UK Conservatives Say 'No' to Cyber Insurance Backstop

Committee Chairs Accuses UK of Favoring an 'Ostrich Strategy' For Ransomware
The Conservative government of British Prime Minister Rishi Sunak says it won't champion a reinsurance plan for cyber insurance similar to flood insurance, telling a parliamentary committee it doesn't want to "damage competition." Global ransomware payments surged to record levels during 2023.

british competition conservatives cyber cyber insurance flood global government insurance payments prime ransomware ransomware payments record rishi sunak strategy