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UK Government ponders major changes to ransomware response – what you need to know

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What's happened? 

Recorded Future has reports that the British Government is proposing sweeping change in its approach to ransomware attacks.

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3.5 million Omni Hotel guest details held to ransom by Daixin Team

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The international hotel chain Omni Hotels & Resorts has confirmed that a cyberattack last month saw it shut down its systems, with hackers stealing personal information about its customers.

In the aftermath of the attack, hotel guests reported that they had been forced to check in on paper, that room keys didn't work, and all phone systems and Wi-Fi were offline.

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What makes a ransomware attack eight times as costly? Compromised backups

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Any organisation that has tried to recover from a ransomware attack knows that it can be time-consuming and costly. Companies hit by an attack must choose between paying a ransom or recovering encrypted data from a backup.

Unfortunately, ransomware gangs are too aware that they can leverage significantly higher ransoms from their corporate victims if they have also compromise the company's backups. For this reason, we are seeing more and more cyber attacks targeting backups because they know that organisations desperately need them to recover if they want to avoid paying a ransom to cybercriminals.

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Offering clients the ultimate peace of mind – a new approach to security and remediation for legal firms

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Although the sector as a whole has traditionally been comparatively wary of the ever-increasing pace of technology, legal services are increasingly data driven, with an abundance of AI-related discussion emerging within legal technology circles. The core Document Management Systems (DMS) and Practice Management Systems (PMS) remain the centre of focus for how and where to deploy a variety of rapidly maturing SaaS platforms, or dedicated, highly customised suites.

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The 12-18-3 method - opening the door to accelerated innovation and continuous learning

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The digital landscape is evolving at a rate that's never been seen before and is set to continue accelerating in the years ahead. In such a fast-paced environment, the ability to work flexibly, responding to unexpected challenges and optimising the time-to-market for new innovations, is critically important for all organisations - whether they're ambitious start-ups or established global leaders. While IT infrastructure must certainly support this - hence the widespread phasing out of legacy infrastructure in favour of increasingly sophisticated Cloud transformation strategies - any new technology will be of limited effectiveness if processes and methodologies do not evolve in parallel.

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A tech-powered customer experience for the new era of financial services

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From day-to-day consumer banking to high-profile asset and wealth management, the way we all access financial services is changing in ways that would have been inconceivable just a few years ago. Online banking is now firmly established, allowing customers to manage their money securely within a few clicks - anytime, anywhere and without the need to visit a branch. A 2022 survey revealed that the quality of the online experience was a key factor in 81% of adults' choice of bank1.

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What is a ‘critical third party’, and why must the Finance sector’s technology providers be ready to earn this designation?

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As a long-standing technology partner for multiple financial organisations across the UK, the team at Exponential-e have been observing the sector's evolving relationship with technology for some time - both the growing demand for a higher standard of operational resilience, and an increasing awareness of the challenges and opportunities that Cloud transformation presents.

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Maintaining operational resilience in a changing Finance sector

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The Finance sector has always been one of the most dynamic, rapidly evolving industries, and this shows no signs of changing any time soon. But while shifts in the landscape may well open new opportunities, they will also come with new challenges, and it is the organisations who are ready and able to face these head-on who will continue to thrive in the years ahead.

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Rising cyber security threats in manufacturing

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Cyber professionals say that companies involved in the manufacturing industry are more exposed to cyber-attacks. This was revealed by a number of studies produced by the Manufacturers Alliance for Productivity and Innovation (MAPI). According to MAPI; 40% of manufacturing firms experienced a cyber-attack within the last year. Of those attacked, 38% of them suffered over $1 million in damages. 

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Why a new standard of operational resilience is required for the UK Finance sector

In a heightened cyber threat landscape - where ransomware attacks are increasing in frequency and sophistication - and having weathered the challenges of COVID-19 and the resulting move to hybrid working, the Finance sector is still continually challenged to demonstrate to its customers that critical services will remain available no matter what, and that sensitive financial data will remain fully secure at all times.

In a heightened cyber threat landscape - where ransomware attacks are increasing in frequency and sophistication - and having weathered the challenges of COVID-19 and the resulting move to hybrid working, the Finance sector is still continually challenged to demonstrate to its customers that critical services will remain available no matter what, and that sensitive financial data will remain fully secure at all times.

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The Finance sector’s relationship with its Cloud providers is evolving

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For some years now, Cloud adoption has been steadily on the rise across the UK's Finance sector, with organisations including banks, insurers, and investment firms phasing out increasingly cumbersome legacy systems in favour of more scalable, agile, and cost-effective infrastructure. Indeed, more than 48% of UK banking services are now built on Cloud infrastructure.

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Cultivating a new breed of cyber security for the new shopping experience

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Retailers - be they small local shops, online sellers, or top global brands - generate, transfer, and store more data than ever before, ranging from customer data (both online and in-store, as we have considered in previous articles), to supply chain and asset tracking data. Whether it's shopping online or utilising in-store apps to access the latest savings and special offers, the way customers shop has fundamentally changed forever, with the data they generate online and in person allowing retailers to build up unique personas that drive truly bespoke experiences.

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