What’s driving rising ransomware attacks
October 30, 2023 Philip PoradoRansomware attacks are increasing globally thanks to evolving cybercrime tactics that make it easier for thieves to transfer data from computers or other devices. “Cyber claims frequency has picked up again this year as ransomware groups continue to evolve their…
Help small business clients deter cyberattacks
October 3, 2023 Jason ContantWhen it comes to cybersecurity in 2023, employees are usually the weakest link, ethical hackers told Canadian Underwriter. This is especially true for smaller businesses, which often have no visibility into their corporate networks, little or no budget for cybersecurity,…
Why insurers worry about clients’ crime coverage
September 15, 2023 Alyssa Di SabatinoAs clients tighten their purse strings in anticipation of an economic downturn, they are increasingly underinsured for their crime-related losses. Crime insurers are seeing an uptick in social engineering (i.e., phishing) claims, says Katherine Gauthier, vice president of specialty solutions…
Can we predict where cyber claims might emerge?
July 4, 2023 Philip PoradoData culled from external scanning systems and other tech tools can help insurers improve underwriting by showing where cyber claims might emerge. But only if the companies develop methods for making proper use of that data, said a recent Gallagher…
How to make a profit on cyber coverage
March 16, 2023 Jason ContantHow does the industry make cyber insurance a viable and profitable line of business going forward? “I would say cyber is a viable and profitable business line,” said Neal Jardine, global cyber risk intelligence and claims director with Boxx Insurance. “I…
Will cyber become uninsurable?
February 10, 2022 by Alyssa DiSabatinoWith some loss ratios peaking around 400% in recent years, underwriting cyber risk has become a challenge for the industry. Brokerage executives discussed whether cyber is becoming uninsurable, and agreed a lack of understanding about technology risk is creating undue…
Ransomware claims: behind the scenes
January 27, 2022 Ashley BurdonSadly, many of your clients will have fallen victim to cybercrime over the past couple of years – their data held hostage, systems suspended, or payments redirected by some faceless criminal halfway around the world. Worse, despite the clear benefit…
Cyber cops in 9 nations, including Canada, team up to disrupt dangerous malware
January 27, 2021 Mike Corder - THE ASSOCIATED PRESSTHE HAGUE, Netherlands – Law enforcement authorities in several countries have joined forces to disrupt what they call one of the world’s most dangerous pieces of malware, one that allowed criminal gangs to install ransomware and steal data from computer…
Recent hacking attempts include posing as insurance company
July 23, 2020 by Adam MalikInsurers and financial service providers have come under unrelenting cyberattack this year, with some cybercriminals even posing as an insurance company in an attempt to infect a user’s system, according to a new report. Financial services and insurance providers experienced…
These types of businesses are in serious need of a cyber policy
May 28, 2020 by David GambrillWith ransomware and financial fraud on the rise, smaller businesses in Canada are vulnerable, particularly less-sophisticated organizations that move large amounts of money. For smaller brokerage houses selling cyber, examples of your next opportunities may be car dealers, people involved…
Think your password has been stolen? Think again.
October 30, 2018 by Jason ContantBrokers would be well-advised to tell their clients to keep a cool head if they are contacted by email from someone claiming to have stolen their password. The latest online scam by cybercriminals uses stolen passwords from data breaches years…