FINANCIAL CRIMES ENFORCEMENT NETWORK

On October 1, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory “to highlight the sanctions risks associated with ransomware payments related to malicious cyber-enabled activities.”

The advisory acknowledges that the incidents of ransomware attacks on U.S. companies have risen during the COVID-19 pandemic. Although the advisory does not mention that companies have been paying ransoms when they are victimized, it has been publicly reported that companies have paid ransoms, particularly when data has been exfiltrated and the cybercriminals are threatening to post the data online unless a ransom is paid for confirmation of destruction, as is the scheme used by Maze.
Continue Reading OFAC Issues Advisory on Sanctions for Facilitating Ransomware Payments

The United States Treasury Department came out with a report last week that concludes that business email compromises (BEC) are costing U.S. companies more than $301 million per month. The report confirms that the two industries hit the hardest by these scams are manufacturing and construction.

The report, issued by the Treasury Department’s Financial