The initiative complements ongoing efforts by the National Cyber Security Centre (NCSC) and UK insurance industry leaders to reduce ransom payments. In May 2024, leading insurance associations, in collaboration with the NCSC, published guidance aimed at minimizing the number of ransom payments made by UK organizations. This guidance advocates for comprehensive business impact assessments, robust incident reporting protocols, and informed decision-making during ransomware crises.
Additionally, the Counter Ransomware Initiative (CRI) and key insurance entities have issued non-binding recommendations discouraging ransom payments. The CRI highlighted that 2023 witnessed the highest global ransomware payouts on record, with criminal groups continuing to exploit this lucrative illegal model. Experts caution that paying ransoms not only sustains cybercriminal operations but also fails to guarantee system restoration or data deletion.
The proposed ban signals a broader push toward a unified and proactive strategy to combat ransomware threats. By prioritizing prevention, building resilience, and fostering coordinated responses, the UK aims to mitigate the impact of cyber extortion while reducing reliance on ransom payments as a solution.
Source: DIGIT
The European Cyber Intelligence Foundation is a nonprofit think tank specializing in intelligence and cybersecurity, offering consultancy services to government entities. To mitigate potential threats, it is important to implement additional cybersecurity measures with the help of a trusted partner like INFRA www.infrascan.net, or you can try yourself using check.website.