The industry that’s shopping for cyber insurance
October 11, 2018 by Greg MeckbachBrokers looking for new large cyber accounts might want to knock on doors of companies who look after other people’s money. More than half (55%) of Canadian asset managers surveyed said they intend to purchase insurance to protect themselves against…
How cyber risk managers can detect something that does not look right
September 25, 2018 by Greg MeckbachMachine learning – which some brokers use to make chatbots – can also help companies improve cyber risk by flagging abnormal activity. Machine learning is a type of artificial intelligence, which mimics human cognition and activities, such as identifying patterns.…
Why cyber can be a hard sell for brokers
September 24, 2018 by Greg MeckbachData breaches are all over the news, but convincing some corporate clients to spend in the neighbourhood of $1,000 a year for insurance coverage can be an uphill battle. Some cyber insurance products cost around $100 a year, but those…
How corporate mergers impact cyber risk
September 19, 2018 by Greg MeckbachCyber risk goes up if a company goes through a merger or acquisition, an information security consultant suggests. One way your client can reduce cyber risk is to know what hardware and software is on their computer network, Jeremy Hurst,…
How insurers can tell real online consumers from fake ones
September 17, 2018 by Jason ContantBeing able to quickly identify a “true” customer compared to a synthetic identity created by a cybercriminal can help insurers tailor offerings to the right customers early in the account creation process, a security engineer said Friday. “If you know…
Look to utilities, retailers for cyber sales opportunities, suggests new survey
August 22, 2018 by Jason ContantIf you’re looking to sell cyber coverage to big business, focus your efforts on utilities and retailers, suggest the results of a recent survey. The survey of companies with 500 or more employees also found that a growing number of…
Cyber tip to keep your large retailer clients secure
July 22, 2018 by Greg MeckbachComputer systems that many retailers use to accept payment and manage inventory can pose a liability risk if they store credit card numbers, and the “ultimate” solution could be expensive. Many “point-of-sale” systems are installed on computers running Microsoft Corp.’s…
Why marijuana legalization could impact cyber risk
July 17, 2018 by Greg MeckbachCommercial brokers looking to place insurance for cannabis providers should be paying close attention to the information their clients keep on medical marijuana patients. Cannabis regulations announced last week will supersede the Access to Cannabis for Medical Purposes Regulations once…
Cyber criminal interest in electrical utilities on the rise
July 16, 2018 by Greg MeckbachElectrical and utility firms in North America continue to be a target for cyber criminals, the head of a cyber loss modelling provider suggests. Over the past few months, there has been an “uptick in threat actor activity around energy…
Data breach defendant must hand over computer forensics reports: court
June 26, 2018 by Greg MeckbachAn Ontario casino facing a class-action lawsuit over a data breach has lost its bid to prevent plaintiffs from getting their hands on part of a computer forensics investigation report. The casino claimed the report was protected by litigation privilege…
The thinking behind BFL’s ‘turnkey solution’ for cyber clients
June 25, 2018 by Greg MeckbachBrokers looking to sell cyber insurance to commercial clients should be looking to partner with non-insurance firms specializing in security and risk assessment, one Quebec-based broker advises. “Brokers need to look at not just selling insurance but partnering, and how…
The latest home insurance product for brokers to figure out
May 19, 2018 by Greg MeckbachWith equipment breakdown and other new coverages available from homeowners’ insurance carriers, brokers need to make sure their clients or prospective clients are aware of their options, a Regina-based broker warns. “There are so many new products” available in homeowner…