Tech
FireEye, Inc. has observed an actor carrying out financially motivated intrusion operations – targeting organizations in North America, but predominately in Canada – that may require a different type of response, the company suggests in a new report. Believed to be carried out by a previously unobserved actor or group FireEye calls FIN10, the intrusion […]
By Canadian Underwriter | June 16, 2017
4 min read
Legal / Regulation
Canadian managing general agent (MGA) ENCON Group Inc. announced on Thursday the introduction of a standalone cyber insurance policy that provides coverage for network business interruption, ecommerce trading exposure, crime and intellectual property risks. Ottawa-based ENCON Group said in a press release that CyberPro is offered in association with Ascent Underwriting, a specialist MGA underwriting […]
2 min read
Truth can be stranger than fiction, especially when one looks at the Ontario auto insurance system. On April 11, the provincial government released David Marshall’s review of the system. Marshall is a former chief executive officer of the Workplace Safety and Insurance Board. With disputes over accident benefits (AB) claims taking up court time, a […]
By Greg Meckbach, Associate Editor | June 15, 2017
3 min read
HR
The insurance industry will be profoundly disrupted by technological change, Vincent J. Dowling, Jr., managing partner of Dowling & Partners Securities LLC, told attendees at Marsh & McLennan Companies, Inc. (MMC)’s Young Professionals’ Global Forum 2017 in London, U.K. on Wednesday. “In your careers, personal and commercial auto (insurance) business will be gone,” as it’s […]
By Canadian Underwriter | June 15, 2017
American International Group Inc. (AIG), IBM and Standard Chartered Bank plc announced on Thursday that they have successfully piloted what they are calling the “first multinational ‘smart contract’ based insurance policy using blockchain.” Working together, AIG, IBM and international banking group Standard Chartered Bank converted a multinational, controlled master policy written in the United Kingdom […]
The Canadian Trucking Alliance (CTA) is applauding Transport Canada’s amendments related to the introduction of electronic stability control (ESC) on commercial vehicles. The CTA said in a press release on Wednesday that the objective of the rule, published earlier this month in Canada Gazette, Part II, is to reduce the occurrence of rollover and loss-of-control […]
Tools meant to bolster cyber security are being introduced absent a holistic view, producing even more questions among already-confused businesses expecting some progress on their individual risk reduction efforts, cyber expert Michael Echols suggested Tuesday during a symposium in downtown Toronto. “Current perimeter intrusion detection is a great tool, but what has happened is the […]
5 min read
MONTREAL – Canadian National Railway says it will spend $500 million over the next five years on technology to improve its safety, efficiency and competitive edge, partly in response to the potential threat posed by driverless trucks. CEO Luc Jobin told an investor conference Wednesday that the country’s largest railway will make the investments to […]
By Jason Contant | June 14, 2017
Companies in Canada and around the world are being increasingly impacted by risk, with nearly three quarters (72%) of business leaders polled in a recent survey “citing that they believe we are living in a riskier world,” said a new survey from BDO Canada. The findings were published in the latest Global Risk Landscape Report, […]
By Canadian Underwriter | June 14, 2017
Government agencies in Canada and the United States performed significantly worse than the business sector on fraud detection and mitigation, according to a new survey from risk management software provider ACL. The 2017 Fraud Survey involved a poll of more than 500 audit, compliance and risk management professionals in Canada and the United States on […]
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