News & Analysis as of

Cyber Attacks Office of Foreign Assets Control (OFAC) SDN List

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

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

Perkins Coie

US Outlines Increased Sanctions on Foreign Parties Continuing To Transact With Russia Sanctions Targets

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The U.S. government issued guidance on October 14, 2022, emphasizing that the United States is “prepared to use its broad targeting authorities against non-U.S. persons” who continue to trade with Russia sanctions targets,...more

Lowenstein Sandler LLP

Understanding the Additional Risks When Making a Ransomware Payment

Lowenstein Sandler LLP on

Ken Fishkin talks to Doreen M. Edelman and Christian C. Contardo of the firm’s Global Trade & National Security practice, about ransomware and the risks of making payments when data is held for ransom, such as exposure to...more

BakerHostetler

DSIR Deeper Dive into the Data: Ransomware Front and Center

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There is no question that ransomware is here to stay. Thirty-seven percent of the matters we handled last year involved ransomware, compared to 27 percent of matters in 2020. ...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

McDermott Will & Emery

Russian Invasion of Ukraine Triggers Global Sanctions: What Businesses Need to Know

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The Russian invasion of Ukraine has triggered swift international retribution. Global powers—including the European Union (EU), the United Kingdom (UK) and the United States (US)—have announced sanctions as the crisis in...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

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

Morgan Lewis

OFAC Issues Updated Advisory on Sanctions Risks for Facilitating Ransomware Payments

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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

Akerman LLP

New OFAC Advisory Offers Steps to Reduce Sanctions Risks for Entities Facilitating Ransomware Payments

Akerman LLP on

Companies that make ransomware payments, whether they be the victim of a ransomware attack or entities that facilitate such payments, should review the updated advisory issued by U.S. Department of the Treasury's Office of...more

Jones Day

OFAC Issues Additional Ransomware Guidance and Designates Virtual Currency Exchange

Jones Day on

The U.S. Treasury Department has issued an updated ransomware advisory that highlights sanctions risks associated with ransomware payments and details proactive steps companies can take to mitigate these risks....more

Hogan Lovells

Ransomware sanctions and the U.S. Government's latest strategy to address cyber threats

Hogan Lovells on

The decision to pay millions to a cyber criminal has never been easy, but it is now even more complex. The U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) issued an updated advisory on September 21,...more

Bilzin Sumberg

OFAC Warns Companies Again Not to Pay Ransomware Demands and Offers Helpful Hints for Mitigating Risks

Bilzin Sumberg on

On September 21, 2021, The Department of Treasury’s Office of Foreign Assets Control (“OFAC”) issued an Updated Advisory “to highlight the sanctions risks associated with ransomware payments in connection with malicious...more

Polsinelli

Department of the Treasury Issues New Advisory Regarding Ransomware Payments

Polsinelli on

On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) released its Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments (the “Updated Advisory”)....more

Shook, Hardy & Bacon L.L.P.

To Pay or Not To Pay: What New Regulatory Activity Means for Ransomware Victims

New regulatory activity may help companies experience fewer ransomware attacks and could impact whether ransoms can be paid to threat actors. The activity includes guidance and sanctions by the Department of Treasury...more

Nossaman LLP

How to Prevent an OFAC Sanction When Responding to a Ransomware Attack

Nossaman LLP on

A ransomware attack is a major threat affecting all sectors of business, including healthcare. Organizations typically follow state and federal privacy laws as part of their ransomware prevention and response measures....more

Husch Blackwell LLP

Biden Administration Imposes New Russia Sanctions And Establishes Framework For Future Expansion Of Russian Sanctions Regime

Husch Blackwell LLP on

Recently, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) sanctioned various individuals and entities connected to Russia’s technology sector and also expanded sanctions against dealings in Russian...more

Lowenstein Sandler LLP

Beware Of Paying That Ransomware Threat

At a time when the U.S. healthcare system is already overwhelmed by the COVID-19 pandemic, hospitals and healthcare companies have been hit with an unprecedented number of ransomware attacks. A joint cybersecurity advisory...more

Foley Hoag LLP

First A Ransomware Attack, Now Sanctions? New OFAC Advisory Warns of Sanctions Risks for Facilitating Ransomware Payments

Foley Hoag LLP on

On October 1, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) released an advisory regarding potential sanctions risks related to facilitating ransomware payments... OFAC is the federal...more

Blank Rome LLP

The Treasury Department’s Office of Foreign Assets Control Issues Advisory Warning to Victims of Ransomware Attacks

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Ransomware demands have surged during the pandemic. Earlier this month, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued an advisory pertaining to the financial implications of succumbing...more

McDermott Will & Emery

OFAC Advisory Warns of Civil Penalties for Ransomware Payments

McDermott Will & Emery on

The US Department of Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory alert on October 1, 2020, that serves as a warning to entities who have been or will be the victim of a ransomware attack. The...more

White & Case LLP

US Treasury Advises on Potential Sanctions Risks Raised by Ransomware Attacks

White & Case LLP on

On October 1, 2020, the US Department of the Treasury's Office of Foreign Assets Control ("OFAC") issued an advisory opinion on the sanctions risks associated with certain cyberattacks ("OFAC Guidance"). The OFAC Guidance...more

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