Latest news with #cyberinsurance
CTV News
10 hours ago
- Business
- CTV News
NDP calls for greater accountability in wake of Nova Scotia Power cyberattack
There are concerns customers could be on the hook to pay for the recent Nova Scotia Power cyberattack. Nova Scotia Power may have weathered the cyberattack that compromised its systems, but the political and financial fallout continues, along with calls for accountability. At the legislature's public accounts committee on Wednesday, NDP Leader Claudia Chender criticized the utility for what she described as a failure to protect Nova Scotians. 'Legally, Nova Scotia Power is the victim, but actually it's Nova Scotians who are suffering harm,' Chender said. The utility's president and CEO Peter Gregg confirmed that while the company has cyber insurance, there is still no estimate of the total cost to repair and restore its systems. 'We do not have an estimate of the full cost of restoration at this point,' Gregg said. 'That is an ongoing part of our investigation.' That uncertainty raises the possibility that ratepayers could bear some of the cost. Chender and others said that should not be the case. Insurance industry experts say demand for cyber insurance is rising across Canada, and when large-scale claims are filed, premiums tend to rise. 'All sorts of things could impact what your premiums look like going forward,' said Amanda Dean, vice-president of Ontario and Atlantic at the Insurance Bureau of Canada. 'Especially the claims for the pool you're paying your premium into.' Chender argued that existing legislation doesn't go far enough to protect consumers after such breaches. She said the NDP plans to introduce legislation that would enable class-action lawsuits in Nova Scotia, similar to legislation already in place in British Columbia. 'That way, an organization like Nova Scotia Power can actually be held liable for this kind of breach, which right now is very difficult to do,' she said. Chender also said the utility's offer of two years of free credit monitoring for affected customers is inadequate. 'They should be offering five,' she said. 'There should be the ability to have a free credit freeze.' Nova Scotia Power said it's continuing to investigate the data breach, along with provincial officials and the federal privacy commissioner. The province's auditor general may also get involved, though any potential audit is still in the early stages. Claudia Chender Nova Scotia NDP Leader Claudia Chender speaks to reporters at Province House following the speech from the throne and opening of the legislature in Halifax on Friday, Feb. 14, 2025. (Darren Calabrese) For more Nova Scotia news, visit our dedicated provincial page
Zawya
28-05-2025
- Business
- Zawya
Qatar: QIC launches new personal cyber insurance coverage
Doha, Qatar: Qatar Insurance Company (QIC), the leading insurer in Qatar and the MENA region, has introduced its new personal cyber insurance, an innovative coverage designed to protect individuals from cyber risks, ensuring they can navigate their digital lives with extra confidence. QIC's new personal cyber insurance is the first in Qatar to offer individuals a comprehensive financial protection against the cyber risks of daily online life, including those occurring while shopping online and using connected devices. With a QIC personal cyber insurance policy in hand, individuals in Qatar can now fulfill their digital needs worry-free knowing they are protected against financial losses from cyberattacks, online shopping fraud, credit card fraud, phishing scams, cyber extortion threats, identity theft, and cyber damage to their connected devices and wearables. In the event of a covered cyberattack, the insured person will benefit from financial support to restore or retrieve their digital systems and data. The policy also covers theft of funds, and ransom payments in the case of cyber extortion, ensuring that customers have the backing they need to recover without bearing the financial burden alone. Commenting on the new product, Salem Al Mannai (pictured), Group Chief Executive Officer, said: 'Qatar is one of the most connected countries in the world, with one of the highest internet penetration rates. People rely heavily on the internet for their daily needs, which can increase their exposure to cyber threats and risks, sometimes leading to significant financial losses. As Qatar's leading insurer, our responsibility is to empower everyone to navigate the digital world with confidence, staying protected while enjoying the convenience of a networked life.' Al Mannai added: 'In line with the National Cyber Security Strategy 2024-2030 and the objectives of Qatar National Vision 2030, QIC is proud to be the first insurer to introduce this groundbreaking personal cyber insurance in the country. As Qatar continues its digitalization at all levels, we are confident that this new product will enhance the confidence with which people in Qatar go online, ensuring our community stays protected while engaging with an increasingly connected world.' QIC's new personal cyber insurance is exclusively available to QIC customers as an add-on coverage to home contents insurance, comprehensive car insurance, and travel insurance for QR100 per year. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Bloomberg
28-05-2025
- Business
- Bloomberg
Cyberattack Surge Creates Opportunity for Insurers, Prompts Rethink on Premiums
A recent surge in high-profile cyberattacks is offering an opportunity for insurers including Munich Re AG and Chubb Ltd. to cash in from a rapidly expanding market — and prompting a rethink on premiums. As artificial intelligence makes attacks more widespread and devastating, Munich Re expects the global cyber insurance market to reach $16.3 billion in 2025, up from $15.3 billion in 2024. Global premium volume is expected to more than double to around $30 billion by 2030, growing at an average annual rate of more than 10%.
Zawya
27-05-2025
- Business
- Zawya
QIC launches new personal cyber insurance coverage
Doha, Qatar: Qatar Insurance Company (QIC), the leading insurer in Qatar and the MENA region, has introduced its new personal cyber insurance, an innovative coverage designed to protect individuals from cyber risks, ensuring they can navigate their digital lives with extra confidence. QIC's new personal cyber insurance is the first in Qatar to offer individuals a comprehensive financial protection against the cyber risks of daily online life, including those occurring while shopping online and using connected devices. With a QIC personal cyber insurance policy in hand, individuals in Qatar can now fulfill their digital needs worry-free knowing they are protected against financial losses from cyberattacks, online shopping fraud, credit card fraud, phishing scams, cyber extortion threats, identity theft, and cyber damage to their connected devices and wearables. In the event of a covered cyberattack, the insured person will benefit from financial support to restore or retrieve their digital systems and data. The policy also covers theft of funds, and ransom payments in the case of cyber extortion, ensuring that customers have the backing they need to recover without bearing the financial burden alone. Commenting on the new product, Mr. Salem Al Mannai, Group CEO of QIC, said: "Qatar is one of the most connected countries in the world, with one of the highest internet penetration rates. People rely heavily on the internet for their daily needs, which can increase their exposure to cyber threats and risks, sometimes leading to significant financial losses. As Qatar's leading insurer, our responsibility is to empower everyone to navigate the digital world with confidence, staying protected while enjoying the convenience of a networked life." Al Mannai added: "In line with the National Cyber Security Strategy 2024-2030 and the objectives of Qatar National Vision 2030, QIC is proud to be the first insurer to introduce this groundbreaking personal cyber insurance in the country. As Qatar continues its digitalization at all levels, we are confident that this new product will enhance the confidence with which people in Qatar go online, ensuring our community stays protected while engaging with an increasingly connected world.' QIC's new personal cyber insurance is exclusively available to QIC customers as an add-on coverage to home contents insurance, comprehensive car insurance, and travel insurance for QAR 100 per year. To learn more about coverage limits and policy terms, visit
Fast Company
20-05-2025
- Business
- Fast Company
Risks create opportunities in the insurance sector
At the Exceptional Women Alliance (EWA), we enable high level women to mentor each other to enable each leader to achieve personal and professional happiness through sisterhood. As the nonprofit organization's founder, chair, and CEO, I am honored to interview and share insights from some of the thought leaders who are part of our peer-to-peer mentoring. Our insights today come from Susan Holliday, board director and adviser, who speaks about her global career in the insurance industry, spotting new risks and turning them into opportunities. Q: Your career has addressed various issues related to the insurance industry. What are some recent challenges? Susan Holliday: I entered the insurance industry by chance, as so many people do. It is a fascinating sector because you learn about global challenges from climate change to driverless cars, pandemics, geopolitical risks, and new technologies, to name just a few. New risks bring new opportunities in insuring the risks for people, companies, and governments. Q: Can you give me some examples? Holliday: Yes, a new risk that became insurable during my career, specifically after the 9/11 tragedy, was terrorism. More recently, cyberinsurance doubled in premiums between 2017 and 2020 and then again 2020 to 2022. The two new opportunities I'm most excited about are AI along with crypto and blockchain. There are many new risks for people and companies around these issues, and at the same time, the insurance sector can make use of these new technologies in different ways to be more efficient and to help their clients manage risk. This is also an opportunity to develop new insurance products to cover the risks. I see the market going the same way as cyber. In order to get insurance, companies will have to show they are meeting certain risk management standards, and the insurance is also going to focus on monitoring and prevention, not just paying claims after there is a problem. Q: You mention crypto and blockchain. That's not talked about nearly as much as AI. Why now? Holliday: I'm doing a lot of work in this space now, because it is becoming more mainstream and soon all sorts of companies will be getting involved with it in some way. This is driven by several factors: real use cases getting implemented, a more friendly stance towards crypto from the current U.S. administration, and some new legislation being proposed or passed in various parts of the world, like Europe, Singapore, and Australia. This means a wider range of companies that have never thought about crypto, and are probably terrified by Bitcoin, are going to want to explore and fully understand the upside and downside risks. There are important opportunities for the insurance sector too. In some cases, using blockchain or crypto can actually reduce risks. There are new risks such as losing the keys to a wallet which means you can't access your cryptocurrency, or someone who has the keys can steal it. New insurance products are going to be created, along with risk management standards to be able to actually buy the insurance, so it will improve security overall. Q: What kind of use cases are you expecting? Holliday: We have seen some companies invest in Bitcoin as part of their treasury management. Individual investors have more opportunities to invest in Bitcoin and other cryptocurrencies now because there are a number of exchange-traded funds (ETFs) available, which means the investor can get exposure without having to deal with a wallet, keeping control of the keys and custody. Stablecoins are cryptocurrencies based on a fiat currency such as the dollar or the euro. Stablecoins are increasingly being used for international payments, and legislation on stablecoins has been passed in the EU, UK, and some Asian countries and there are currently bills in the U.S. House and Senate. This is likely to increase the use of stablecoins. Blockchains are decentralized digital ledgers which use cryptography to process transactions in blocks. Blockchains are the underlying technology that allow crypto currencies to function. An early use case for blockchain was traceability and authentication of high value assets, such as diamonds. It can also be used to ensure data integrity or authenticate transactions such as a land registry and several governments in different parts of the world have launched initiatives in this area. Recent changes in the U.S. administration's approach to the regulation of crypto tokens mean that companies are likely to consider issuing or selling tokens, which is already common in gaming companies. We have seen luxury goods and fashion companies use tokens to drive customer loyalty and engagement, although there is still uncertainty over investor acceptance and future regulatory developments. A relatively early use case for blockchain was for smart, self-executing index-based (parametric) insurance contracts. As GenAI picks up steam and we see the prospect of agentic AI, we are likely to see this technology being deployed more frequently as we see AI agents transacting with each other. Q: That is a lot of change especially for those uneducated in the topic. What is your advice? Holliday: The message is, even if you have no intention of ever investing in Bitcoin, business leaders need to keep an eye on that is going on in the crypto and blockchain space because it's going to impact many sectors and industries.
