Bloomberg Law
June 4, 2021, 5:16 PM

Massive Ransomware Hits Likely to Hasten Cloud Security Shift

Jake Holland
Jake Holland

A spate of recent ransomware attacks on U.S. software, energy, and food industry giants is likely to drive adoption of cloud security technology across sectors.

Use of cloud-based tools in lieu of traditional information technology security may help companies better guard against cybercrime and the reputational and legal risks that accompany such hits, attorneys and industry analysts say.

The cloud security and software market is still under-penetrated but growing each year, as companies recognize the value of protecting systems from weaknesses imposed by remote work and an uptick in hacks, said Mandeep Singh, a technology industry analyst at Bloomberg Intelligence. ...

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