In the news
Our commentary in relevant industry publications.
Observations on cyber from Canadian Lloyd’s coverholder
“Your commercial clients may be able to get cyber insurance with fewer underwriting questions than in the past, but you should still pay close attention to those clients’ risk management practices, the head of a Toronto managing general agent suggests.”
"The pandemic of ransomware hasn't been cured yet" as Canadian firms continue to be targets
The numbers back up the Ridge Canada leader’s point – a report published by security vendor Carbon Black found that 83% of the Canadian CIOs, CTOs and CISOs surveyed admitted that their organizations had suffered a cyber security breach in the previous 12 months. Brokers are meanwhile doing their part to reduce their clients’ exposures to cyber threats.
All organizations “should be worried about the disruption occurring from a cyberattack”
“All risk managers, all companies, [and] anybody associated with any organization, large or small, should be worried about the disruption occurring from a cyberattack, and yet the whole notion of building a resilient enterprise that can deal with a cyberattack is simply not embraced by most businesses, particularly small and medium-sized ones,” said Ridge Global chairman and former Secretary of the US Department of Homeland Security, Governor Tom Ridge,
Tax season presents feeding frenzy for cyber crooks
“As humans, we’re innately curious, and especially so when it comes to income and benchmarking. Attackers are playing on this curiosity by indicating the bad attachments they’re sending may contain some of this information. This can lead to an increased open-rate, and, therefore, to an increase in ransomware attacks.”
Canada is still a “greenfield market” when it comes to cyber
"We’re very excited about the growth, and we’re going to figure out more and better ways to take care of our brokers."
What’s driving cyber insurance purchasing habits?
"No one sector is safe either, though manufacturing continues to be targeted from a social engineering perspective while healthcare companies have to combat privacy-related issues because of the type of personal information they hold"
Cyber risk awareness on the rise in Canada
"The increase is partly due to mass media coverage of cyber events, but it’s also down to the heightened frequency of claims and incidents,” he added. “People are starting to understand that cyber criminals are no longer just targeting large data-heavy companies; they’re looking to disrupt any business from any sector with a vulnerability they can target in return for a ransom."