New Ransomware Legislation On The Horizon

The UK Government is proposing to advance landmark ransomware legislation designed to curb payments to cyber criminals and strengthen incident reporting requirements. This initiative follows a marked increase in ransomware attacks across both public and private sectors, with the National Cyber Security Centre and National Crime Agency (NCA) identifying ransomware as the most significant cyber threat to UK national security. Private sector reporting to the NCA indicates the number of UK victims appearing on ransomware data leak sites has doubled since 2022. This is reflected globally, with industry estimates suggesting that in 2024 ransomware criminals received at least US$813m in ransom payments. These attacks are increasingly sophisticated and affect organisations across all sectors of the economy. Sectors such as shipping, aviation, and finance are particularly vulnerable, with the average cost of a cyber-attack in shipping now exceeding US$3 million.

Published by Holman Fenwick Willan

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