insurance policy that offsets the costs associated with responding to an incident such as forensic

Humorous mobile cloud computing conceptual image
News ClaimsCommercial LinesInsuranceRiskTechnology

How your large business clients can manage cyber risks they can’t see

June 14, 2022 by David Gambrill

In the wake of lifting of pandemic restrictions, digital transformation is becoming so extensive that organizations are having trouble getting a handle on their broadening cyber exposures. “As organizations grow and incorporate digital and cloud transformation into the fabric of

A hacker spying your data file
News BrokersClaimsCommercial LinesInsuranceMarkets / CoveragesRiskTechnology

‘Antivirus on steroids’ — one way to protect your clients from ransomware

March 16, 2022 by David Gambrill

To help clients detect their cyber exposures, insurers are recommending ‘powerful’ preventative measures such as endpoint detection responses (EDR) — dubbed ‘antivirus on steroids.’ Used in combination with multi-factor authentication, EDR is deemed superior to traditional anti-virus software because the

Ransomware on a laptop
News Insurance

Six ways insurers can reduce ransomware risk

January 18, 2022 Erin Kenneally

Cyber insurance was once seen as a bright spot for the commercial insurance industry, with lower loss ratios and higher profitability than other major areas of commercial coverage. Fast forward a few years and Fitch Ratings is reporting 2020’s direct

News Insurance

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

cyber alert
News Insurance

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