News & Analysis as of

Office of Foreign Assets Control (OFAC) Cyber Crimes Data Breach

StoneTurn

Do You Know Who Your Employee Is? Mitigating DPRK IT Worker Risk

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North Korean IT operatives are infiltrating U.S. and Western companies using stolen or fabricated identities, VPNs, and U.S.-based co-conspirators to gain unauthorized access to corporate systems. These insider threats pose...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

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

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

Epstein Becker & Green

Holiday Cyber Storm Warnings

Epstein Becker & Green on

Recent data thefts and systems intrusions, particularly with respect to ransomware, have assured that cybersecurity is top of mind for corporate executives and compliance officials. We at EBG have tried to keep you up to date...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

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

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

King & Spalding

Ransomware on the Rise in Critical Infrastructure Sector

King & Spalding on

Recent ransomware attacks against U.S. critical infrastructure, which includes the energy sector’s production of oil and natural gas, and other sources of electricity and power, have shed a spotlight on the importance of...more

Proskauer - The Capital Commitment

Regulatory Crackdown on Ransomware

Ransomware is a Serious and Growing Problem - In recent years, Ransomware has evolved from merely encrypting files/disabling networks in solicitation of ransom, to sophisticated attacks that often involve actual data...more

Robinson+Cole Data Privacy + Security Insider

Update: Ransomware: To Pay or Not to Pay

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

Foodman CPAs & Advisors

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

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

Burr & Forman

Cyber-Security Awareness Month & Phishing FINRA

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Phishing FINRA - October is cyber-security awareness month, so it’s only appropriate that FINRA started it with another Regulatory Notice warning member firms to beware of a false-survey phishing scheme.  The Notice warns...more

Lowndes

Dear Ransomware Victim and Your Accountants, Attorneys and Forensic Specialists: The Government Just Made Your Life Harder

Lowndes on

By now, most everyone knows that ransomware is software that infects your computer system, makes your data irretrievable and usually breaks things along the way. To unlock your system, the bad guys (or girls) demand you pay a...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

The Volkov Law Group

Checking In on Sanctions Enforcement

The Volkov Law Group on

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

Orrick, Herrington & Sutcliffe LLP

Policyholder Insider Quarterly

Five Lessons Health Care Companies Should Learn From Cyberattacks - The American health care industry is under attack by sophisticated hackers seeking access to electronic medical records. Since January, three health...more

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