Loose nails, Insulite Bildrite sheathing

I own a home with a brick and clapboard exterior-- the clapboard is on the ends of the house above the first floor. In the process of having our newly acquired home (built 1963) painted, we have noticed the nails holding the clapboard siding have generally worked loose from the underlying sheathing. Having hauled my old body up into the attic space (instant sweat) to view the sheathing I found it to be a fibrous sheathing-- "Insulite Bildrite Sheathing." The sheathing is nailed to the framing, the clapboard affixed to the sheathing.
I have two questions: 1. Should this material have been used in the first place?-- I expected plywood sheathing or OSB. 2. Does anyone have any suggestions as to securing the clapboard any better? My only thought is buying a stud finder and driving nails through the 2x4 verticals.
Any thoughts appreciated.
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In the 70's there was a similar problem with a composite sheathing which failed. Siding could be pulled right off. I would screw the siding to the studs but not too tight because the heads will be pulled into the siding and thru it by weather changes. Use galvanized or similar screws.

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