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BPFI joins law enforcement agencies to highlight cybercrime initiative for victims of ransomware

26th July 2019

‘No More Ransom’ online portal helps ransomware victims recover their files free of charge

Banking & Payments Federation Ireland (BPFI) has joined law enforcement agencies and industry partners across Europe, including Europol, to highlight the cybercrime initiative No More Ransom, an online portal designed to help victims of ransomware recover their files free of charge.

To date the initiative has helped more than 200,000 victims of ransomware retrieve their files, thus preventing in the region of €96 million euro from reaching criminals. With 14 new tools added in 2019, the portal can now decrypt 109 different types of ransomware infections – a number that is continuing to grow.

Ransomware is a type of malware that prevents or limits users from accessing their systems or devices; and it asks victims to pay a ransom through specific online payment methods by a certain deadline to regain control of their data. The general advice is not to pay the ransom as there is no guarantee that the victim will receive the decryption key in return. By sending the money, victims will be financing criminals and encouraging them to continue their illegal activities.

No More Ransom is the first public-private partnership of its kind offering the victims of ransomware an alternative solution to losing their files or having to pay the demanded money to the criminals. A total of 42 law enforcement agencies, five EU Agencies and 101 public and private entities including BPFI have come together in support of this initiative.

Speaking about the importance of the initiative BPFI CEO, Brian Hayes, stated: “We are pleased to be partnering in this well-established No More Ransom initiative. The dedicated portal serves as a way to help educate the public about ransomware, but more importantly, to also offer decryption tools to help individuals recover files that have been locked by ransomware. Ransomware authors are criminals who are wholly dishonest in what they do. This initiative is another piece of armoury in the battle against cybercrime . People should be able to use a computer, tablet or smartphone without the fear of having their information or held hostage.”

Prevention remains as the most effective method of protection against ransomware. Consumers and businesses are advised to follow a number of simple steps to avoid ransomware from getting into their electronic devices: keep offline backups, ensure software is up to date, use a robust antivirus and apply caution when clicking on attachments and visiting unknown websites.

For more information visit www.nomoreransom.org

 

For further information contact Jillian Heffernan, Head of Communications, BPFI, 087 9016880 or jillian.heffernan@bpfi.ie

About BPFI: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland.  Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

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