NCSC unites with 3 insurance associations on ransomware payments

17 May 2024

The National Cyber Security Centre (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). 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.

“The NCSC and insurers unified initiative to discourage ransom payments and to provide guidance for organisations facing ransomware attacks is a welcome initiative,” said Dr Darren Williams, CEO and Founder of Blackfog. “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.”