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Ransomware Survey Launched by the Gibraltar Regulators Forum

12 Jun 24

The Gibraltar Regulators Forum has this week launched a survey aimed at mitigating risks associated with the increasing global threat of ransomware attacks and try to establish the impact this has on Gibraltar. Ransomware is a type of malicious software designed to block access to a computer system or data, often by encrypting the data, until a sum of money is paid. These attacks can be devastating, causing significant disruption to businesses and personal lives, as well as leading to financial losses and potential breaches of sensitive information.  

The survey focuses on shedding light on the prevalence of ransomware attacks within Gibraltar and determine the provision of security measures to protect against such attacks. Developed through a collaborative effort under the Gibraltar Regulators Forum, between the Gibraltar Financial Services Commission, the Gibraltar Regulatory Authority, the Legal Services Regulatory Authority, the Gibraltar Gambling Division and the Gibraltar Financial Intelligence Unit, this initiative seeks to quantify relevant factors concerning the security landscape in the context of ransomware incidents in Gibraltar and assess their impact on individuals and organisations.

The survey also seeks to develop strategies to enhance public awareness surrounding ransomware threats and provide guidance to organisations, ultimately aiming to mitigate the financing of criminal activities and enhance the protection of data.

Results of the survey are anonymous and will be analysed and used to identify areas for improvement. This input will play a crucial role in helping us to develop effective measures to protect our community and ensure that Gibraltar remains a secure environment for all.

In response to the increasing threat, last year, the Financial Action Task Force (FATF) published a report titled "Countering the Financing of Ransomware." Consequently, the Gibraltar Financial Intelligence Unit is now developing an e-learning workshop on its educational platform e-Nexus which not only aims to raise awareness about ransomware to professionals in the finance centre but also provides key information on how to detect the illicit proceeds as a result of the ransomware attacks.

The survey has been circulated to the relevant organisations.





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