Canadian Underwriter

Paying a ransomware demand
News Insurance

Before paying a ransom, hacked companies should consider their ethics and values

August 18, 2022 The Canadian Press

Michael Parent, Professor, Management Information Systems, Simon Fraser University – THE CONVERSATION   The recent cyberattacks in August on Bombardier Recreational Products and the Ontario Cannabis Store highlight the continuing scourge of cyber criminals and ransomware. Ransomware is a piece

Concept of ransomware - businessman buying back data from a hacker
News Insurance

Do your clients have enough (or any) coverage for ransomware attacks?

August 10, 2022 by Jason Contant

Businesses in Canada and the United States are increasingly concerned about how they will pay ransomware demands and more than half would like governments to cover damages when future attacks are linked to other nation states, according to a new

Ransomware and cyberattack by hacker
News Insurance

The new cyber threat: phoning a call centre

July 28, 2022 by Jason Contant

One cyber insurance specialist is warning brokers and clients of a ransomware attack method that subverts common cybersecurity controls by tricking victims into phoning a call centre – rather than clicking a link – and instructing them to download malicious

Businessman buys data from a hacker
News Insurance

In the crosshairs: Why insurance remains a target for cybercriminals

April 27, 2022 by Jason Contant

Cybercriminals are now specifically searching for terms like ‘insurance’ when looking for data, a partner with Norton Rose Fulbright Canada LLP said during an industry event last week. “They’re not just looking for any data. They’re actually quite smarter,” says

ransomware on computer screen
News Insurance

Ransomware claims: behind the scenes

January 27, 2022 Ashley Burdon

Sadly, 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

Ransomware on a laptop
News Insurance

Six ways insurers can reduce ransomware risk

January 18, 2022 Erin Kenneally

Cyber insurance was once seen as a bright spot for the commercial insurance industry, with lower loss ratios and higher profitability than other major areas of commercial coverage. Fast forward a few years and Fitch Ratings is reporting 2020’s direct

News Insurance

Is cyber insurable?

January 7, 2022 Greg Meckbach

Cyber exposure is a bit of a moving target, and efforts to quantify the risk are challenging some of the underwriters in the business. “Cyber is fairly unique in that you are playing against a human adversary,” said Tim Zeilman,

Ransomware on a laptop
News Insurance

N.L. rebuilding ‘from scratch’ systems downed by cyberattack using backups: official

December 15, 2021 The Canadian Press

ST. JOHN’S, N.L. – An Irish expert says the fact Newfoundland and Labrador has to rebuild “from scratch” systems affected by an Oct. 30 cyberattack provides a new clue about the attack and its progress. Brian Honan said in an

Ransomware on a laptop
News Insurance

Take steps to fend off ransomware attacks, federal ministers urge Canadians

December 6, 2021 by Jason Contant

OTTAWA – Citing a dramatic increase in ransomware attacks on organizations – including health providers and vital utilities – federal ministers are urging Canadians to bolster their cybersecurity. In an open letter Monday, the ministers encouraged people to adopt the

News Insurance

Why cyber risk is frustrating for some insurers

November 25, 2021 by Greg Meckbach

Cyber insurers are taking a “multi-pronged” approach to ensure they can actually make money off the product. More carriers are expanding their offerings to include cyber, more commercial clients are buying cyber coverage and more insurance buyers are aware of

News Insurance

TTC says personal info of up to 25,000 current, former employees accessed in cyberattack

November 9, 2021 Christopher Reynolds - THE CANADIAN PRESS

Toronto’s public transit authority says it now believes the personal information of up to 25,000 employees, former transit workers and pensioners was stolen in a ransomware attack last month. Names, addresses and social insurance numbers were taken, said the Toronto

Ransomware locking up a laptop
News Insurance

Canada ranks third for ransomware attacks

November 1, 2021 Philip Porado

Businesses in Canada, with 62 attacks, are the third most likely worldwide to have their data held hostage, said new research by NordLocker. Researchers, who analyzed 1,200 companies hit by ransomware gangs in 2020 and 2021, said the U.S. (732