Risk & Regulation December 4
UK banks hit back at proposed ransomware payment ban
Industry warns it would do little to stamp out cyber attacks
Tony Glover by
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UK security minister Dan Jarvis at the FT Cyber Resilience Summit this week
Source: https://www.thebanker.com/content/b070d0f4-5d4f-40f1-90ef-4908122ef746
Association of Foreign Banks (AFB) cybersecurity rating report: https://www.rankiteo.com/company/association-of-foreign-banks
"id": "ASS1764871588",
"linkid": "association-of-foreign-banks",
"type": "Ransomware",
"date": "12/2024",
"severity": "75",
"impact": "2",
"explanation": "Attack limited on finance or reputation"{'affected_entities': [{'customers_affected': None,
'industry': 'Banking',
'location': 'United Kingdom',
'name': 'UK Banks',
'size': None,
'type': 'Financial Institutions'}],
'data_breach': {'data_encryption': None,
'data_exfiltration': None,
'file_types_exposed': None,
'number_of_records_exposed': None,
'personally_identifiable_information': None,
'sensitivity_of_data': None,
'type_of_data_compromised': None},
'date_publicly_disclosed': '2023-12-04',
'description': 'UK banks have criticized a proposed ban on '
'ransomware payments, arguing that it would do '
'little to reduce cyber attacks.',
'impact': {'brand_reputation_impact': None,
'conversion_rate_impact': None,
'customer_complaints': None,
'data_compromised': None,
'downtime': None,
'financial_loss': None,
'identity_theft_risk': None,
'legal_liabilities': None,
'operational_impact': None,
'payment_information_risk': None,
'revenue_loss': None,
'systems_affected': None},
'initial_access_broker': {'backdoors_established': None,
'data_sold_on_dark_web': None,
'entry_point': None,
'high_value_targets': None,
'reconnaissance_period': None},
'post_incident_analysis': {'corrective_actions': None,
'root_causes': None},
'ransomware': {'data_encryption': None,
'data_exfiltration': None,
'ransom_demanded': None,
'ransom_paid': None,
'ransomware_strain': None},
'references': [{'date_accessed': '2023-12-04',
'source': 'Risk & Regulation',
'url': None},
{'date_accessed': None,
'source': 'Financial Times Cyber Resilience '
'Summit',
'url': None}],
'regulatory_compliance': {'fines_imposed': None,
'legal_actions': None,
'regulations_violated': None,
'regulatory_notifications': None},
'response': {'adaptive_behavioral_waf': None,
'communication_strategy': None,
'containment_measures': None,
'enhanced_monitoring': None,
'incident_response_plan_activated': None,
'law_enforcement_notified': None,
'network_segmentation': None,
'on_demand_scrubbing_services': None,
'recovery_measures': None,
'remediation_measures': None,
'third_party_assistance': None},
'title': 'UK Banks Oppose Proposed Ransomware Payment Ban',
'type': 'Ransomware Policy Debate'}