“Domino effect” as cyber insurers, brokers react to losses

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“I think we’re gaining momentum, and we’re doing a lot better [at managing cyber exposure]. I’d love to say that in the near term we’re almost at the top of the mountain, but I don’t see that right now. I do think we’ll get there if we […] stay in our swimming lanes, listen to expert advice and really hunker down and concentrate on cyber hygiene. It seems like such a large and broad term, but it really isn’t when you think about the grand scheme of the cyber control environment.”

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Some positive developments in the cyber risk landscape in Canada and around the world are that “more companies are fighting back,” there’s greater awareness and implementation of cyber security controls, and “operational resilience, in general, has improved,” according to Brad Gow, global cyber product leader at Sompo International.

More and more companies are deploying things like multi-factor authentication (MFA) for remote access or administrative access into corporate networks. There’s also greater and more effective use of endpoint detection…

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