Cyber Breaches: Is Monitoring Ransom Payments The Solution?

It is difficult to overstate the challenges that organisations may encounter when in the midst of managing a cyber attack: lack of access to systems, confidential information stolen, operations brought to a stop.

When they are then presented with a demand for payment from the threat actors, with an offer to return access to systems and/or data, it can be tempting to make the payment, but organisations must consider the risks of doing so.

Following a three-month-long public consultation, the government has published its report following the receipt of over 300 responses. It intends to bring in a series of measures which would include banning ransom payments by public sector bodies and providers of critical national infrastructure. In addition, private companies (not covered by the ban) would be required to notify authorities before paying a ransom, and all ransomware attacks would have to be reported.