Tech

Only 43% of Canadian companies could detect a sophisticated cyberattack, EY study finds

Only 43% of Canadian companies could spot a “significant cybersecurity incident,” compared to 50% globally, according to EY’s Global Information Security Survey, released on Wednesday. The survey captured the responses of 1,735 participants around the globe from more than 20 industry sectors, including banking and capital markets (20%) and insurance (7%). Thirty-eight per cent of […]

By Canadian Underwriter | February 15, 2017

2 min read

Tech

Ontario-based Pen Underwriting Canada launches cyber insurance product

Burlington, Ont.-based Pen Underwriting Canada Limited announced on Wednesday that it has created a comprehensive cyber solution to respond to the “increasing threat that cybercrime poses for corporations.” Backed by A+ rated capacity, the specialist cyber product is designed for small- to medium-sized corporations and safeguards customers against the main aspects of a cyber breach, […]

By Canadian Underwriter | February 15, 2017

3 min read

Legal / Regulation

New York cyber rules could raise loss exposures for U.S. insurers: Fitch

The implementation of the New York Department of Financial Services’ (NYDFS) new cybersecurity regulations has the potential to underscore premium growth in cybersecurity insurance and directors and officers (D&O) insurance, but could also raise loss potential for insurers, Fitch Ratings said earlier this week. The rules, which come into effect on March 1, will cover […]

By Canadian Underwriter | February 15, 2017

3 min read

Tech

8.4 billion “connected things” will be in use in 2017, up 31% from 2016: Gartner

IT research and advisory company Gartner, Inc. is forecasting that 8.4 billion “connected things” will be in use worldwide in 2017, up 31% from 2016, and reaching 20.4 billion by 2020. The company added in a press release last week total spending on endpoints and services will reach almost US$2 trillion in 2017. Regionally, Greater […]

By Canadian Underwriter | February 14, 2017

2 min read

U.S. Congress committee warned that autonomous vehicles could ‘pose an avenue for terrorism’

The industry and regulators need to “think very broadly” around the cyber security of autonomous vehicles, and having autonomous cars operate in such a way that human drivers must be ready to take control can actually increase the risk of collision, experts warned a House of Representatives committee Tuesday. “Transportation is one of the areas […]

4 min read

Most Canadian IT professionals report some security solutions “outdated and inadequate”: study

Most IT professionals in Canada (73%) feel strongly that some of their security solutions are outdated and inadequate, according to the Canadian results of a global study released last week. The Need for a New IT Security Architecture: Global Study on the Risk of Outdated Technologies was released on Feb. 7. Conducted by the Ponemon […]

3 min read

Zurich North America, Deloitte collaborating on cyber protection

Zurich North America and Deloitte reported on Tuesday that they are working together to provide services for customers to help them better understand and protect themselves from cyber related risks. Initial offerings include risk transfer options provided by Zurich and risk mitigation options provided by Deloitte Risk and Financial Advisory Cyber Risk Services, Zurich said […]

3 min read

CEOs “particularly” anxious about data breaches: PwC survey

Nearly one in four chief executive officers surveyed by PriceWaterhouseCoopers “strongly agree” that how their firms manage people’s data will “differentiate” their companies. “CEOs are particularly anxious that breaches in data security and ethics, and IT outages and disruptions could impair public trust in their industry,” PwC said of the findings from its 20th CEO […]

2 min read

IBM’s famed Watson computer ‘gets a job’ fighting cybercrime threat

FREDERICTON – A year after IBM began teaching its Watson computer system to fight cybercrime, the company is making the platform available for use. “Now he gets a job and makes us some money,” quipped Caleb Barlow, vice-president of IBM Security. He said a new app called IBM QRadar Advisor is now available as a […]

By Jason Contant | February 13, 2017

2 min read

Personal, commercial drone market revenue expected to increase 34% to reach US$6 billion+ in 2017: Gartner

Production of drones for personal and commercial use is growing rapidly, with global market revenue expected to increase 34% to reach more than US$6 billion in 2017 and more than US$11.2 billion by 2020, according to a new forecast from Gartner, Inc. Gartner, an information technology research and advisory company based in Stamford, Conn., added […]

3 min read