Canadian Underwriter

Malware detected on a computer
News Insurance

Ski-Doo maker ramping up operations after cyberattack forced suspension

August 16, 2022 The Canadian Press

VALCOURT, Que. – BRP Inc. says it is ramping up production at four of its factories after a cyberattack brought its operations to a halt earlier this month. The Ski-Doo and Sea-Doo maker says manufacturing sites in Valcourt, Que., Sturtevant,

Concept of ransomware - businessman buying back data from a hacker
News Insurance

Do your clients have enough (or any) coverage for ransomware attacks?

August 10, 2022 by Jason Contant

Businesses in Canada and the United States are increasingly concerned about how they will pay ransomware demands and more than half would like governments to cover damages when future attacks are linked to other nation states, according to a new

Ransomware and cyberattack by hacker
News Insurance

The new cyber threat: phoning a call centre

July 28, 2022 by Jason Contant

One cyber insurance specialist is warning brokers and clients of a ransomware attack method that subverts common cybersecurity controls by tricking victims into phoning a call centre – rather than clicking a link – and instructing them to download malicious

A person holds their smartphone, which displays a credit score dial ranging from green to red.
News InsuranceMarkets / CoveragesTechnology

Why cyber ratings don’t tell insurers enough about the risks

July 21, 2022 by Alyssa DiSabatino

Cyber insurers need to tread lightly when using cyber security rating scores — also known as outside-in security-risk assessments — because the data can be skewed and may mislead consumers into believing they’re more protected than they really are, said

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Paid MADE IN CANADA…

July 1, 2022 BOXX Insurance

The largest city in Canada and Ontario’s capital is an international business centre for finance, business, arts, and culture and now has a thriving start-up tech sector and ‘insurtech’ is a fast-growing component. Not many know that Toronto has been

Businessman buys data from a hacker
News Insurance

In the crosshairs: Why insurance remains a target for cybercriminals

April 27, 2022 by Jason Contant

Cybercriminals are now specifically searching for terms like ‘insurance’ when looking for data, a partner with Norton Rose Fulbright Canada LLP said during an industry event last week. “They’re not just looking for any data. They’re actually quite smarter,” says

Computer security concept
News Insurance

Why multi-factor authentication isn’t the cure-all for your client’s cyber woes

April 21, 2022 by Jason Contant

Staying one step ahead of cybercriminals seems to be a never-ending battle for insurers and insureds, cyber experts said during an industry event Wednesday. “The problem is, as we increase our cyber hygiene and become better insureds, the criminals adapt

Cybersecurity concept - hacker working on a code
News Insurance

Cyberbreach at Rideau Hall was ‘sophisticated’ intrusion, internal documents reveal

April 19, 2022 Jim Bronskill - THE CANADIAN PRESS

OTTAWA – Newly disclosed documents reveal the breach of an internal computer network at Rideau Hall was described to senior government officials as a “sophisticated cyber incident” in the days before the public was told of the security lapse. Internal

Digital fingerprint on computer keyboard.
News Insurance

How insurers and brokers are adapting to cyber-pricing shifts

March 22, 2022 Jason Contant

MGAs and insurers continue to report increased severity and frequency of cyber claims. In fact, in-house data shows cyber claims have been increasing for years, said Lindsey Nelson, cyber development leader at CFC Underwriting. Simultaneously, the take-up of cyber insurance

Internet security concept
News Insurance

Parts of National Research Council website down due to unspecified ‘cyber incident’

March 22, 2022 The Canadian Press

OTTAWA – The National Research Council took down parts of its website after it was hit with a “cyber incident.” A brief statement on the council’s main webpage Monday did not specify what kind of incident occurred or which applications

BOXX Headshot - Phil Baker
News AnnouncementsAppointmentsInsuranceTechnology

Insurtech BOXX Canada names former Beazley chairman as president

February 24, 2022 by David Gambrill

Former Beazley Canada board chairman Phil Baker is now president of global cyber insurtech BOXX Canada. Baker also will be responsible for delivering BOXX’s insurance strategy globally as its global head of insurance. The Toronto-based and privately-held company helps businesses,

Graph representing Canadian economy
News Insurance

Challenging market conditions remain for these two lines in Canada

February 10, 2022 by Jason Contant

Market conditions for cyber and directors’ and officers’ (D&O) lines of business remain challenging in Canada, according to Aon plc’s latest quarterly Global Market Insights Report. Aon’s report for the fourth quarter of 2021, released Wednesday, emphasizes how new forms