Thought Leadership

Asset Reality provides evidence for the UK's JCNSS report

Author
Lo Furneaux
Digital Content & Operations Coordinator

This week, the House of Commons Joint Committee on National Security Strategy published its initial report on the UK government’s response to crypto-enabled ransomware, incorporating evidence provided by Asset Reality.

In our testimony, we emphasised that more resources, support and education are needed to reduce the profitability of crime by depriving those involved of their ill-gotten gains.

The JCNSS report warns that the UK is not prepared to handle the serious threat of coordinated ransomware attacks despite being one of the most targeted countries in the world.

Due to competing political priorities, government and law enforcement agencies often find their resources spread thin. This is most apparent with financial crimes, where only 2% of police funding is dedicated to combating fraud despite it accounting for 40% of reported crimes. This leaves large parts of the country’s infrastructure susceptible to cyber attacks, especially in sectors that still rely heavily on outdated IT systems and manual recovery processes.

Criminals exploit these vulnerabilities and see ransomware as an easy way to make a lot of money quickly without the risk of getting caught or prosecuted. By targeting their ill-gotten gains and reducing the profitability of crime, we can create a powerful deterrent against future criminal activity and generate additional funding for law enforcement.

Dame Margaret Beckett, Chair of JCNSS, elaborated on the issue, stating:

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“Our main legislative framework is irresponsibly outdated… If the UK is to avoid being held hostage to fortune, it is vital that ransomware becomes a more pressing political priority, and that more resources are devoted to tackling this pernicious threat to the UK’s national security.”

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Read the committee’s full report:

https://committees.parliament.uk/committee/111/national-security-strategy-joint-committee/news/198995/a-hostage-to-fortune-ransomware-and-uk-national-security/#:~:text=Read%20the%20full%20report%20(HTML

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Read a condensed summary:

https://publications.parliament.uk/pa/jt5804/jtselect/jtnatsec/194/summary.html

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Read the submitted evidence and published reports from this inquiry:‍

https://committees.parliament.uk/work/7017/ransomware/publications/
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Listen to Aidan explain the reasons why the UK is falling behind in crypto asset recovery despite the high levels of activity in this clip from our evidence presentation during the initial ransomware inquiry on April 24, 2023:

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