The UK government is considering a bold move to outlaw ransomware payments by public institutions and critical infrastructure providers. The proposal, aimed at cutting off funding to cybercriminals, also calls for private businesses to disclose any ransom payments they make.
The plan hopes to dismantle the financial incentive behind ransomware attacks. However, cybersecurity professionals have raised concerns about the possible fallout for victims.
Ransomware remains a lucrative tool for threat actors, who count on swift payments from businesses desperate to recover their data. As one expert noted, many organizations treat these attacks like routine incidents—prepared to pay and move on.
The proposed ban has split industry opinion. While some hail it as a logical step toward reducing attacks, others argue it fails to offer real protection. Jonathan Wright, a partner at Hunton Andrews Kurth LLP, warned the policy could end up penalizing victims rather than deterring attackers.
Cyber attacks cost UK businesses approximately £64 billion annually—a figure that includes not only ransom payouts, but also losses from downtime, overtime, and disrupted operations. With such high stakes, critics question whether banning payments will mitigate harm or simply add to businesses’ burden.
In a recent discussion, Jane and Rory from the SOC News team explored these developments, highlighting the potential risks and rewards of the UK’s proposed ransomware reforms.
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News Source: ITPro.com
