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Monthly Archives: May 2019

IBC Welcomes Reform of Compensation Program

Insurance Bureau of Canada (IBC) welcomes the new Government of Quebec Coalition’s compensation and financial assistance program, which came into effect April 15, 2019. Genevieve Guilbault, Deputy Prime Minister of Quebec and Minister of Public Security, says the new program is part of a sound management of funds and is an updated solution. During a press conference in Sainte-Marie, she stated that the program is more humane, flexible and efficient.

Peter Babinsky, IBC’s Director of Communications and Public Affairs, says this is the first step to a solution for the organization. They have been asking various governments to stop building or rebuilding in flood zones but their recommendations are not always heard. They want to encourage residents who are at risk to relocate or install certain infrastructures, such as flood barriers or sand bags to greatly reduce risk. He emphasizes that the new assistance program provides for a severance allowance or immunization for a resident in a high-risk area.

The insurance industry cannot cover all flood risks if flooding continues in the same places annually. For more information, contact your broker or company agent.

Source: https://journal-assurance.ca/article/le-bac-reagit-au-nouveau-programme-dindemnisation/

Businesses Moving More Services to the Cloud, Heightening Security Risk

Many companies are moving sensitive activities to cloud providers, thus becoming at risk for cyber scams. This could come in the form of an email phishing scam, where a hacker gets access to your mailbox allowing them to steal HR data and redirect payments.

Manish Khera, Cyber Security Incident Response and Investigations Leader with Ernst and Young Canada, says companies are at great risk when a hacker phishes the “right person” in the company. He has spoken publicly about lessening cyber risk, helping employers make sure their employees do not fall victim to scams and citing proper training as a key mitigation technique. Other forms of protection include using multi-factor authentication and browser plug-ins that inform users when their passwords have been compromised. For more information, contact your broker or company agent.

Source: https://www.canadianunderwriter.ca/insurance/why-moving-to-the-cloud-poses-a-greater-security-risk-1004162297/