Ransomware is most dangerous threat for UK companies, authorities say


The National Cyber Security Centre (NCSC) is expected to warn on Monday that ransomware is the most dangerous threat for UK companies.

Chief executive Lindy Cameron is to deliver a lecture at the Royal United Services Institute defence and security think tank, ITPro reported.

READ: World’s largest meat supplier JBS hit by cyber-attack

“As the business model has become more and more successful, with these groups securing significant ransom payments from large profitable businesses who cannot afford to lose their data to encryption or to suffer the downtime while their services are offline, the market for ransomware has become increasingly ‘professional’,” she will say.

“The cyber insurance industry […] has a role to play in bearing down on the payment of ransoms and cryptocurrencies entities who facilitate suspicious transactions.”

A ransomware attack is when hackers demand payment or otherwise they will cause disruption or delete files.

Usually, victims unknowingly download malicious software that prevents them from accessing files, systems or networks.

Recently, JBS, the world’s largest meat supplier, and US fuel company Colonial Pipeline were targeted by such attacks.

Both paid millions to the perpetrators even though the authorities advise not to do so, although the US has recovered the majority of the US$4.4mln paid by Colonial Pipeline last month.

The FBI said it “does not support paying a ransom in response to a ransomware attack” as it doesn’t guarantee it will get the data back.

The US agency has found over 90 companies targeted by DarkSide, a cybercrime group linked to Russia.

Among London-listed cybersecurity specialists there are Avast PLC (LON:AVST) and Crossword Cybersecurity PLC (LON:CCS).


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