News & Analysis as of

Data Breach Economic Sanctions

BakerHostetler

Deeper Dive: Understanding the 2023-24 Crypto Threat Landscape

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As the Web3 and digital assets ecosystem continues to grow, hacks, scams and other threats remain a major cause for concern and a potential impediment to broader adoption. Data from various sources indicates that after a year...more

The Volkov Law Group

Ransomware Criminal Prosecution of Russian National Underscores Pervasive Ransomware Risks

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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

Lowenstein Sandler LLP

Understanding the Additional Risks When Making a Ransomware Payment

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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

Wyrick Robbins Yates & Ponton LLP

Worried about Ransomware? Ten Steps to Help Legal Counsel Understand and Mitigate the Risk

Executive teams in the U.S. live in fear of a successful ransomware attack, and who can blame them? Attacks are both prevalent and evolving. Many attackers have shifted from encrypting data and locking up systems to also (or...more

Manatt, Phelps & Phillips, LLP

OFAC Speaks Again on Ransomware: Mature Cybersecurity Programs Are Important

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

The Volkov Law Group

Ransomware and OFAC Sanctions Compliance

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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

Akerman LLP

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

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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

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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

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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

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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

Nossaman LLP

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

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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

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - October 2020

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CYBERSECURITY - OFAC Issues Advisory on Sanctions for Facilitating Ransomware Payments - On October 1, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory “to...more

Ballard Spahr LLP

To Pay or Not to Pay? Evolving Legal Considerations With Ransomware

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1. Overview of the regulatory issues facing companies—and cyber insurers—that may need to respond to ransomware emanating from a threat actor or group with potential ties to entities on federal lists.- The U.S. Treasury...more

Robins Kaplan LLP

Financial Daily Dose 5.28.2019 | Top Story: Fiat Chrysler and Renault in Talks to Merge

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Fiat Chrysler and struggling post-Ghosn French automaker Renault are in talks to complete a merger of equals that could “reshape the global automobile industry.” If a deal is reached the combined company would be the third...more

Akin Gump Strauss Hauer & Feld LLP

Top 10 Topics for Directors in 2018

EXECUTIVE SUMMARY - 1. Cybersecurity threats. Cybersecurity preparedness is essential in 2018 as the risk of, and associated adverse impact of, breaches continue to rise. The past year redefined the upward bounds of the...more

Dechert LLP

GDPR and personal data breaches: what, when, who, and how?

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What is a ‘personal data breach’? First things first, what exactly is a personal data breach? The GDPR defines it as “a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised...more

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