UK and Singapore to collaborate on supporting ransomware victims

The UK and Singapore have committed to leading the development of new policy guidance aimed at supporting organizations affected by ransomware attacks through the Counter Ransomware Initiative (CRI) at a summit in the US.

A total of 39 countries and global cyber insurance bodies have endorsed the updated guidance, which builds on the work done by the UK’s National Cyber Security Centre (NCSC) in collaboration with the Association of British Insurers, the British Insurance Brokers’ Association, and the International Underwriting Association.

Moving forward, organizations are urged to carefully consider their options before making ransom payments to cyber criminals, as paying ransoms only encourages further attacks and offers no guarantee of data recovery or future security.

The guidance advises victims to report attacks to authorities, assess data backups, seek advice from cyber experts, and implement policies, frameworks, and communication plans to prevent attacks.

Security minister Dan Jarvis stated that the guidance aims to disrupt cyber criminal business models and deter them from targeting other organizations.

“Cyber criminality knows no borders. International cooperation is crucial in combating the threat of ransomware attacks,” said Jarvis.

“This guidance will impact the finances of cyber criminals and ultimately help protect businesses in the UK and worldwide.”

NCSC director for national resilience Jonathon Ellison emphasized the urgency of addressing the ransomware threat and encouraged organizations to enhance their defenses and cyber readiness.

“The endorsement of this best practice guidance by nations and international cyber insurance bodies is a strong push for organizations to bolster their defenses,” said Ellison.

“This collaborative effort, built on previous CRI statements and guidelines from the NCSC and UK insurance associations, demonstrates a growing global commitment to combating ransomware.”