Anna Ribeiro’s Post

UK businesses lose millions of pounds annually to ransomware payments. Although companies make the payouts to get their systems back in working order, they only strengthen the criminal networks. In addition, there are no guarantees that they may not fall victim to these attacks in the future. The UK insurance sector will work closely with the National Cybersecurity Center (NCSC) to stop businesses from making ransomware payments. The partnership will do this by empowering organisations on how to avoid getting pressured by hackers to make these payouts. Organisations under attack should instead access proper support networks by following the right reporting protocols. What do you think about the UK insurance stance on ransomware? Let us know in the comment section below. Read more here: https://bit.ly/3V7B8bh #Ransomware #Hackers #CyberSecurity

Ransomware continues to pose significant issues for businesses and organisations around the world, and with attacks on the rise, the UK and 38 other nations have joined forces with international cyber insurance authorities to create new guidelines aimed at bolstering resilience and providing help to victims. The new guidance will advise ransomware victims to carefully evaluate all options before making payments, as data restoration and malware eradication are not guaranteed even if the ransom is paid, and hackers are just encouraged to continue. Instead, firms are advised to create a thorough response architecture in the case of an attack, that includes regulations and contingency plans. If an organisation is targeted, the policy suggests reporting the attack to law police and consulting with security professionals. https://lnkd.in/gBWNJj9v

This recently published guidance from the members of the Counter Ransomware Initiative sets out some of the factors that organizations who have suffered a ransomware attack should consider. Some of the key messages in the document are that paying a ransom - does not guarantee the end of an incident, or the removal of malicious software from your systems - provides incentives for criminals to continue and expand their activities - provides funds that criminal actors can use for illicit activity, and - does not guarantee you will get your data back It also sets out the importance of consulting legal and technical experts and the increasing significance of cyber insurance. It would make sense to check out the footnote in the article to see if your jurisdiction is aligned with this guidance #cybercrime #ransomware #incidentresponse #digitalforensics #investigation #security #informationrisk

I'm a bit surprised this debate has reopened again: 1. There's no strong evidence (outside of the occasional vendor survey) that victims with ransomware are more likely to pay. see: https://lnkd.in/ebTiECkx and https://lnkd.in/ecvQXaJu 2. Penetration of cyber insurance is still low, so you'd be having limited impact on the problem as a whole 3. If you want to ban ransom payments, ban ransom payments. Legislate/regulate instead of asking the private sector to do something.

White House Urges End to Ransomware Payments A senior White House official called on insurance companies to stop issuing policies that support ransomware payments, which fuel the cybercrime ecosystem. Anne Neuberger, U.S. Deputy National Security Adviser, urged insurers to require strong cybersecurity measures from clients instead. Despite some global progress, ransomware attacks have nearly doubled in the U.S. and U.K. over the past two years. #Cybersecurity #Ransomware #Insurance #WhiteHouse #RiskManagement https://lnkd.in/gqWVJURK

The rise of ransomware attacks is pushing businesses and governments to rethink strategies. White House cyber chief Anne Neuberger suggests banning insurance payments for ransom demands, arguing that such reimbursements fuel cybercrime. With billions lost each year and lives at stake, experts debate the impact of such a ban. While some believe it could cut off criminals' financial incentive, others argue it may backfire, especially on smaller businesses that depend on insurance for survival. Can we find a solution to this complex issue, or will a ban only complicate matters? SOURCE: https://lnkd.in/ggsy2Ker - #cybersecurity #ransomware #insuranceban

We recently teamed up with our colleagues in the #Southwest – The Cyber Resilience Centre for the South West - to run a campaign that focussed on the #insuranceindustry. Its aim was to encourage brokers to work with us to increase the understanding of cyber risk among #smallbusinesses and #charities and how to mitigate it.    And now, it has been announced that 3 of the UK’s largest insurance associations have signed on to a new initiative spearheaded by the National Cyber Security Centre to try to bring down the number of ransomware payments being made!    These are positive steps in helping to give organisations the tools in which to make better-informed decisions should they fall victim to a ransomware attack.    https://lnkd.in/eXv3PHTf    #CyberInsurance #Insurance #InsuranceSector #InsuranceCompanies #CyberSecurity #CyberSecurityAwareness #CyberAwareness #Cyber #SmallBusiness #SmallBusinesses 

An alarming statistic in this article that "...only 5% of Canadian businesses have cyber insurance policies in place" despite the fact that "the amount spent by Canadian businesses on recovering from cyberattacks doubled from approximately $600 million in 2021 to $1.2 billion in 2023." The primary reason identified is that “Many simply cannot afford the cybersecurity measures they need to adequately protect themselves.” We are pleased change the paradigm by implementing proactive cost-effective cyber solution through our our partners modeled on our mantra to "predict, prevent and protect" when it comes to risk (and specifically cyber risk)! The cliche taught to us by our grandmothers has never been more true...an ounce of prevention is definitely worth more than a pound of cure. https://lnkd.in/gczgAAid

"The NCSC established the Cyber Insurance Industry Working Group CIIWG in 2023 to engage the government, academia, and the insurance industry on how to strengthen U. K. online resilience collectively." https://lnkd.in/gSBcnDv4 #Cybersecurity #Ransomware #NCSC #Insurance #Collaboration #ProtectYourBusiness #industrialcyber #icssecurity #ics

Dear NCSC and Cyber Insurance Industry. How well is the Malware Protection side of cybersecurity working? The answer ranges between, hopefully improving to, kind of good. May I suggest you this one time << JUST CONSIDER >>, what may at first appear to be the cyber impossible. After all how well is what is currently being done actually working? All I am asking for is just a phone call or a zoom meeting. Below are overview links to a malware protection discovery, based on my 30+ year in electronic component technical sales and management. Please read my bio link first, to add credibility to my discovery. ROATI.com/bio - to add credibility ROATI.com/factsheet - a general overview ROATI.com/technical – technical overview   Ralph Kachur, +1 (905) 846-1233, - 4 GMT, Eastern Time Zone (800) 458-3089, (USA & Canada), 7 days/week, I also use WhatsApp, Zoom and MS Teams #Cybersecurity #Ransomware #NCSC #Insurance #Collaboration #ProtectYourBusiness #industrialcyber #icssecurity #ics #stopransomware #Industrialcyber #OTCybersecurity #ICSCybersecurity #ResearchFunding #FundingPrograms #CyberSecurityEurope