Ransomware—that insidious menace threatening every entity no matter its size or industry—took several dark turns in 2021, all intended to magnify its impact. Attacks on major supply chain players reverberated throughout the economy, the continued rise in ransomware-as-a-service (RaaS) gave more criminals the ability to launch attacks and the growing prevalence of threats to expose an entity’s sensitive information on top of locking up its systems doubled the trouble for attack victims.
In response, the federal government is waging an all-out offensive against ransomware, and it’s using everything in its arsenal, including Office of Foreign Assets Control (OFAC) sanctions. This is creating a tricky minefield in which entities who pay a ransom or are involved in paying one could violate OFAC regulations resulting in a significant civil money penalty (CMP) on top of the reputational and financial fallout from the ransomware attack itself.
Read CSI’s The Dangerous Intersection Between OFAC and Ransomware white paper to understand how OFAC violations and ransomware present an amalgamated threat to all U.S. businesses, and how to address this threat in order to limit its potential for grave financial harm.
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