US Treasury: Paying Ransomware Gangs Could Violate Regulations

October 2, 2020

The United States Treasury has warned companies that they could be fined for paying or facilitating ransom payments to cyber-criminal gangs...

OFAC said paying ransomware gangs who are operating under economic sanctions was a threat to US national security interests because it could fund the expansion of their criminal activities and could also encourage them to carry out further ransomware attacks.

Caleb Barlow, CEO of CynergisTek provided commentary for this article, which focuses on the Treasury’s Office of Foreign Assets Control warning about possible U.S. policy violations for organizations who pay ransom to attackers who have been officially sanctioned by OFAC.

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