OFAC Ransomware Guidance: An Overview03/30/2022
In October 2020, The United States Department of Treasury’s Office of Foreign Assets Control (OFAC) released an advisory to all companies facilitating payments for victims of ransomware attacks, including cyber insurance firms, financial institutions, and forensics and incident response firms. The advisory warns that making payments to any sanctioned entity listed on the Treasury Department’s Specially Designated Nationals and Blocked Persons (SDN) List, embargoed countries, or anyone else deemed in violation may result in civil penalties. OFAC includes enforcement guidelines and encourages companies to incorporate this added concern into risk-based compliance programs.
To read more, please log in
Recent Junto Plus Articles
- State Privacy Law: A Look Ahead to 2023 and Beyond
- What Is XDR?
- How to Activate Your Incident Response Plan
- How to Practice Your Incident Response Plan
- How to Prepare Your Incident Response Plan
- Should Your Company Outsource Cybersecurity to a Managed Service Provider?
- How to Assess Your Supply Chain Risk
- Protecting Active Directory, the Cornerstone of All Businesses Today
- Cyber Threat Intelligence: A Primer
- Should You Be Concerned About Cloud Security?
- How eRiskHub Powers Modern-Day Insurance Professionals
- Five Data Recovery Tips You Can't Afford to Get Wrong
- The Evolving Cyber Front of the Russia-Ukraine War
- How to Comply with CIRCIA
- Coming to Philly: The FBI's Role in Incident Response
- Ransomware Payments and the Ukraine Conflict
- Cybersecurity and The War in Ukraine
- How the Cybersecurity Market Impacts D&O Liability Insurance
- Attorney-Client Privilege in Cybersecurity
- Why The Privacy of Our DNA and Genomic Data Matters