$5-million cyber claim for phishing scam heads to top court
November 30, 2020 by Greg MeckbachA $5-million coverage dispute with The Co-operators that arose from a phishing attack is headed to the Supreme Court of Canada. Canada’s top court is booked Dec. 7 to hear arguments in Co-operators General Insurance Company v. Sollio Groupe Coopératif.…
How COVID-19 has changed cyber underwriting
October 19, 2020 by Greg MeckbachWith loss ratios in the Canadian cyber insurance market skyrocketing, purchasing cyber without having to answer a whole bunch of questions may become a thing of the past. In the recent past, if a client was not very large, or…
One COVID cyber threat you may not have considered
September 22, 2020 by Jason ContantCyber exposure for your clients has shifted from the obvious operational standpoint of remote working during the COVID-19 pandemic to a data retention standpoint, a Gallagher executive said recently. “Many organizations are collecting personal health information on employees, maybe on…
More than half of Canadians have experienced a cyber crime: new policy group
July 10, 2020 THE CANADIAN PRESSTORONTO – A new policy group estimates more than half of all Canadians know they’ve been a victim or target of a cyber crime, such as a leak of personal information, an account hack or installation of malware. The report…
Regulators to brokers: What is your cyber security plan?
May 11, 2020 by Greg MeckbachWhat programs – if any – does your brokerage have in place to mitigate your own cyber risk? This is what your provincial regulator could be asking you, if they haven’t already. “If the Registered Insurance Brokers of Ontario knocks…
The ‘hidden’ cyber risks of remote work
May 1, 2020 by Greg MeckbachCommercial clients are vulnerable to hidden risks when they have large numbers of people suddenly working remotely or from home in a disaster, as we are seeing in the pandemic, experts told brokers listening in to Canadian Underwriter’s latest webinar.…
How cybercriminals are targetting employees working from home
March 19, 2020 David Paddon - THE CANADIAN PRESSTORONTO – Cybersecurity experts are renewing their warnings that the COVID-19 crisis is a huge opportunity for criminals to take advantage of confusion as people are forced to work away from the office. A U.S. security firm says at least…
How high-tech venture capital funding leads to better cyber insurance pricing
March 4, 2020 by Greg MeckbachRecent advances in cybersecurity, driven in part by a spike in venture capital funding, are helping insurers price cyber more accurately, an insurance industry consultant suggests. “There is a huge advancement around the use of artificial intelligence and advanced analytics…
Could a politician’s tweet void your cyber coverage?
January 31, 2020 by Greg MeckbachIf you are placing commercial cyber coverage, pay attention to what the various insurers’ policies say about war and terrorism, a commercial broker advises. “I would not say it’s an obscure little corner of your insurance policy,” Tom Srail, executive…
Is the ‘awesome time’ for cyber clients coming to an end?
January 30, 2020 by Greg MeckbachRisk managers accustomed to a buyer’s market for commercial cyber insurance might discover soon the party is over. “We are starting to see rates harden,” Lindsey Nelson, U.K. and International Cyber Team Leader for CFC Underwriting, said Thursday. She was…
The home insurance coverage your clients don’t know about
November 27, 2019 by Greg MeckbachMost home insurance clients don’t know they could be covered for identity theft, Top Broker Summit attendees heard Monday. “On the personal lines side, there have been a number of companies in Canada that have offered identity theft coverage for…
Chubb finds ‘alarming’ rise in ransomware attacks
October 23, 2019 by Adam MalikMalware cyber attacks are on the rise compared to one year ago, according to Chubb, with a new type of strain on the rise. The first half of 2019 has seen more ransomware attacks than 2018, catching the eye of…