In order to investigate a restriction that would stop operators of vital national infrastructure from compensating ransomware offenders, the UK has opened a consultation.
A statewide prohibition that would stop operators of vital national infrastructure from caving in to demands from ransomware attackers was the subject of a consultation that was started by the UK government.
The Home Office’s Jan. 14 plan expanded an existing restriction on government departments by proposing a “targeted ban” on ransomware payments for all public sector organizations and vital national infrastructure, including the energy, health, and local councils.
Similar prohibitions have been considered by other countries. Following a cyberattack on consumer lender Latitude Financial in 2023, Australia examined whether ransomware payments need to be prohibited. Around the same time, the US was considering a ban as well.
According to UK Security Minister Dan Jarvis, the objective is to prevent cybercriminals from accessing ransom money in order to safeguard national security. Attackers using ransomware often demand bitcoin payments.
“By hitting these criminal networks in their wallets and cutting off the crucial financial pipeline they depend on to function, these proposals help us meet the scale of the ransomware threat,” Jarvis said. The Home Office claims that the ideas are intended to make the nation’s vital services “unattractive targets” for hackers.
The plans also include a ransomware payment prevention regime that would allow payments to sanctioned companies and known criminal groups to be banned, while also offering victims information and counsel.
In order to assist UK law enforcement officials in identifying groups or companies that commit ransomware crimes often, a mandatory reporting system for ransomware events is also being proposed. The consultation is scheduled to conclude on April 8.
The Home Office claims that cyberattack on Royal Mail, a major mail service and courier business as well as a supplier to hospitals in London, had “devastating impacts” on the general population. International package and letter shipments via Royal Mail’s branches came to a complete halt in January 2023 due to a cyberattack.
Nearly 83,000 people’s personal information was made public by a cyberattack on Advanced Computer Software Group, a supplier of health-service software, in August 2022.
During the year ending August 2024, the National Cyber Security Center handled 430 cyber events, including 13 “nationally significant” attacks that “posed serious harm to essential services or the wider economy,” according to the government agency.
Also Read: New Digital Pound Lab to Test CBDC Capabilities by UK Central Bank
Wallets