Your client should never have to negotiate with a cyber criminal even if that client has suffered a ransomware attack, cyber security experts advise. Ransomware is a type of computer malware that prevents clients from either using their computers or…
TORONTO – Canadians who stayed at Marriott International Inc. and Starwood Canada ULC hotels are taking legal action against the companies following a security breach. At least three proposed class actions have been launched in Toronto and Montreal against the…
Identity theft risk increases when banks release customer information to government agencies doing research, an Ontario politician suggests. “The more information flows around, the more likely there is to be a hacking. It’s just like the more you are driving…
TORONTO – Hackers are targeting Toronto-Dominion Bank’s internal systems at all hours using cutting-edge techniques, but the bank’s head of cybersecurity isn’t losing sleep over them – they work for him, after all. The bank established late last year an…
Brokers placing commercial insurance for the risk of theft should pay close attention to exclusions. Exclusions on some policies covering crime losses for financial institutions may be leaving a gap in cover computer crime, a new paper from Marsh Inc.…
Insurers might be unintentionally covering flood and fire risks arising from computer problems, a cyber expert with a risk modelling firm suggests. “Anything that is related to a computer system could trigger non-cyber losses,” Matt Honea, cyber director for Cyence…
The Canada-wide data breach law, which has been in effect for two weeks, is pushing businesses manage cyber risk more effectively, a computer security expert says. The federal Digital Privacy Act makes it mandatory for clients to disclose data breaches…
The possibility exists of a global, widescale, multi-country cyber security breach. To get a true sense of their overall exposure, Canadian property and casualty insurers should be reviewing all of the policies they sell – not just dedicated cyber policies,…
TORONTO – The Canadian Imperial Bank of Commerce is one of the most commonly targeted brands used by cyberthieves in phishing attacks across North America, with a more than 600 per cent surge in fake email attempts in the third…
Small business clients gravitate to cyber insurance not for the insurance, per se, but for the accompanying services following an incident, a cyber underwriter said recently. “If you think about it in the context of car insurance, they’re buying their…
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…
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…