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The New UK Proposal to Ban Ransomware Payments

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In this CyXcel Expert Briefing, CyXcel CEO Edward Lewis discusses the bold proposal by the UK government to ban ransomware payments. Ed sheds light on the plan's tenets, goals and challenges.

As one of the most senior cybersecurity leaders in the UK, Ed was directly involved in the Home Office consultation, contributing expert insight on the proposed ransomware payment ban and mandatory reporting regime. This input helped shape the discussion on balancing security with practical business realities.

On January 14, the UK government announced a new proposal to boost cybersecurity in the country. https://www.gov.uk/government/news/world-leading-proposals-to-protect-businesses-from-cybercrime.

At its core, the government’s proposal is about shifting the balance of power. It focuses on three key actions:

  • Banning ransomware payments for public sector bodies and Critical National Infrastructure (CNI).
  • Introducing a broader payment prevention regime to restrict payments across all sectors.
  • Mandating ransomware incident reporting, ensuring timely intelligence sharing.

 

Ed provides clear and actionable guidance on the following issues:

  • Core tenets of the policy proposal and the government’s goal.
  • Challenges the UK government faces in ensuring it can achieve the desired policy outcome.
  • The proposal’s impact on the public and private sector.
  • The opportunity for the UK to become a global leader in cybersecurity policy.
  • Key steps businesses can take to ensure they are ready for the policy shift, and can transition from cyber recovery to cyber resilience.

 

 

[Photo by Lewis Kang'ethe Ngugi on Unsplash]

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CyXcel's comprehensive Digital Resilience Services adopt an end-to-end approach to safeguard organizations from potential risks and disruptions caused by cyberattacks.

We provide the expertise necessary to build and maintain a robust security posture, including: 

  • Incident Response Planning: Develop and implement tailored strategies to swiftly address and recover from cyber incidents.
  • Threat Assessment & Risk Management: Identify, evaluate, and manage risks to mitigate potential threats before they impact your business.
  • Threat Intelligence: Provide real-time insights into emerging threats, enabling proactive defence and informed decision-making.
  • Business Continuity: Ensure your organisation remains operational, even during disruptions, with robust continuity planning and strategies.
  • Vulnerability Management: Identify and resolve weaknesses in systems to prevent exploitation by cybercriminals.
  • Penetration Testing: Simulate attacks to assess and strengthen your organisation’s security posture by uncovering vulnerabilities.
  • Risk Advisory: Offer expert advice to optimise your cybersecurity strategy, ensuring a comprehensive, risk-aware approach to resilience.

Read more about our Digital Resilience Services here.

For more information, or to speak with one of our team about how we can help your business, contact us today.