Wednesday, September 20, 2017

Many firms outside US fail in cyber protection

The massive ransomware worm that caused damage around the globe over the weekend exposed many companies’ failure to take up cyber insurance seriously.

Many firms outside the US stand at risk to these computer-system attacks that can leave with millions of dollars in losses, insurers say.

Last week, the ransomware worm managed to cripple car factories, hospitals, shops, and schools amid fears it could wreck fresh havoc when employees returned to work.

The virus is called WannaCry, a ransomware, which locked up more than 200,000 computers in more than 150 countries.

The attack seemed to have slowed down, though, according to latest monitoring by cybersecurity experts. Despite that, worries linger.

Kevin Kalinich, global head of Aon Plc cyber risk practice, said that nearly 9 of 10 cyber insurance policies in the world are in the United States.

This high number is attributed to the regulations imposed by the government.

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