The Association of British Insurers (ABI), the British Insurance Brokers’ Association (BIBA), and the International Underwriting Association (IUA) have partnered with the National Cyber Security Centre (NCSC) to form a coalition aimed at strengthening the approach to ransomware payments by UK organizations and reducing the overall volume of such payments. The coalition, launched during the NCSC’s CyberUK event, is supported by guidance based on a research paper by the Royal United Services Institute (RUSI) published in 2023. It also addresses recommendations made by the Parliamentary Joint Committee on the National Security Strategy (JCNSS) in December of last year. The recommendations provide organizations and third parties with guidance on making better-informed decisions in the event of a ransomware attack, helping to minimize disruption and associated costs. The guidance emphasizes the need for thorough business impact assessments, proper reporting protocols, and access to appropriate support. The insurance sector is identified as having a crucial role in supporting victims and facilitating cyber incident response. The coalition aims to discourage ransom payments, as paying ransoms signals to criminals that their attacks are effective and profitable. The initiative is seen as a positive step in undermining the ransomware business model and increasing the resilience of UK organizations. The ABI and BIBA expressed their commitment to strengthening cyber resilience and working towards the goal of combating cybercrime. The IUA highlighted the decreasing trend of ransom payments globally and praised the guidance for improving operational resilience. Cybersecurity experts increasingly advocate for banning ransom payments altogether, citing the failure of other measures to effectively address the ransomware threat.
UK Insurance Industry Takes a Hardline Approach to Ransomware Threats at CyberUK 24
