Cyber Risks: Implications for the Insurance Industry in Canada

The Canadian insurance industry ranked cyber security as third among the ten most important issues facing the property and casualty insurance industry at this time.

This report assesses cyber security from the perspective of the insurance industry in Canada, and answers a number of important questions, including:

• What is the threat?
• Who are the criminals?
• Why is there a growing concern about catastrophic incidents?
• How can property and casualty insurers reduce their risk of loss?
• What is the prospect for growth in the cyber insurance market?
• How will regulation of the Internet, disclosure, and privacy legislation evolve over the next five to ten years?

The insurance industry is well positioned to promote cyber security, just as the industry is a champion for road safety, crime prevention, and fire prevention.

This is a critical time for the Canadian insurance industry to explore cyber security.

Download Report in PDF

Cyber: the risk most underestimated by businesses

Two ways to learn more

(1) Read the CIP Society's trends paper Cyber Risk: Current Landscape of Personal Information and Privacy Liability in Canada, published in May 2016, one year after the Emerging Issues Research Report, to offer updates on claims cases in Canada, and (2) Expand your product knowledge and deepen your understanding of cyber through our CE OnDemand course: Managing and Insuring Cyber Risk.