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– 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

Mike Scarbeau

TITLE: VICE PRESIDENT, HEAD OF INFORMATION TECHNOLOGY

INDUSTRY: INSURANCE

LOCATION: CANADA

Scarbeau has extensive experience in senior management roles leading and developing high performing teams and worked as a Director of IT at a large mutual insurance organization before joining HSB Canada. Prior to that, he worked within the same capacity in the banking and the provincial government. The Board of Directors appointed him Vice President in 2021.