NCSC unites with major insurance org’s to fight ransomware threat
May 2024 by Dr. Darren Williams, CEO and Co-founder of BlackFog
The NCSC has united with three major insurance associations to fight against the rising threat of ransomware payments in the UK.
This involves the Association of British Insurers (ABI), the British Insurance Brokers’ Association (BIBA) and the International Underwriting Association (IUA) and was announced at the NCSC’s annual CyberUK event yesterday.
The initiative offers guidance to organisations, based on a 2023 research paper by the Royal United Services Institute, to help them make more informed decisions when a ransomware attack occurs.
Dr Darren Williams, CEO and Founder of Blackfog, praises the initiative, noting the trouble with ransomware payments…
“The NCSC and insurers unified initiative to discourage ransom payments and to provide guidance for organisations facing ransomware attacks is a welcome initiative.
Data exfiltration is a key component of most ransomware attacks, now at the core of 90% of all attacks, as it allows the attackers to extort their victims even after they restore their systems.
Paying ransoms only fuels the cybercriminals’ operations and does not guarantee the recovery or deletion of the stolen data, so this effort to reduce ransomware payments demonstrates a dedication to a more secure cyber future, requiring all participants to exhibit resilience, adaptability, and constant vigilance.”