Popular, Ransomware, Economic Sanctions

NY Department of Financial Services Issues Guidance to its Regulated Industry As a Result of the Ongoing Global Conflict

Bressler, Amery & Ross, P.C. on 6/24/2025

The New York State Department of Financial Services (the “Department”) has issued guidance (“Guidance”) to all individuals and entities regulated by the Department (“Regulated Entities”) to underscore the importance of...more

Deeper Dive: Understanding the 2023-24 Crypto Threat Landscape

BakerHostetler on 8/8/2024

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

Building Ransomware Resilience - A Proactive Strategy for Businesses and Regulators

WilmerHale on 6/2/2023

The rise of ransomware attacks has prompted the international community to explore a range of approaches to deter these attacks, including the use of sanctions, the further development and instantiation of norms governing...more

Ransomware Criminal Prosecution of Russian National Underscores Pervasive Ransomware Risks

The Volkov Law Group on 6/1/2023

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

OFAC Sanctions Decentralized Virtual Currency Mixer

Latham & Watkins LLP on 8/12/2022

The US Treasury opens a Pandora’s box of legal issues as it targets a decentralized finance protocol used for both licit and illicit means. On August 8, 2022, the US Department of the Treasury’s Office of Foreign Assets...more

OFAC Focuses on Cybercrime by Sanctioning the Hydra Darknet Market and GARANTEX Cryptocurrency Exchange

The Volkov Law Group on 4/13/2022

Continuing with both its crackdown on cybercriminals and illicit digital marketplaces, along with its continued economic pressure on the Russian Federation, OFAC has sanctioned two entities that fit both criteria. On April...more

How to Avoid Sanctions Liability Following a Ransomware Attack

The Volkov Law Group on 3/17/2022

Ransomware attacks are on the rise and companies everywhere should be taking action to strengthen their cybersecurity defenses and resiliency to ensure their internal systems are able to withstand cybercrime attacks. ...more

[Event] U.S. Export & Reexport Compliance For Canadian Operations - January 26th - 27th, Toronto, ON, Canada

American Conference Institute (ACI) on 12/20/2021

The Canadian Institute’s 11th Annual Forum on U.S. Export & Re-Export Compliance for Canadian Operations will take place in Toronto on January 25–27! IN-PERSON and LIVESTREAM options available. Over the last decade, this...more

Ransomware and OFAC Sanctions Compliance

The Volkov Law Group on 11/4/2021

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

Treasury Department Steps Up Its Counter-Ransomware Efforts and Simultaneously Issues New Sanctions Compliance Guidance for...

Proskauer - Blockchain and the Law on 10/28/2021

Recently, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, released a report on ransomware trends stating that during the first half of 2021, 68 different ransomware variants...more

Crypto Crackdown: OFAC Sanctions SUEX Cryptocurrency Exchange

Torres Trade Law, PLLC on 10/27/2021

On September 21, 2021, in a first-of-it-kind action, the U.S. Department of the Treasury Office of Foreign Assets Control (“OFAC”) imposed economic sanctions on SUEX OTC, S.R.O. (“SUEX”), a virtual currency exchange, for...more

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

Akerman LLP on 9/28/2021

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

OFAC Warns Companies Again Not to Pay Ransomware Demands and Offers Helpful Hints for Mitigating Risks

Bilzin Sumberg on 9/24/2021

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

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

Nossaman LLP on 9/15/2021

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

White House Issues Open Letter to Private Businesses Regarding the Threat of Ransomware

Foley & Lardner LLP on 6/14/2021

On June 2, 2021, Anne Neuberger, Deputy Assistant to the President and Deputy National Security Advisor for Cyber and Emerging Technology, published a rare open letter to the corporate executives and business leaders of...more

OFAC 2020 Year In Review

Morrison & Foerster LLP on 2/16/2021

In too many ways to count, 2020 was an extraordinary year. As we move into 2021 with optimism for an end to the pandemic and better days ahead, we understand that the activity last year of the U.S. Department of the...more

Ransomware: To Pay or Not to Pay?

King & Spalding on 10/15/2020

Ransomware has emerged as one of the most virulent cybersecurity risks, affecting public and private sector alike. In recent years, ransomware attacks have become more focused, sophisticated, costly, and numerous. Threat...more

OFAC Issues Regulatory Advisory Warning Against Facilitating Ransomware Payments

Bilzin Sumberg on 10/6/2020

On October 1, 2020, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) issued an “Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments.” The Advisory, which does not carry the...more

Treasury Department issues ransomware guidance in response to significant uptick in ransomware attacks

Hogan Lovells on 10/6/2020

In response to the significant rise in ransomware attacks since the start of the COVID-19 pandemic and just in time for Cybersecurity Awareness Month, the Department of the Treasury’s Financial Crimes Enforcement Network...more

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