Adoption of standalone cyber policies will increase in 2018: Aon

The spate of high-profile cyberattacks that took place in 2017 will lead to an increase in the adoption of standalone cyber policies this year, according to Aon’s 2018 Cybersecurity Predictions report.

“In 2017, cyber attackers created havoc through a range of levers, from phishing attacks that influenced political campaigns to ransomware cryptoworms that infiltrated operating systems on a global scale,” Jason J. Hogg, CEO of Aon Cyber Solutions, said in a news release.

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This, Aon believes, will lead to a greater interest in standalone cyber policies—and that interest will spread to sectors such as manufacturing, transportation, and oil and gas.

The report also predicts that cybercriminals will continue targeting small and mid-size businesses that provide services to global organizations, leading to a major attack on a large company.

We could also see an increase in the adoption of multi-factor identity authentication, as passwords continue to be hacked and cybercriminals find ways to circumvent physical biometrics.

Canada’s breach notification law is expected to come into force this year, which Aon believes will lead to a greater emphasis on companies developing breach response protocols. Aon also predicts that hackers will target brands in Canada, attempting to force companies to change their behaviour or cease operations.

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This story was originally published by Canadian Insurance Top Broker.