News & Analysis as of

Cyber Attacks Office of Foreign Assets Control (OFAC) Today's Popular Updates

Constangy, Brooks, Smith & Prophete, LLP

You’ve been hit with ransomware. Think twice before you pay.

You've been hit by a ransomware attack, and a cybercriminal group is demanding a cryptocurrency payment in exchange for your data's safe return. Should you pay? Deciding whether to pay a ransom is an internal business...more

The Volkov Law Group

Ransomware Criminal Prosecution of Russian National Underscores Pervasive Ransomware Risks

The Volkov Law Group on

In today’s world of cyber threats, many companies have fallen victim to ransomware attacks.  Corporate boards and senior executives face serious issues when their companies are attacked. The payment of ransom is not only...more

Ankura

Ransomware: The Top 5 Myths and Misconceptions

Ankura on

Ransomware has become a major threat to businesses across the world as cyber-attacks are becoming increasingly sophisticated, resulting in devastating financial damage for companies that fall victim. Not only are important...more

Pillsbury - Policyholder Pulse blog

The Dangers of Dialogue: Ransomware Attackers Want to See Your Cyber Insurance Policy

Amidst the recent surge in ransomware attacks on U.S. businesses—with crypto criminals and sometimes State actors invading and encrypting computer and operating systems and extorting funds in exchange for the decryption...more

Kohrman Jackson & Krantz LLP

Why are Company Ransomware Payments Dropping Dramatically?

Companies are increasingly choosing not to pay ransom for ransomware and extortionware due to the growing associated risks. In fact, a recent report by crypto-crime analyst firm Chainalysis found that payments to threat...more

Orrick, Herrington & Sutcliffe LLP

Cybersecurity Insurance and Managing Risk: 10 Things to Know

The number of cybersecurity incidents continues to increase, with the average cost of a data breach in 2022 reaching an all-time high of $4.35 million, up from $3.86 million in 2020. In addition to the increasing number of...more

HaystackID

[Webcast Transcript] Data Mining in Incident Response: Managing Risk and Spend through an Effective Evidence-Based Approach

HaystackID on

Editor’s Note: On August 31, 2022, HaystackID shared an educational webcast on the topic of data mining in data breach incident response. As data mining has increasingly become one of the largest expenses during a cyber...more

Kohrman Jackson & Krantz LLP

You’ve Been Hit by Ransomware: What Should You Do?

Despite your best efforts, you have been hit by ransomware. You are locked out of your system, and you can provide no services to your customers, clients or patients. From a business perspective, you need to get your system...more

Bradley Arant Boult Cummings LLP

Cybersecurity Basics Are Key to Combating Ransomware

The onslaught of ransomware attacks by cybercriminals increases unabated every year, affecting everyone from mom and pop shops on Main Street to corporate lions of Wall Street. Hackers infiltrate an organization's computer...more

Ballard Spahr LLP

OCC Highlights Risks Associated with Compliance Staffing Concerns, Russia Sanctions, Environmental Crimes, Cyber Attacks and...

Ballard Spahr LLP on

On June 23, 2022, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (SRP) for spring 2022. In the SRP, the OCC opines on its current safety and soundness concerns for banks under...more

Hogan Lovells

Building a resilient tech strategy: Cyber attacks

Hogan Lovells on

Being an innovative business comes with its challenges and legal risks. In recent years, there has been a major increase in cyber attacks, and this is a real risk for every business. Aside from the cyber attack itself,...more

The Volkov Law Group

How to Avoid Sanctions Liability Following a Ransomware Attack

The Volkov Law Group on

Ransomware attacks are on the rise and companies everywhere should be taking action to strengthen their cybersecurity defenses and resiliency to ensure their internal systems are able to withstand cybercrime attacks. ...more

K2 Integrity

Global Markets May Face Risk of Virtual Currency Abuse as Russian Actors Seek to Circumvent Sanctions

K2 Integrity on

The United States, the United Kingdom, and European Union have led a broad international coalition imposing a sweeping and unprecedented range of economic and financial sanctions against Russia and Belarus in response to...more

Wiley Rein LLP

2022 Cyber Watch List: A look at 2021 and What’s to Come in the Year Ahead

Wiley Rein LLP on

Privacy In Focus®- In 2021, cyber gained prominence as a top business risk and national security concern with ransomware attacks wreaking havoc on business operations and critical infrastructure. Companies large and small,...more

Orrick, Herrington & Sutcliffe LLP

Year-end Crypto Roundup — Five Key Concepts About the U.S. Government’s Recent Actions on Virtual Currency and Ransomware

The innovative use of virtual currencies is hotter than ever, but so is a dark side of these instruments: their exploitation in ransomware schemes. This year, since January 2021, ransomware attacks have increased...more

Foodman CPAs & Advisors

OFAC Warns FFIs And Crypto Sector On Ransomware Attacks

Foodman CPAs & Advisors on

During the first half of 2021, 68 different ransomware attacks extracted approximately $600 million from victims across the United States. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) says that the...more

Davis Wright Tremaine LLP

"Whole of Government" Anti-Ransomware Campaign on Full Display

November 8, 2021, may have been the most significant single day in the United States' "whole of government" anti-ransomware campaign. The Department of Justice, Department of the Treasury, and Department of State all...more

The Volkov Law Group

Ransomware and OFAC Sanctions Compliance

The Volkov Law Group on

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

Proskauer - Blockchain and the Law

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

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

Torres Trade Law, PLLC

Crypto Crackdown: OFAC Sanctions SUEX Cryptocurrency Exchange

Torres Trade Law, PLLC on

On September 21, 2021, in a first-of-it-kind action, the U.S. Department of the Treasury Office of Foreign Assets Control (“OFAC”) imposed economic sanctions on SUEX OTC, S.R.O. (“SUEX”), a virtual currency exchange, for...more

Orrick, Herrington & Sutcliffe LLP

Treasury Actions to Counter Ransomware

On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced several actions focused on disrupting criminal digital finance infrastructure, including virtual currency...more

Sheppard Mullin Richter & Hampton LLP

Do You Have a Risk-Based Sanctions Compliance Program?: In the Event of a Ransomware Attack, OFAC Wants to Know

In the wake of increased ransomware attacks over the course of the last several months, the US Department of Treasury’s Office of Foreign Assets Control (OFAC) has updated a guidance it released last year on potential...more

Morgan Lewis

OFAC Issues Updated Advisory on Sanctions Risks for Facilitating Ransomware Payments

Morgan Lewis on

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) recently issued an “Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments.” This advisory continues prior advisory...more

Foley Hoag LLP

Ransomware Payments – OFAC Updates its Advisory and Congress Gets Involved

Foley Hoag LLP on

Ransomware payments continue to be a focus of the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”). As previously reported by Foley Hoag, on October 1, 2020, OFAC released an advisory regarding potential...more

Patterson Belknap Webb & Tyler LLP

OFAC Ransomware Guidance: Prepare, Report, and (Preferably) Don’t Pay the Ransom!

As we have previously reported, there has been a major uptick over the past few years—and particularly during the COVID-19 pandemic—in ransomware attacks. These attacks consist of an intrusion by a cybercriminal into the...more

55 Results
 / 
View per page
Page: of 3

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide