Security Stop Press : Insurance Industry and Security Coalition To Tackle Ransomware

Three major UK insurance associations have united in a coalition with GCHQ’s National Cyber Security Centre (NCSC) to help reduce ransom payments made by victims of cybercrime.

The Unprecedented cross-sector coalition is comprised of the NCSC and the Association of British Insurers (ABI), British Insurance Brokers’ Association (BIBA) and the International Underwriting Association (IUA).

With Ransomware being the biggest day-to-day cyber security threat to UK organisations, the coalition, working closely with the NCSC, has developed a set of guidelines and a frameworks for a broad range of stakeholders including insurance providers, businesses, and cyber security professionals, aimed at reducing the frequency and impact of ransomware attacks.

NCSC CEO Felicity Oswald said: “It’s really encouraging to see all corners of the insurance industry unite to support victim organisations with guidance that will help them to better understand their options and reduce harm and disruption to their businesses.”

Security Stop Press : Microsoft Disrupts Major Cybercrime Gateway Service

Microsoft’s Digital Crimes Unit has reported disrupting the activities of major cybercrime-as-a-service provider Storm-1152. Microsoft says Storm-1152 has created for sale approximately 750 million fraudulent Microsoft accounts, earning the group millions of dollars in illicit revenue, and costing Microsoft and other companies even more to combat their criminal activity.

Fraudulent online accounts of the type of Storm-1152 act as the gateway to many types of cybercrime, including mass phishing, identity theft and fraud, and distributed denial of service (DDoS) attacks.

Microsoft says that its disruption strategy involves obtaining a court order to take websites used by Storm-1152 offline, thereby removing fraudulent Microsoft accounts and the websites used to sell services that can bypass security measures on other well-known technology platforms