Risk

Non-compliance with Payment Card Industry standard can result in host of issues for insurers: ICRMC speaker

Failure to comply with the Payment Card Industry (PCI) Data Security Standard can potentially result in a host of “nasty things” happening to those without coverage, attendees to the 2016 International Cyber Risk Management Conference (ICRMC) heard last week. Matthew Davies, assistant vice president – professional, media and cyber liability at Chubb Insurance Company of […]

By Jason Contant | April 4, 2016

3 min read

Risk

Cyber insurance process becoming more rigorous for certain industry sectors, cyber risk conference hears

The process to obtain cyber insurance may be more rigorous than it has been just a few years ago, even if it is a renewal, a speaker suggested last week at the 2016 International Cyber Risk Management Conference (ICRMC) in Toronto. Catherine Evans, assistant vice president at Marsh Canada Ltd., said that the process may […]

By Jason Contant | April 4, 2016

4 min read

Risk

North American businesses paid 2% less in 2015 than 2014 to cover total cost of risk: 2016 RIMS Benchmark Survey

Due to declines in property and liability costs and overall risk management costs, North American businesses paid 2% less in 2015 than they did in 2014 to cover the total cost of risk (TCOR), according to the 2016 RIMS Benchmark Survey. The annual RIMS survey, produced with Advisen Ltd., a commercial insurance and risk professional […]

By Canadian Underwriter | April 1, 2016

2 min read

Risk

Construction contractors who subcontract design work could take on more E&O liability risk: Chubb

Construction contractors involved in design-build projects take on additional professional liability exposure, while building information modelling software and employees storing data on wireless mobile devices can create cyber liability exposure, Chubb Ltd. suggests in a paper released Thursday. “Under the design-bid-build process that has long been the industry standard, a project is designed by the […]

By Greg Meckbach | March 31, 2016

2 min read

Link between oil price reduction, increase in major incidents: Marsh

Energy firms are facing challenges, including falling revenues, but are encouraged to maintain their investment in risk management to reduce the potential for future major incidents and insurance claims, suggests a new research report from global insurance broker and risk advisor Marsh. Over the past 20 months, oil prices have fallen by about 70%, notes […]

4 min read

Insurer launches ransomware solution following hefty increase in criminal-related cyber losses

Chubb’s Global Cyber Risk Practice has launched a service to help policyholders with ransomware attacks in the wake of a 430% hike in the insurer’s criminal-related cyber losses over the past five years. “Chubb’s new cyber extortion solution can immediately connect impacted policyholders with cyber experts to help assess the scope of an attack,” notes […]

1 min read

Feds propose extension of mandatory Bank Act review to 2019

The federal government said Tuesday it is proposing to extend by two years the mandatory review of the Bank Act, which prohibits financial institutions from selling home and auto insurance in their branches. Finance Minister Bill Morneau is also proposing a bail-in plan in the event of the failure of a systemically important bank. In […]

4 min read

Autonomous vehicle disruption ‘doesn’t have to matter’ to auto insurance providers: Speaker

Auto insurance providers cannot afford to wait 10 years to adjust their business for autonomous vehicles, but driverless cars do not necessarily pose a threat to personal auto insurance providers, the Royal Bank of Canada’s head of home and auto insurance suggested Tuesday. Tim Bzowey, head of home and auto at RBC Insurance, was this […]

3 min read

Regulatory scrutiny, economic conditions and cyber threats rank as top risks, new research shows

More organizations are realizing that additional risk management sophistication is warranted given the fast pace in which complex risks are emerging, according to a survey by global consulting firm Protiviti and the Enterprise Risk Management (ERM) Initiative at the North Carolina State University’s Poole College of Management. The fourth annual joint survey assessing the current […]

3 min read

Edmonton casino victim of cyberattack; employee, customer information stolen

EDMONTON – Officials at an Edmonton-area casino are doing damage control after finding out they were the target of a cyberattack that put employee and customer information at risk. Over the weekend, computer systems at the River Cree Resort and Casino went down, but what happened wasn’t made clear until this week. There was a […]

1 min read