REGULATORY CRACKDOWN ON RANSOMWARE

On 16 December, an article from Proskauer says that, in the US, law enforcement is now moving past its old strategy of strongly discouraging victims from paying ransoms. Regulatory agencies – such as OFAC and the SEC – are implementing regulations to prevent victims from paying ransom to buy their way out of a ransomware attack.  It advises that firms should consider the impact of the OFAC requirements (and other regulations that will inevitably emerge to address Ransomware concerns) in their contracting with third parties, to ensure that their partners understand what will be expected of them in the event of a Ransomware incident. 

https://www.privateequitylitigation.com/2020/12/regulatory-crackdown-on-ransomware/

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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