About Us | Contact Us
View Cart

US Treasury Warns Against Paying Ransomware Gangs

By Vigilize | Wednesday, October 21, 2020 - Leave a Comment

Ransomware payments sent to countries under sanctions could result in fines…


An article review.


Whether or not to pay the organization behind a ransomware attack has been a hotly debated subject for many years, but a new advisory issued by the Treasury Department’s Office of Foreign Assets Control (OFAC) warns those who do pay up may have to pay again…in the form of fines.

An article submitted by our friend Wes Pollard explains the OFAC advisory, which states that ransom payments made to organizations in countries such as Cuba, Syria, Iran and North Korea violate US law, and those who facilitate such payments (such as cybersecurity firms and insurance companies) can be held liable.

The OFAC goes on to warn that organizations who make such payments are not off the hook even if they did not realize where the ransom payments were going, or that making such a payment violated the law.  Considering the fact that most ransomware payments are made without knowing who the recipient really is–usually via some form of cryptocurrency–that means any ransom payment could potentially open an organization up to scrutiny by the US Treasury.

Given this new warning it is even more important to know your insurance company’s policies on ransomware attacks and who makes the final call on issuing a payment, as it is a decision that could prove to be even more costly in the long run.


Original article by Sarah Coble writing for Infosecurity Magazine.


same_strip_012513


 

Latest News
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Check out posters.infotex.com for the whole collection! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape)   You are welcome to print out and distribute this around […]
    The joint cybersecurity advisory includes the 15 most exploited vulnerabilities reported in 2021… An article review.  While a lot of attention is focused on previously undisclosed or “zero day” attacks, some of the most likely attack vectors are vulnerabilities that have been widely known for weeks or even months.  That’s according to a new joint […]
    Threats are changing, EDR can help us adapt . . . Today’s advanced persistent threat (APT) understands that the IT landscape has changed. In the post-COVID age, more and more organizations have adopted some form of work from home.  While WFH offers many conveniences, it also imparts increased risks. BitSight conducted a 2021 study of […]
    The Five Precepts of IT Vendor Management Webinar-Movie We’re going back to basics on Vendor Management. This webinar will give you a training tool to help out that new person that is starting to take on the gargantuan task that is Vendor Management.
    A new way of helping people “read” new guidance… Look for more in the future! To save you time, we are proud to present “Adam Reads” . . . recorded versions of our Guidance Summaries! Below you can find an embedded player for the audio file. If you are having issues with that working, you […]
    You think you’ve finally found stability in your to-do list. Your goals are set, and you’re even making great progress on them all. Audit findings: all addressed. Management requests: Under control. Heck, you might even be able to leave the office five minutes early at least once this year. Then BAM! A press release from […]
    Software Bill of Materials (SBOMs) are becoming more and more important. . . We are all very familiar with one aspect of the software supply chain – updates.  New features, bug fixes, and performance upgrades are a regular occurrence to any device’s lifecycle, however what if these kinds of updates also include deliberately malicious code? […]
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Check out posters.infotex.com for the whole collection! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape)   You are welcome to print out and distribute this around […]
    According to a new survey, more organizations than ever are reporting problems with cybersecurity staffing… An article review. While pandemic related mandates and restrictions are gradually being lifted across the country, many organizations are still feeling the effects in one important area: staffing.  That’s according to ISACA’s annual State of Cybersecurity survey, which asked over […]
    Understanding Banking Trojans… Another Technical Article by Tanvee Dhir! What are Banking Trojans? A trojan is a malicious program that masquerades as a genuine one. They are often designed to steal sensitive information from users (login passwords, account numbers, financial information, credit card information, etc.). A banking trojan is a malicious computer program designed to […]