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 […]
ransomware
State Legislatures Consider Bans on Ransomware Payments
As ransomware attacks continue to dominate the news cycle, legislation has recently been introduced in several states that would place limits on certain entities’ ability to pay a ransom payment in the event of a ransomware attack. Although the proposed limits would generally apply to state agencies and other local governmental authorities, certain state proposals […]
DOJ Seizure of Ransom Payment Signals More Aggressive Stance by U.S. Government
Following the creation of the DOJ’s Ransomware and Digital Extortion Task Force in April 2021 and on the heels of the Biden administration’s characterization of ransomware as a national security threat, on June 7, 2021, the DOJ announced it has seized $2.3 million (63.7 bitcoin) in proceeds from a recent ransom paid to DarkSide in […]
FinCEN Alerts Financial Institutions on Role in Facilitating Ransomware Attacks
With an increase in the frequency, sophistication, and cost of ransomware attacks, the Financial Crimes Enforcement Network (FinCEN) issued an advisory on October 1, 2020 alerting financial institutions to ransomware trends and typologies, and related financial red flags, that may result in a regulatory obligation to report and share information related to ransomware attacks. Based […]
FBI Releases IC3 2019 Internet Crime Report
The FBI’s Internet Crime Complaint Center (“IC3”) has released its 2019 Internet Crime Report (“Report”) on trends and statistics of suspected cybercrimes from 2019. The Report gathers data from 467,361 complaints, an increase from prior years, with dramatic losses in excess of $3.5 billion. In addition to an explanation of the IC3’s history and operations, […]