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As technology advances, so do the risks that businesses face.
“Cybercrime is one of the greatest threats that businesses of all sizes and in all sectors face today,” says Lee Rogers, President, Rogers Insurance.
In 2021, cyber incidents were nearly twice as likely to impact businesses as natural disasters and theft combined. (Source: Allianz) Further proof: Ransomware attacks increased by 151 per cent globally in 2021, compared to the first half of 2020. (Source: Canadian Centre for Cyber Security) The rapid escalation of this trend is expected to continue as cybercriminals consistently increase the frequency and sophistication of their attacks, often utilizing emerging and maturing technologies such as internet of things (i.e., smart objects like security systems that connect and exchange data with the Internet), machine learning, artificial intelligence and the recent implementation of 5G.
The financial hardship a business faces after falling victim to a cyberattack is much higher than just the ransom or fraudulent fund transfer amount. Additional losses and expenses that can result from a cyber breach include:
Business interruption
Digital assets restoration
Forensic investigation
Lawsuits
Regulatory fines and penalties
Replacing devices permanently impacted by malware
Reputational repair and crisis management
A comprehensive cyber liability policy can help businesses cover such losses. Waiting to obtain this coverage until after experiencing a cyber breach will not only hinder a company’s ability to respond to the incident but it will also make getting cyber liability insurance in the future more prohibitive. In most cases, it’s likely the policy will offer less coverage, but the rate will be more expensive.
Did you know? The average business interruption cost following a cyberattack is 24 times greater than the average ransom amount. (Source: Canadian Broker Network Cyber Crime Report)
Businesses can no longer afford to view cyber liability insurance as a nice-to-have; it is a necessity.
“Cyber liability insurance is just as critical as other traditional commercial coverages,” says David Edgar, Chief Broking Officer, CapriCMW.
Even though cybercrime has been escalating at an alarming rate, most organizations’ cybersecurity budgets have remained fairly flat (Source: Cybercrime Magazine), or were even cut in response to the COVID-19 pandemic (Source: Canadian Broker Network Cyber Crime Report). To truly protect themselves, businesses must prioritize allocating more of their budget to cybersecurity. This includes investing in:
Insurers are increasing their cyber liability rates in response to the rapid rise in frequency and severity of claims. But this should not dissuade a business from getting or maintaining this coverage, as it provides a critical safety net from the skyrocketing costs of a cyberattack. For example, according to cyber insurer Coalition’s H1 2021 Cyber Insurance Claims Report:
The average ransom demand in 2021 was $1.2 million — an increase of 170 per cent compared to the year prior.
The average amount stolen via fraudulent fund transfer in 2021 was over $326,000 — an increase of 179 per cent compared to the year prior.
Bear in mind, these figures do not factor in additional costs that arise from a cyberattack — such as business interruption, which some estimates state will increase by as much as 75 per cent year-over-year as cyberattacks become even more complex. (Source: Canadian Broker Network Cyber Crime Report)
Risk management and mitigation should always be a business’s first line of defence against any risk. In the cyber realm, this means practicing good cyber hygiene — the routine maintenance and regular improvements that strengthen digital security.
Common best practices include, but are not limited to:
using multi-factor authentication;
closing all unnecessary remote desktop protocols;
regularly conducting employee training;
using email filtering software; and,
properly protecting and storing data backups.
Good cyber hygiene not only makes a notable difference in minimizing an organization’s cyber risk, but it also improves the odds of obtaining cyber liability coverage at a more favourable rate.
Contact your broker today to discuss how cyber liability insurance can protect your business.
Interested in learning more about cybercrime trends? Read the Canadian Broker Network Cyber Crime Report.
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Catalytic converter theft is at an all-time high nationwide. Normally functioning as an antipollution device, the auto part is a popular target amongst thieves who sell them to scrap metal dealers for hundreds of dollars.
According to the National Insurance Crime Bureau (NICB), there was a 325% increase in catalytic converter theft from 2019 to 2020. And the numbers have yet to go down. With replacement costs upwards of $3,000, understanding how to keep your vehicle safe can help you avoid a costly repair.
What Are Catalytic Converters?
A catalytic converter is an essential part of your vehicle’s exhaust system that reduces harmful emissions. Since 1975, it has been a mandatory part of all gas-powered vehicles. It is located underneath your car, attached to its exhaust pipe.
Inside the converter are precious metals (typically rhodium, platinum, and palladium), which interact with dangerous toxins in your car’s exhaust to remove their harmful effects. For example, carbon monoxide (a toxic gas) enters one end, interacts with the metals inside, and exits as carbon dioxide.
Why Are Thieves Targeting Catalytic Converters?
So why are thieves targeting this auto part? Because the metals inside are highly valuable. Rhodium is the most sought after out of all three metals, which all regularly sell for over thousands of dollars per ounce. In 2021, rhodium hit a high of $26,000 per ounce.
As the metals’ prices rise, so do the production costs of the converter itself. This has caused metal dealers to place a higher value on scrap converters as the metals inside can be extracted and recycled. Typically, most recyclers pay anywhere between $50 to $250 for a single converter.
Due to its location, your vehicle’s catalytic converter is easily accessible and can be removed within minutes using a power saw. This, combined with their increasing demand, has made them a popular target for thieves.
Which Cars Are Prone to Catalytic Converter Theft?
Any gas-powered vehicle produced after 1975 can be a target for catalytic converter theft. However, thieves do target some models more than others.
Thieves can remove a converter within minutes using a power saw, so they tend to target vehicles that they can quickly get underneath. As a result, automobiles with higher ground clearance (such as trucks and SUVs) are more prone to theft as their height makes it easier for thieves to reach the converter.
Additionally, hybrid cars such as the Toyota Prius have been a familiar favorite for thieves. Their ultra-low emission ratings result in a higher concentration of metals within their converters.
Older cars, produced around 1975, also have higher concentrations than cars produced today, making them likely targets.
How to Prevent Catalytic Converter Theft
Converter theft is a “crime of opportunity,” so removing easy openings will encourage would-be thieves to move on. To combat the rise in catalytic converter theft, the NICB recommends the following:
Install an anti-theft device: Installing an anti-theft device—such as a steel plate or steel cage around your converter—will significantly increase the time required to remove it. This will deter potential theft. Vibration-sensitive alarms can also discourage thieves from completing the theft.
Park securely: When possible, always park your vehicle inside a garage or within a secured lot. If parking in a driveway, consider backing into the space and installing motion-sensor lights. While lights alone will not prevent theft, they can force a thief to think twice and leave your vehicle alone.
VIN etching and painting: Etching your VIN onto your catalytic converter will make it easier to trace. Similarly, coating your converter in highly visible, high-heat paint can discourage thieves from attempting to sell them as their own.
Protect Your Vehicle with Comprehensive Auto Insurance
If you have a vehicle at high risk of converter theft, investing in comprehensive auto insurance will keep you protected. Minimum liability insurance only covers property damage and injuries to another person in the event of an accident but does not cover stolen parts.
Give our Insurance Specialists a call at (888) 772-4247 or get a free online quote to learn more about obtaining affordable, comprehensive auto insurance for your vehicle.
The information in this article is obtained from various sources and is offered for educational purposes. Furthermore, it should not replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. No warranty or appropriateness for a specific purpose is expressed or implied.
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