The Gibraltar Regulators Forum has this week launched a survey aimed at mitigating risks associated with the increasing global threat of ransomware attacks and to try to establish the impact this has on Gibraltar.  

A statement from the Government follows below:

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.