News & Analysis as of May 17, 2025

Cyber Crimes

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk... more +

Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

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

Constangy, Brooks, Smith & Prophete, LLP on 12/10/2024

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

How to Defend Against Identity Theft This Tax Season

J.S. Held on 12/6/2024

In recent years, identity theft cases have surged, especially during tax season. According to the Internal Revenue Service (IRS), in 2022, the federal agency identified and prevented USD 5.7 billion in tax-related fraud, and...more

Estafas Navideñas Impulsadas Por La Inteligencia Artificial

Foodman CPAs & Advisors on 12/12/2023

El 22/11/23, la Oficina de Ciberseguridad y Protección de Infraestructura Crítica del Departamento del Tesoro de los EE. UU. publicó un Aviso que brinda consejos a los consumidores para evitar convertirse en víctimas de...more

Holiday Scams Propelled By Artificial Intelligence

Foodman CPAs & Advisors on 12/12/2023

On 11/22/23, the U.S. Department of the Treasury’s Office of Cybersecurity and Critical Infrastructure Protection office released an advisory providing tips to consumers to avoid becoming the victim of cyber or online...more

US Treasury Department announces initiatives for further study of a federal insurance backstop for catastrophic cyber events

Eversheds Sutherland (US) LLP on 11/30/2023

On November 17, 2023, the United States Treasury Department’s Federal Insurance Office (FIO) and the Volatility and Risk Institute at the NYU Stern School of Business jointly hosted a conference on Catastrophic Cyber Risk and...more

The North Korean Crypto Threat

K2 Integrity on 10/17/2022

Executive Summary - The North Korean threat to the crypto ecosystem is the highest form of immediate risk to the crypto-economy driven by a regime that seeks to profit from its misuse to reinforce its regime and fuel all its...more

Karakurt Extortion Group Auctions Data for Ransom

Robinson+Cole Data Privacy + Security Insider on 6/16/2022

On June 2, 2022, CISA (the Cybersecurity and Infrastructure Security Agency), the FBI, the Department of the Treasury and the Financial Crimes Enforcement Network issued a joint Cybersecurity Alert warning companies of the...more

If You See Something, Say Something: FinCEN Updates Advisory on Managing Ransomware Attacks

Farrell Fritz, P.C. on 11/24/2021

In a few short weeks, the global loss attributable to cybercrime is expected to surpass $6 trillion.* Therefore, in an effort to protect financial institutions and consumers from further loss, agencies including the United...more

The Department of Treasury Issues Guidance Regarding Sanctions Risks Inherent to Facilitating Ransomware Payments

Adams & Reese on 9/28/2021

On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an updated advisory outlining the risks involved with facilitating ransom payments to malicious actors conducting...more

First OFAC Sanctions Against a Cryptocurrency Exchange: Could the Designation of SUEX Signal an Enforcement Trend to Combat...

Sheppard Mullin Richter & Hampton LLP on 9/23/2021

On September 21, 2021, the Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions on SUEX OTC, S.R.O, a cryptocurrency exchange, for its role in laundering money to ransomware attackers. According...more

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

Blank Rome LLP on 10/15/2020

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

Virtual Currency as a Threat to National Security?

King & Spalding on 3/12/2020

In the past, sanctioned jurisdictions like Venezuela have embraced virtual currency as a way to bypass channels that involve U.S. dollars, blunting the impact of U.S. economic sanctions policies aimed at isolating those...more

U.S. Treasury and DOJ Targets “Evil Corp”

Ballard Spahr LLP on 12/6/2019

Organization Excels at Niche Branding but Stumbles in Avoiding Enforcement - The first paragraph of the press release sums it up: Today the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) took action...more

OFAC Adds Iranian Bitcoin Exchangers’ Names and Wallet Addresses to SDN List, Ushers in “New Approach” to Sanctions Enforcement

Akin Gump Strauss Hauer & Feld LLP on 1/11/2019

• On November 28, 2018, OFAC designated two Iran-based individuals who helped exchange cryptocurrency (bitcoin) into fiat currency on behalf of alleged ransomware perpetrators who targeted U.S. businesses and municipal...more

Treasury Identifies Iranian Nationals and Their Digital Currency Addresses Used to Facilitate Ransomware Attacks

Perkins Coie on 12/4/2018

On November 28, 2018, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC), announced an action against two Iranian citizens, Ali Khorashadizadeh and Mohammad Ghorbaniyan, who facilitated the exchange of...more

Banks Should Prepare for Increased Collaboration between IT, Legal and BSA/AML Compliance Departments under New FinCEN Guidance

Bradley Arant Boult Cummings LLP on 11/18/2016

Last month, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued an Advisory which provided substantial guidance to financial institutions regarding the scope of information that must be...more

Checking In on Sanctions Enforcement

The Volkov Law Group on 9/24/2015

The Department of Treasury’s Office of Foreign Asset Control continues to ramp up sanctions enforcement. Even with the likely relaxation of the Iran and Cuba sanctions, OFAC has been continuing its aggressive enforcement...more

United States Goes on the Offensive Against International Cybercrime - 2015 Cybersecurity Executive Order

Orrick, Herrington & Sutcliffe LLP on 4/14/2015

On April 1, President Obama signed an Executive Order to combat the "national emergency" sparked by a rapidly evolving global cybercrime environment. The Executive Order directs the U.S. Treasury Department to impose...more

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