by Kim Peretti and Kristen Bartolotta On October 6, 2021, Deputy Attorney General Lisa O. Monaco announced the creation of a National Cryptocurrency Enforcement Team (NCET). This team was created to tackle complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual exchanges and money laundering infrastructure actors. Because of the […]
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Department of Justice Announces New Civil Fraud Cybersecurity Enforcement Team
On October 6, 2021, Deputy Attorney General Lisa O. Monaco announced the launch of the Department of Justice’s Civil Cyber-Fraud Initiative. The Department plans to use civil enforcement tools to “pursue…those who are government contractors who receive federal funds, when they fail to follow required cybersecurity standards.” Stating the Department will pursue “very hefty fines,” […]
Key Takeaways from OFAC’s Updated Ransomware Advisory
On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an “Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments.” While this advisory explicitly supersedes OFAC’s previous ransomware advisory from October 2020, it does not fundamentally alter OFAC’s approach towards ransom payments. Like the prior guidance, OFAC’s […]
People’s Republic of China Passes the Data Security Law: A Summary of What We Know
On June 10, 2021, almost exactly three years after the passing of its Cybersecurity Law (CSL), the National People’s Congress of China passed a new Data Security Law (DSL) (click here for an unofficial English translation of the DSL), which goes into effect September 1, 2021. Where the CSL is primarily focused on cybersecurity […]
NYDFS Issues Guidance on Cybersecurity Controls to Combat Ransomware and Clarifies Reporting Obligations
The New York Department of Financial Services (NYDFS) issued new guidance this week intended to assist organizations in thwarting ransomware attacks. The guidance clarifies the NYDFS’ expectation that NYDFS-regulated companies should “implement these controls whenever possible” and report any successful deployment of ransomware or unauthorized access to privilege accounts to the NYDFS under its established […]