Six ways insurers can reduce ransomware risk
January 18, 2022 Erin KenneallyCyber 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…
Is cyber insurable?
January 7, 2022 Greg MeckbachCyber 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,…
N.L. rebuilding ‘from scratch’ systems downed by cyberattack using backups: official
December 15, 2021 The Canadian PressST. 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…
Take steps to fend off ransomware attacks, federal ministers urge Canadians
December 6, 2021 by Jason ContantOTTAWA – 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…
Why cyber risk is frustrating for some insurers
November 25, 2021 by Greg MeckbachCyber 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…
TTC says personal info of up to 25,000 current, former employees accessed in cyberattack
November 9, 2021 Christopher Reynolds - THE CANADIAN PRESSToronto’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…
Canada ranks third for ransomware attacks
November 1, 2021 Philip PoradoBusinesses 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…
As cyber attacks increase, insurers in the space face rising losses
October 13, 2021 James Langton - Advisor's EdgeAmid rising losses and increasing claims on cyber insurance, companies that provide insurance against online hackers are facing growing risks, says Fitch Ratings. In a new report, the rating agency said that while cyber insurance has been a profitable line…
Double extortion: The new cyber threat
October 12, 2021 by Jason ContantYour cyber clients may now be exposed to two risks in one, as the sophistication of ransomware attack patterns continue to increase. “There’s double extortion tactics which are just crippling organizations now,” said Greg Markell, president and CEO of Ridge…
7 in 10 Canadian organizations facing ransomware attacks paid demands: survey
October 5, 2021 Salmaan Farooqui - THE CANADIAN PRESSCybersecurity experts say a new poll that suggests nearly 70 per cent of Canadian organizations facing a ransomware attack last year paid the demands is evidence that such payments should be made illegal. Of the businesses surveyed, 17 per cent…
Pandemic leading to ‘ticking time bomb’ for cybersecurity
September 17, 2021 by Jason ContantMost IT teams believe that working from home has become a “ticking time bomb” that might lead to a corporate network breach, according to a recent survey from HP Inc. The HP Wolf Security Rebellions & Rejections report, released Sept.…
Cyber insurance caught in “perfect storm” as losses surge: Coalition Canada
September 7, 2021 Canadian Underwriter StaffCorrection: This article has been corrected to reflect that Coalition Canada has not sub-limited its ransomware coverage. We regret the error. The cyber insurance industry is battling “a perfect storm between widespread technology risk, increased regulations, increased criminal activity and…