Cyber & Fraud

Cyber & FraudEmerging cyber risk offers challenges and new opportunities to brokers and insurers struggling to keep up with the pace and frequency of attacks and finding solutions for clients. On the fraud side, staged accidents and loosely-regulated medical assessment companies have plagued the auto insurance sector in Ontario with millions of dollars in fraudulent claims in recent years.
Central bank warns of cyberattack vulnerabilities in financial sector

Central bank warns of cyberattack vulnerabilities in financial sector

“The interconnectedness of the financial system could lead to rapid transmission of stress from a cyberattack,” states report

Federal defence plan calls for cyber and drone attacks to meet 21st century threats

Federal defence plan calls for cyber and drone attacks to meet 21st century threats

The military will launch “active cyber operations against potential adversaries,” says review

More than one-third of Canadian companies don’t have cyber insurance: report

More than one-third of Canadian companies don’t have cyber insurance: report

80% of business executives say insurers need to provide more pricing information

Tech and cyber threats are biggest risks for insurers globally: survey

Tech and cyber threats are biggest risks for insurers globally: survey

Technological change, structural change and cyber threats are the biggest risks North American and global insurers face, according to a survey from the CSFI and PwC.
Of the 836 …

Canadian consumers unconcerned with data privacy, despite growing cyberattacks, security breaches: Deloitte

Canadian consumers unconcerned with data privacy, despite growing cyberattacks, security breaches: Deloitte

Despite increasing cyber-attacks and security breaches, the majority of Canadian consumers (73 per cent) are not concerned with their data privacy on a day-to-day basis, …

Cyber threats increasing, but corporate security investment isn’t

Cyber threats increasing, but corporate security investment isn’t

A new FICO survey finds Canadian companies aren’t keeping up with cyber breaches

WannaCry cyber attack could result in economic loss of US$8 billion

WannaCry cyber attack could result in economic loss of US$8 billion

Insurers’ exposure to losses tempered by fact that many are still cautious in providing cyber coverage, says A.M. Best

“We were lucky”: massive cyberextortion attack could have affected Canada

“We were lucky”: massive cyberextortion attack could have affected Canada

The “WannaCry” attack disrupted services in Russia, the U.K., Ukraine, Spain and India

A Nose for Fraud

A Nose for Fraud

It’s up to insurance companies to leverage data analytics to fight auto insurance fraud, and up to brokers to help “sniff out” the perpetrators…

CFC Underwriting revamps its cyber insurance product

CFC Underwriting revamps its cyber insurance product

The product is designed to be an “all-encompassing cyber incident solution,” according to CFC’s cyber product leader

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Transcontinental Media G.P.