Cybersecurity experts have predicted an increase in ransomware attacks since last year, and the recent WannaCry incident confirms what they and many insurers have feared — that a large-scale attack could involve entities on a global scale.
With an estimated 300,000 computers impacted in 150 countries, the attacks affected multiple business sectors, hospitals and universities. "This type of attack is like letting a virus into the wild," explained Christina Terplan, a San Francisco-based partner with the international law firm Clyde & Co. "The attack is indiscriminate and doesn't affect just one company or sector, different sectors and geographies are vulnerable."
Business interruption can be significant
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