Will cyber insurance become mandatory?
October 7, 2021 Canadian Underwriter StaffCyber 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…
Cyber insurance caught in “perfect storm” as losses surge: Coalition Canada
September 7, 2021 Canadian Underwriter StaffCorrection: 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…
Doubled pricing, two-year recovery predicted for cyber lines, post-COVID
July 13, 2021 by David GambrillBrokers 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…
Cyber insurance rates likely to rise amid escalating ransomware attacks
July 12, 2021 David Paddon - THE CANADIAN PRESSTORONTO – 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…
Cyber insurance experts debunk conspiracy theories
May 26, 2021 by Adam MalikOne 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.…
Cyber insurance: Most frequent and costly claims revealed
November 24, 2020 by Jason ContantExternal 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.…
So when is the P&C industry going to make real money in cyber?
November 28, 2019 by David GambrillThere’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,…
How brokers can talk clients out of declining coverages
July 10, 2019 by Adam MalikCompanies 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…
Will you soon be selling cyber insurance for automated vehicles?
October 22, 2018 by David GambrillBrokers 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…
Covering Small Business Cyber Exposure
October 18, 2018 David GambrillConsidering 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,…
Hacked Ontario town recently purchased cyber insurance
September 14, 2018 The Canadian PressPolice 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…