HSB CANADA
“ We intend to be a dominant player in the cyber insurance space ”
MIKE SCARBEAU VICE PRESIDENT , HEAD OF INFORMA- TION TECHNOLOGY , HSB CANADA
– over 25 , in fact , in the average American household , according to research published by Deloitte . This creates an additional vulnerability that cyber criminals are constantly seeking to exploit .
“ Today the biggest cyber threat to businesses is cyber extortion or ransomware ,” Lansakara says . “ The exposure for your customers and as a business are significantly higher . This is where I think insurers , and even various technology vendors , need to focus their efforts to solve the evolving risk challenges .”
The state of digital transformation in Canada Despite being over 200 square miles larger than the US , Canada is often overlooked in favour of its older , more southerly neighbour . The country sometimes does not receive the credit or attention that it deserves , particularly for big discoveries or breakthroughs – insulin being one of the most famous examples , discovered by scientists at the University of Toronto .
So are we overlooking the progress that Canada ’ s insurance industry is making towards digital transformation ? In short , no , say Scarbeau and Lansakara , who believe that the Canadian insurance ecosystem lags behind comparable countries when it comes to digitisation .
“ When I talk to other CTOs or CIOs , I feel like some common problems are apparent in the trends and transformational goals that they have . But everyone seems
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