Joint Financial Services trade association letter regarding the Home Office ransomware proposals

The industry is committed to combating economic crime, and we support the government’s efforts to disincentivise cybercrime and improve cross-sector resilience, safeguarding consumers, and upholding trust in the digital ecosystem. However, while we understand the Home Office’s intention, we are concerned that the proposals raise major operational challenges,may fail to address the government’s objectives, and, in some cases, appear unfeasible.