Canadian Underwriter


News RiskTechnology

Where the next big cyberattack could come from

October 17, 2018 by Jason Contant

Cyber extortionists will soon likely gravitate toward attacks on global or shared infrastructure, a cybersecurity expert predicts. From a cyber insurance perspective, brokers should highlight that the coverage helps organizations manage the risks they can control, as well as the

News InsuranceMarkets / CoveragesTechnology

How brokers should define cyber to clients

October 16, 2018 by Jason Contant

Cyber insurance needs to be explained using plain language, rather than by “insurance people using insurance-isms,” a large cyber underwriter said recently. “Part of the problem with cyber is the fact that it’s called cyber,” said Andy Holmes, chief underwriter

News InsuranceRiskTechnology

The industry that’s shopping for cyber insurance

October 11, 2018 by Greg Meckbach

Brokers 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

News RiskTechnology

How cyber risk managers can detect something that does not look right

September 25, 2018 by Greg Meckbach

Machine 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.

News BrokersLegislation / RegulationTechnology

Why cyber can be a hard sell for brokers

September 24, 2018 by Greg Meckbach

Data 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

News ClaimsMergers and AqcuisitionsTechnology

How corporate mergers impact cyber risk

September 19, 2018 by Greg Meckbach

Cyber 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,

News RiskTechnology

How insurers can tell real online consumers from fake ones

September 17, 2018 by Jason Contant

Being 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

News BrokersInsuranceMarkets / CoveragesMGAs

Look to utilities, retailers for cyber sales opportunities, suggests new survey

August 22, 2018 by Jason Contant

If 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

News LegalTechnology

Cyber tip to keep your large retailer clients secure

July 22, 2018 by Greg Meckbach

Computer 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

News InsuranceLegislation / RegulationMarkets / Coverages

Why marijuana legalization could impact cyber risk

July 17, 2018 by Greg Meckbach

Commercial 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

News Reinsurance

Cyber criminal interest in electrical utilities on the rise

July 16, 2018 by Greg Meckbach

Electrical 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

News InsuranceLegalTechnology

Data breach defendant must hand over computer forensics reports: court

June 26, 2018 by Greg Meckbach

An 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