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Former UK Cybersecurity Chief Says Needed to Stop Ransomware Payouts
Summary: Ciaran Martin, who was the founding chief executive of the National Cyber Security Centre (NCSC), told The Guardian that insurance firms sending funds on behalf of affected companies have made it “OK to pay out to criminals.”“People are paying bitcoin (BTC, +1.35%) to criminals and claiming back cash” via insurance claims, Martin said.“In the last ...
Ciaran Martin, who was the founding chief executive of the National Cyber Security Centre (NCSC), told The Guardian that insurance firms sending funds on behalf of affected companies have made it “OK to pay out to criminals.”“People are paying bitcoin (BTC, +1.35%) to criminals and claiming back cash” via insurance claims, Martin said.“In the last year, experts are saying this is close to getting out of control, You have to look seriously about changing the law on insurance and banning these payments, or at the very least, having a major consultation with the industry”.
Chainalysis recently reported that ransomware attacks were up 311% in 2020 when compared to the year before.
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Link: Former UK Cybersecurity Chief Says Needed to Stop Ransomware Payouts [Copy]
