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.”