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US Treasury Department ban on ransomware payments puts victims in tough position

22
Oct
2020
US Treasury Department ban on ransomware payments puts victims in tough position

image credit: pixabay

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 in a tough situation where this type of attack could cost much more and take much longer to recover from.

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