While it may feel strange to be talking about things going on in the UK, it is appropriate to be aware of how this could have implications for private-sector businesses at some point. The UK proposes banning public sector and critical infrastructure organizations from making ransom payments with their current proposal. So, what does this mean for those companies? Details from the current proposal include criminal or civil penalties for not adhering to the ban's requirements and a fair warning that they should be looking to get their digital house in order to ensure they stand ready to recover should they be attacked.
Future Implications
While there is no current ban in the US, the White House has considered such bans in the past, and many articles note that this option has been and is being explored. The UK’s approach, successes, and failures will likely define a roadmap for other nations to modify and implement a similar approach. Ransomware continues to be a massive funding source for cybercrime, and if it’s a means to get paid, cybercriminals will continue to pursue businesses of any size.
Considerations For Private Businesses
While most articles note these potential bans on ransom payment as centric on the public sector, if they succeed, they likely trickle down into the private sector at some point. Being proactive and having the proper controls to mitigate the impact of and recover from a ransomware attack is the best option. The discussion on ransomware and combating cybercrime is not going away. If your business were to be a victim of a ransomware attack today and you could not recover without paying, that act could put you in a position that creates an opportunity for continued extortion for breaking the law.
Final Thoughts
While this is not today’s worry, it is reasonable for a business owner to consider how fast-changing legislation and laws could impact their business and be forward-thinking. Backup solutions are even more robust than they have been in the past and, when implemented correctly, provide a formidable defense against ransomware attacks. As a business owner, make sure you are covering your bases. Should changes around how ransomware is handled legally occur at some point, ensure you are in the best possible position.
IntelliSystems is committed to helping businesses prepare for and mitigate the impact of cyber threats, including ransomware. This includes proactive strategies to prevent attacks and comprehensive backup solutions to ensure quick recovery in the event of an attack. As the legal landscape around ransomware evolves, businesses must stay informed and prepare for potential changes that could affect their ability to recover from a cyber incident. IntelliSystems provides the tools and expertise to help businesses navigate these challenges and stay ahead of emerging cyber risks.
