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A survey from a Silicon Valley analytics firm has revealed that cyber insurance take-up rates among Canadian companies are growing, as numbers jumped from 18% of companies with full coverage cyber insurance in 2017 to 40% of firms in 2018. On the other end of the spectrum, Canadian businesses that reported not having any cyber insurance dropped from 36% last year to 22% this year.
The survey’s findings divulge a pattern that one expert says is taking shape on the ground as cyber risks continue to evolve and the volume of submissions keeps on rising.
“Over the last several years, Chubb has certainly seen an increase in marketplace interest from companies looking for comprehensive coverage,” said Matthew Davies, VP and product manager for professional, media and cyber liability at Chubb Canada. “There are new vectors of threat that we see on a regular basis and there are new things that people are thinking about – if I get hit by a cyber threat, that’s one thing, but what if I’m reliant on somebody else, like my cloud provider, or one of my customers and they get hit by a…
