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Posts Tagged ‘ransomware payments’

The members of the International Counter Ransomware Initiative (CRI) have agreement a joint policy statement declaring that member governments should not pay ransoms demanded by cybercriminal groups. The agreement was announced during the third CRI summit in Washington, D.C this week. CRI members affirmed the importance of strong and aligned messaging discouraging paying ransomware demands […]

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Banks in the United States processed almost $1.2 billion in ransomware(opens in new tab) payments last year, a new report has claimed. The Financial Crimes Enforcement Network (FinCEN) drew on data from the ransomware-related Bank Secrecy Act (BSA) filings throughout 2021, and found such incidents have increased “substantially” year-on-year, with roughly 75% of the reported […]

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Earlier this month, the US Treasury Department’s Office of Foreign Assets Control (OFAC) warned organizations making ransomware payments that they risk violating economic sanctions imposed by the government against cybercriminal groups or state-sponsored hackers. The advisory has the potential to disrupt the ransomware monetization model, but also puts victims, their insurers and incident response providers […]

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