News & Analysis as of

Office of Foreign Assets Control (OFAC) Data Security

Robinson+Cole Data Privacy + Security Insider

Commerce Department Bans Kaspersky Software in US

In the Biden Administration’s continuing effort to reduce the risk of cybersecurity spyware from foreign adversaries, including Russia, the United States Department of Commerce (Commerce) issued a final rule (Rule) on June...more

Goodwin

US Government Moves to Regulate Cross-Border Transactions Involving Sensitive Data

Goodwin on

In a sweeping, coordinated effort across federal agencies, the US government has taken a giant leap forward to prevent access to data that could be exploited to the detriment of national security. On February 28, 2024,...more

WilmerHale

Building Ransomware Resilience - A Proactive Strategy for Businesses and Regulators

WilmerHale on

The rise of ransomware attacks has prompted the international community to explore a range of approaches to deter these attacks, including the use of sanctions, the further development and instantiation of norms governing...more

Orrick, Herrington & Sutcliffe LLP

Cybersecurity Insurance and Managing Risk: 10 Things to Know

The number of cybersecurity incidents continues to increase, with the average cost of a data breach in 2022 reaching an all-time high of $4.35 million, up from $3.86 million in 2020. In addition to the increasing number of...more

Bradley Arant Boult Cummings LLP

Cybersecurity Basics Are Key to Combating Ransomware

The onslaught of ransomware attacks by cybercriminals increases unabated every year, affecting everyone from mom and pop shops on Main Street to corporate lions of Wall Street. Hackers infiltrate an organization's computer...more

Akin Gump Strauss Hauer & Feld LLP

Treasury to Companies: Time to Take Ransomware Reporting Seriously

On September 21, 2021, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published an updated sanctions advisory, providing guidance to companies on sanctions compliance obligations related to ransomware...more

Sheppard Mullin Richter & Hampton LLP

Do You Have a Risk-Based Sanctions Compliance Program?: In the Event of a Ransomware Attack, OFAC Wants to Know

In the wake of increased ransomware attacks over the course of the last several months, the US Department of Treasury’s Office of Foreign Assets Control (OFAC) has updated a guidance it released last year on potential...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - September 2021

In this month’s edition of our Privacy & Cybersecurity Update, we examine the California Privacy Protection Agency's public comment period for the California Privacy Rights Act, the U.K. government's public consultation...more

Lowenstein Sandler LLP

Trade Matters - September 2021

1. Electronics Company Hit With $6.6 Million Penalty for Unauthorized Software Exports- Keysight Technologies Inc., a California electronics company, has settled with the Department of State, agreeing to pay a $6.6...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Growing Focus on Cybersecurity

President Joe Biden has been fulfilling his promise to prioritize cybersecurity in his administration: He issued several cybersecurity-related executive orders, and federal regulators under his administration also have turned...more

Womble Bond Dickinson

Best Practices for Managing Cyber Risks in a Cyber World

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The shift to a work-from-home economy has enabled companies and employees to continue functioning during the pandemic but one unintended consequence of this overnight transition has been the increased risk of cyberattacks....more

Society of Corporate Compliance and Ethics...

[Virtual Event] 2021 Middle East and Africa Regional Compliance & Ethics Conference - February 11th, 8:55 am - 2:00 pm GST

Our Virtual Regional Compliance Conferences provide updates on the latest news in regulatory requirements, compliance enforcement, and strategies to develop effective compliance programs. Watch, listen, and ask questions from...more

White and Williams LLP

Don’t You (Forget About Me 2020): Cybersecurity Developments for 2020 in Five Musical References

White and Williams LLP on

Is it hyperbolic to say that never before have we seen a quieter, yet more anticipated and welcome end to a year than in 2020? For some, 2020 is a year the sooner forgotten, the better. In data privacy and security law, a lot...more

Society of Corporate Compliance and Ethics...

US sanctions Russian research facility for alleged cybercrimes

CEP Magazine (January 2021) - The United States Department of the Treasury’s Office of Foreign Assets Control announced sanctions against the State Research Center of the Russian Federation FGUP Central Scientific Research...more

White and Williams LLP

Federal Advisory Warns Hospitals Facing “Increased and Imminent” Cyber Threat; 400 Hospitals Already Targeted

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A Joint Cybersecurity Advisory (the Advisory) by the Cybersecurity & Infrastructure Security Agency (CISA), the Federal Bureau of Investigation (FBI) and the Department of Health & Human Services (HHS) has warned of an...more

Jones Day

OFAC Guidance on Ransomware Payments Highlights Sanctions Violations Risk

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The Situation: In an October 1, 2020, Advisory, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") warned that companies that make or facilitate ransomware payments to threat actors who are...more

Troutman Pepper

OFAC Warns Companies About Facilitating Ransomware Payments

Troutman Pepper on

On October 1, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory warning of the perils of facilitating ransomware payments involving malicious cyber-enabled activities. OFAC has...more

King & Spalding

Ransomware: To Pay or Not to Pay?

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Ransomware has emerged as one of the most virulent cybersecurity risks, affecting public and private sector alike. In recent years, ransomware attacks have become more focused, sophisticated, costly, and numerous. Threat...more

Neal, Gerber & Eisenberg LLP

Potential Sanctions Risks for Facilitating Ransomware Payments

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...more

Bilzin Sumberg

OFAC Issues Regulatory Advisory Warning Against Facilitating Ransomware Payments

Bilzin Sumberg on

On October 1, 2020, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) issued an “Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments.” The Advisory, which does not carry the...more

Alston & Bird

OFAC Ransomware Advisory Warns Companies of Potential Civil Liability

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Thursday, October 1, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued its “Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments.”...more

BakerHostetler

OFAC Weighs in on Ransomware Payments but Stops Short of New Restrictions

BakerHostetler on

Ransomware has hit pandemic proportions and there does not seem to be a clear end in sight. On October 1, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory regarding ransom...more

Alston & Bird

FinCEN Alerts Financial Institutions on Role in Facilitating Ransomware Attacks

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With an increase in the frequency, sophistication, and cost of ransomware attacks, the Financial Crimes Enforcement Network (FinCEN) issued an advisory on October 1, 2020 alerting financial institutions to ransomware trends...more

Morrison & Foerster LLP

Financial Services Report - Spring 2017

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

Eversheds Sutherland (US) LLP

Legal Alert: New York’s New BSA/AML Rule Imposes Monitoring, Filtering and Certification Requirements

On June 30, 2016, the New York Department of Financial Services (DFS) adopted a new anti-terrorism and anti-money laundering (AML) regulation (Final Rule) that builds on federal anti-money laundering requirements to address...more

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