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UK Cyber Insurance Industry Unites to Combat Ransom Payments

Posted on May 14, 2024May 14, 2024 By Martin Hinton

Three major UK insurance associations have teamed up with GCHQ’s National Cyber Security Centre (NCSC) to reduce ransom payments from cyber crime victims. This collaboration aims to undermine the profitability of ransomware attacks and enhance market-wide ransomware discipline, ultimately reducing harm to organizations.

The financial toll of ransomware on UK businesses has been substantial, with estimates suggesting that the cost of ransomware attacks in the UK is approximately $1.08 million for each incident. These costs can include ransom payments, recovery expenses, and the impact of operational downtime, highlighting the need for robust measures to mitigate the risk and impact of ransomware incidents​.

The joint guidance, announced at the CYBERUK conference by NCSC CEO Felicity Oswald, seeks to provide organizations with the tools and knowledge needed to make informed decisions when faced with ransomware incidents. This initiative is supported by the Association of British Insurers (ABI), British Insurance Brokers’ Association (BIBA), and International Underwriting Association (IUA). The guidance, titled “Guidance for organisations considering payment in ransomware incidents,” is based on a research paper sponsored by the NCSC and developed by the Royal United Services Institute (RUSI).

The guidance’s recommendations emphasize the importance of assessing the business impact of ransomware attacks, establishing clear reporting protocols, and identifying sources of support. By adhering to these steps, organizations can minimize the disruption and cost associated with ransomware incidents.

Ransomware continues to be a significant threat to UK organizations, with attacks on the rise and the ransomware model constantly evolving. The NCSC, along with law enforcement partners, strongly discourages the payment of ransoms. Paying a ransom does not guarantee the end of an incident or the removal of malicious software from victims’ systems. Instead, it incentivizes criminals to continue and expand their activities.

“Future Headaches”

NCSC CEO Felicity Oswald expressed optimism about the initiative, stating, “It’s really encouraging to see all corners of the insurance industry unite to support victim organizations with guidance that will help them to better understand their options and reduce harm and disruption to their businesses. The NCSC does not encourage, endorse, or condone paying ransoms, and it’s a dangerous misconception that doing so will make an incident go away or free victims of any future headaches.”

The joint guidance addresses recommendations from the Joint Committee on the National Security Strategy (JCNSS), which called for more detailed, accessible guidance on avoiding ransom payments. The JCNSS report acknowledges the critical role cyber insurance can play in helping ransomware victims and enhancing organizational resilience.

ABI Director of General Insurance Policy Mervyn Skeet highlighted the importance of this collaboration, saying, “Following the launch of our Cyber Safety Tool for SMEs last year, this collaborative guidance is another positive step towards tackling cyber crime across the UK.”

BIBA Deputy Head of General Insurance Shaune Worrall emphasized the guidance’s impact on business resilience, stating, “BIBA was proud to work with the ABI, IUA and the NCSC on this important guidance. It could help businesses form their response to one of the greatest risks to their organisation’s ability to trade: a ransomware attack.”

“Resist Criminal Demands”

IUA Director of Public Policy Helen Dalziel noted the global trend against ransom payments, adding, “The payment of ransoms in response to cyber attacks is on a downward trend globally. Businesses are realising that there are alternative options and this guidance further illustrates how firms can improve their operational resilience to resist criminal demands.”

The NCSC established the Cyber Insurance Industry Working Group (CIIWG) in 2023 to foster collaboration between government, academia, and the insurance industry in strengthening UK cyber resilience. This guidance builds on the recent agreement by the Counter Ransomware Initiative (CRI) to denounce ransomware attacks and work towards undermining the profitability of the ransomware business model.

This collaboration between the NCSC and the insurance industry aims to significantly impact the combating of ransomware and contribute to a more resilient and secure digital landscape in the UK.

Source: Cyber insurance industry unites to bear down on ransom payments.

Other News: UK Gov Offers Cyber Insurance — “Appalling” or “Good Step?”(Opens in a new browser tab)

Cyber Insurance Industry Groups Tags:cyber insurance, Cybersecurity, GCHQ, National Cyber Security Centre, Ransomware, United Kingdom

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