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Insurers call on government to avoid ban on ransomware payments

Posted On: Feb. 2, 2023 10:05 AM CST

The Association of British Insurers and the International Underwriting Association of London called on the government to avoid implementing a ban on ransomware payments, saying that it would trigger insolvencies and unemployment in the country, The Stack reported. These associations, which represent insurers such as Aviva PLC and Allianz SE, said that if the ban is imposed then the government must provide required relief for businesses that fall victim to a ransomware attack.