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Member, Beacon International Group, Ltd.
Researchers at U.S.-based cyber security firm WatchGuard Technologies Inc. said that cyber insurance risks are fuelling an increase in ransomware attacks, Enterprise Times reported. The researchers highlighted mandatory breach disclosure as one of the drivers for increased cyber insurance. "We expect small and medium-sized businesses to continue to adopt extortion insurance in 2018 but cyber insurance should not replace security controls and best practices," said Corey Nachreiner, chief technology officer at WatchGuard. "We predict that insurers will start to implement guidelines that require companies to have strong security controls in place as a prerequisite."