Fraud Management & Cybercrime , Ransomware , Regulation

ISMG Editors: UK Ransomware Reporting Mandate Sparks Debate

Also: Bringing AML and Fraud Programs Together; the Global AI Arms Race Anna Delaney (annamadeline) • January 17, 2025

Clockwise, from top left: Anna Delaney, Mathew Schwartz, Suparna Goswami and Tony Morbin

In this week's update, ISMG editors discussed a U.K. proposal to mandate ransomware payment reporting, tackling financial crime by bringing together fraud and AML teams, and the global AI arms race as countries compete to lead innovation while balancing regulation and ethics.

The panelists - Anna Delaney, director, productions; Mathew Schwartz, executive editor, DataBreachToday and Europe; Suparna Goswami, associate editor, ISMG Asia; and Tony Morbin, executive news editor, EU - discussed:

The U.K.'s proposal for ransomware payment reporting, including banning ransom payments in public and critical sectors, requiring notification before payments, and mandating incident reporting to improve law enforcement's ability to counter cybercrime;
The challenges financial institutions face in tackling financial crime, including a lack of coordination between fraud and anti-money laundering programs because of each team's differing operational focus.
The global AI arms race, including efforts by the U.K. and U.S. to foster innovation while implementing regulatory frameworks to ensure AI safety, public trust and global cooperation.

The ISMG Editors' Panel runs weekly. Don't miss our previous installments, including the Jan. 3 edition on agentic AI and the Jan. 10 edition on the coming battle over Chinese cyberthreats.