Ransomware attacks continue to pose significant challenges for businesses worldwide, with incidents on the rise.
In response, the UK, along with 38 other nations and international cyber insurance organizations, has collaborated to release updated guidance aimed at supporting victims and enhancing resilience. This guidance advises against making immediate ransom payments, as recovery of data or malware removal is not guaranteed, and paying ransoms often encourages further criminal activity.
Instead, businesses are urged to create a comprehensive response plan, with policies and contingency measures in place. Organizations that fall victim to ransomware should report the incident to law enforcement and consult security professionals for expert guidance.
Ransomware has become a lucrative venture for cybercriminals, causing an estimated $1 billion in losses in 2023. By removing the incentive for criminals, these new policies aim to weaken the ransomware business model and reduce future attacks.
"International cooperation is crucial in fighting ransomware as cybercrime knows no borders," stated Security Minister Dan Jarvis. He emphasized that this collective effort will hit cybercriminals financially and better protect businesses in the UK and beyond.
The UK is taking a leading role, collaborating with three major insurance organizations—the Association of British Insurers, the British Insurance Brokers' Association, and the International Underwriting Association—to issue co-sponsored guidance. Meanwhile, the UK National Crime Agency has taken steps by sanctioning 16 individuals from the 'Evil Corp' cybercrime group, responsible for over $300 million in theft from critical infrastructure, healthcare, and government sectors.
Jonathon Ellison, Director for National Resilience at the NCSC, highlighted the urgency of addressing ransomware threats: "This guidance, backed by both international bodies and cyber insurance organizations, represents a united front in bolstering defenses and increasing cyber readiness."
