Focus on C20: Cyber Risk

The COVID-19 pandemic highlighted and deepened the Canadian economy’s reliance on digital connectivity. Remote work became normalized and expanded. Companies pivoted swiftly to enable consumers, clients and employees to perform a range of vital activities online.

The troubling downside of all this digital interaction was the accompanying surge in cybercrime. A 2018 McAfee report had already estimated the global value of cybercrime at between $375 to $575 billion USD. Similar in size to the illegal drug industry or world-wide damage from vehicle collisions. In 2022 it’s a criminal sector that has only grown more lucrative, affecting not just individuals and businesses but critical infrastructure like hospitals and electricity grids. The introduction of Bill C-26 into the Canadian parliament in June this year reflects the huge impact cybercrime is having on Canadian companies and the effort needed to combat it.

The insurance industry is in a unique position to understand the risks and advocate for better knowledge, prevention, and protection.

As part of our goal to offer students courses that reflect critical real-world issues, we have added C20: Cyber Risk to our CIP designation program. It is a course that allows students to explore the fundamentals of the cyber risk marketplace by closely examining cybercrime, cyber incident reporting and the effects of privacy legislation.

C20 students will learn about:
•  the timeline of a real cyber event
•  the different roles and ways professionals collaborate in the wake of an incident
•  ways to promote cyber security
•  the range of careers available in the cyber insurance field

Learn more about the CIP Program