News & Analysis as of September 25, 2024

Ransomware

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

FinCEN Crypto & Ransomware Guidance: Will 2022 Bring More Changes?

Torres Trade Law, PLLC on 1/26/2022

The Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of the Treasury (“Treasury”) has made clear that businesses engaging in certain activities involving virtual currencies are subject to registration,...more

OFAC Speaks Again on Ransomware: Mature Cybersecurity Programs Are Important

Manatt, Phelps & Phillips, LLP on 11/12/2021

Last year, as employees clicked away at home amid the COVID-19 pandemic lockdown, ransomware attacks surged, with hospitals and other health care providers the top target. This year will be worse—2021 has already seen more...more

Ransomware and OFAC Sanctions Compliance

The Volkov Law Group on 11/4/2021

We have all read about the high-profile malicious cyber-attacks and ransomware demands and payments. The Colonial Pipeline case demonstrated how responsive law enforcement can be in tracking down perpetrators and recovering...more

Treasury Department Steps Up Its Counter-Ransomware Efforts and Simultaneously Issues New Sanctions Compliance Guidance for...

Proskauer - Blockchain and the Law on 10/28/2021

Recently, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, released a report on ransomware trends stating that during the first half of 2021, 68 different ransomware variants...more

White House Focused on Combating Ransomware

Robinson+Cole Data Privacy + Security Insider on 7/16/2021

Ransomware attacks are frequent and escalating as we speak. Double extortion scams are hitting companies at a dizzying pace, and catching companies, large and small, off-guard. U.S. President Joseph Biden warned Russian...more

Crypto Payment Options Announced, Federal Reserve Official Addresses Bitcoin, US and Foreign Actions Target Crypto Crimes, DeFi...

BakerHostetler on 2/22/2021

Crypto Payment Options Announced, Federal Reserve Official Addresses Bitcoin - Late last week, BitPay, a leading provider of cryptocurrency payment services, announced that U.S. users of its prepaid debit card, which allows...more

Financial Firms Move to Integrate Cryptocurrencies, Blockchain Solutions Announced Across Markets, Agencies Target Crypto Crimes...

BakerHostetler on 2/15/2021

Payment Firms Adopt Cryptocurrencies, Company Purchases $1.5 Billion in Bitcoin - According to a press release, last week the Office of the Comptroller of the Currency provided conditional approval to Protego Trust Bank for a...more

Update: Ransomware: To Pay or Not to Pay

Robinson+Cole Data Privacy + Security Insider on 12/3/2020

Three recent events are prompting me to update our previous blog post on the difficult decision of whether to pay or not to pay ransomware following an attack....more

Financial Institutions to Remain Vigilant of Ransomware Attacks as they are Facilitators of Ransomware Payments

Foodman CPAs & Advisors on 11/3/2020

On October 1, 2020, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert Financial Institutions (FI) relating to “predominant trends, typologies, and potential indicators of ransomware and associated...more

Data Privacy + Cybersecurity Insider - December 2019

Robinson & Cole LLP on 12/11/2019

National Veterinary Associates (NVA), a large network of veterinary hospitals and clinics, has reportedly been the victim of a ransomware attack. According to the reports, NVA employs more than 2,600 veterinarians, with over...more

New Blockchain Solutions Announced Across Industries, Multiple Crypto Enforcement Actions Announced Across Jurisdictions

BakerHostetler on 4/29/2019

Banks Announce Blockchain Initiatives, Stablecoins Launch, France Passes New Law - Last week, a major French-based bank announced it will issue the first covered bond as a security token that is directly registered on the...more

Data Privacy + Cybersecurity Insider - January 2019

Robinson & Cole LLP on 1/7/2019

Just before the new year, the Department of Health and Human Resources (HHS) released voluntary cybersecurity practices for health care organizations, which consists of a main document, two technical volumes, and resources...more

Data Privacy + Cybersecurity Insider - January 2018 #3

Robinson & Cole LLP on 1/19/2018

Think Tank Says Nuclear Missiles Can be Inadvertently Launched Through Cyber-Attacks - Just before the false alarm in Hawaii last weekend when residents were erroneously warned of an impending missile attack, think tank...more

Data Privacy + Cybersecurity Insider - October 2017 #2

Robinson & Cole LLP on 10/18/2017

FBI Issues Flash Alert on Apache Struts Vulnerability - The Apache Struts vulnerability has been mentioned frequently in the media over the past month, as it is believed to have been involved in one of the largest and most...more

Guilt by Association: Bitcoin and the WannaCry Ransomware Attack

Perkins Coie on 5/27/2017

The recent so-called “WannaCry” ransomware cyber-extortion attack has thrust bitcoin as a means of payment back into the debate surrounding illegal online activity. Much in the way that the internet, in its early days, was...more

WannaCry Ransomware Alert

Sheppard Mullin Richter & Hampton LLP on 5/22/2017

This is not a drill. Companies and law enforcement agencies around the world have been left scrambling after the world’s most prolific ransomware attack hit over 500,000 computers in 150 countries over a span of only 4...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 5/15/2017

A series of cyberattacks featuring ransomware rocked the world this weekend, and the aftershocks “could linger” for a while....more

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