Understanding cyberattack techniques can improve your game
September 20, 2021 Canadian Underwriter StaffKnowing the most common cybersecurity attacks can help brokers better advise their clients on risk mitigation strategies, a Canadian cyber insurance provider has said. Selling cyber policies remains a concern for many brokers, who are struggling to keep up with…
Brokers should focus on prevention in the cyber sales conversation, suggests MGA
September 9, 2021 Canadian Underwriter StaffBrokers need to change the way they sell cyber insurance and focus on preventing cyberattacks in the first place, a cyber insurance provider suggests. A cyber claim can be terminal for a business, Vishal Kundi, CEO and co-founder of Toronto-based…
How much Canadian insurers have lost on cyber liability so far in 2021
August 31, 2021 by Greg MeckbachPrivate passenger personal accident insurers have experienced a loss ratio of nearly 70% so far in 2021, while the loss ratio for cyber liability is more than 100%. The federal Office of the Superintendent of Financial Institutions has posted the…
This insurer has ‘much more stringent underwriting criteria’ in cyber
August 18, 2021 by Greg MeckbachAggregation and systemic risk in cyber insurance means commercial carriers need to build up more capital for large widespread losses, suggests the CEO of a Bermuda insurer. Within cyber lines, Axis Capital Holdings Limited reduced its limits and increased deductibles,…
How does North America’s cyber risk compare to other regions?
August 16, 2021 by Jason ContantIf your client thinks they are more at risk of a cyberattack in the future, they may not be imagining things. According to a recent survey from global cybersecurity company Trend Micro, 80% of global organizations report they are more…
5 ways to overcome barriers to cyber insurance
August 6, 2021 Canadian Underwriter StaffThe Insurance Bureau of Canada says 99% of Canadian organizations have reported an increase in cyberattacks since COVID-19 began, but many brokers appear to be struggling to sell cyber. “Anecdotally, Canadian brokers have indicated that many clients don’t believe a…
CEOs becoming easy targets of ‘spear-phishing’: cyber insurance provider
August 3, 2021 Canadian Underwriter StaffWith C-Suite email credentials sold on the dark web for as little as $250 per user, Canadian CEOs could become increasing targets for “spear-phishing” attacks, a cyber insurance provider warns. The digital scam involves sending fraudulent emails from what appears…
How much ransom demands are increasing for your cyber clients
July 27, 2021 by Jason ContantAverage ransom demands have increased nearly threefold and smaller companies are experiencing more cyberattacks, according to the results of Coalition Inc.’s latest cyber insurance claims report. From the first half of 2020 to H1 2021, the average ransom demand made…
How the cyber threat landscape is evolving
July 16, 2021 by Jason ContantCyberattacks used to traditionally target specific industry sectors like healthcare, but one cyber insurance writer is now seeing a wide range of sectors in the line of fire. “When you look at our 2020 stats, we see a big difference…
How your commercial clients should be monitoring their cyber risk
July 9, 2021 by Greg MeckbachWith a large number of employees working from home during the pandemic, commercial clients need some way of assigning a risk score to the cyber exposure posed by their users, software applications, and hardware devices, a Canadian information technology security…
What’s the state of the cyber market these days?
June 17, 2021 by Adam MalikA lack of scrutiny around the risk being taken on and a flawed claims process bit the cyber insurance market hard, especially over the last year, according to experts in the field. Now, they added, there are signs that insurers…
Experts want you to change cyber convos. Here’s how
June 10, 2021 by Adam MalikBrokers and insurers need to change the way they speak to clients about cyber coverage and the types of products that are available, a cyber expert recently advised. Selling full-suite, one-size-fits-all cyber policies that don’t actually fit a client’s profile…