U.S. Ransomware U.S. warns Treasury Department to warn criminals about paying ransom Has become a cyber epidemic.
The consultant, who cites “risk of ban” from ransomware payments, targets companies that “facilitate ransomware payments to cyber actors on behalf of victims.”
Those companies include financial institutions, cyber insurance companies and companies involved in digital forensics and incident response, the U.S. said. The department’s Treasury Office Fees for Foreign Assets Control (OFAC) said.
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The advisor warns against paying “malicious cyber actors” on the list of specially designated citizens and blocked persons (SDN list) and cites bad actors linked to Iran, Russia, Syria and North Korea, among others.
In a textbook ransomware attack, the attacker locks up critical files and then provides instructions on how to unlock the files – if the victim pays. Recently, in some cases, criminals have even threatened to expel sensitive files.
The problem is, ransom payments “not only encourage future evacuated payment demands, but can also be a risk of violating OAAAC regulations,” the adviser said.
The advisers added that the use of ransomware payments made to “approved individuals” was not allowed in the U.S. Can also be done to fund the activities in front.
There have been various successes of ransomware attacks behind the boom in efforts to expel schools and hospitals this year.
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At least 128 federal and state institutions, health care providers and educational institutions were affected by the rinsomware in the first and second quarters, according to Amsisoft.
This summer, the University of California, San Francisco said it paid the ransomware group $ 1.14 million.
Earlier this year, an FBI agent at the IT Security Council said a ransom of 14 4,144.35 million was paid between January 2013 and July 2019, according to ZDnet.
Karen Walsh, a cybersecurity compliance expert and principal of Allegro Solutions, told Fox News that organizations may be unaware of the current rules.
AC FAC’s SDN list and the Treasury’s Financial Crimes Enforcement Network (FINSEN) are regulatory requirements. “The financial services industry is key, but organizations not bound by these regulatory requirements may not exist or realize how detailed the list is.”
Financial institutions said that financial institutions need to reject or block payments made to individuals on the SDN list.
Even if victims try to make a payment, they may find that their bank has blocked the payment because the recipient is on the SDN list. As such, a company that has already agreed to pay a ransom will not be able to live up to its promise, leaving them worse off than before, ”Walsh added.
The AC FAC said it would impose civil penalties if blacklisted companies were paid. The Treasury said, “A person subject to U.S. jurisdiction may be held liable as a citizen if he does not know or has no reason to know that he is involved in dealing with a person who is subject to prohibition laws and regulations governed by the FAC Is prohibited, ”the Treasury said.
The Treasury added that, in the event of a clear violation, the compliance program “is a factor that the OFAC may take into account when determining the appropriate implementation response (including the amount of a civil monetary penalty, if any).”
As a result, victims should contact the AC FAC before thinking about making a payment.
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