14th May 2024

Ransomware  – new guidance for those considering payment cyber criminal demands has been launched today. The NCSC, worked with BIBA, the IUA and the ABI to bring some important new guidance to help businesses’ decision making around making ransom payments following a cyber-attack and the guide was launched today.

We support this cohesive approach by the insurance sector and Government to support cyber-attack victims by following the good practice in the guide.

A cyber ransom-attack is one of any business’ greatest risk to their ability to trade regardless of size or sector. This Ransom Payment Guidance provides practical help to plan and respond in a crisis and importantly encourages firms to consider other approaches to responding to a cyber-attack ahead of ransom payments in conjunction with any outsourced IT to ensure a joined-up response. For anyone, it may bring clarity to in a very challenging situation or be a useful sense-check of a businesses’ response procedure.

Many small businesses still don’t expect to be a victim of a cyber-attack, but that’s not the case. Cyber-criminals will assess not how valuable a business is but how vulnerable they are.

You and your customers can access further information on how good cyber-insurance can help to prevent and survive a cyber-attack in our guide written by CFC Underwriting.

Anyone needing further guidance on facing Ransome demands can read the NCSC guide here: https://www.ncsc.gov.uk/guidance/organisations-considering-payment-in-ransomware-incidents


Become a BIBA member

Membership that gives you more. We help support, protect, represent and promote brokers. Our experienced and dedicated team are here to help you!

Find out more