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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

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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

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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

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“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

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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

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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

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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

News BrokersClaimsCommercial LinesInsuranceMarkets / CoveragesTechnology

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

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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.