Ransomware Victims Could Pay Penalties for Paying Hackers

Last Thursday, the Treasury Department announced new guidelines for ransomware victims. In these new guidelines, the U.S. government could ask the individuals or companies that allow payments to ransomware extortionists to pay for penalties.

The new guidelines state that facilitating these payments is a probable violation of the anti-money laundering and sanctions regulations.

Furthermore, the Treasure Department noted that violators could be held accountable to pay huge fines of up to $20 million.

“Demand for ransomware payments has increased during the COVID-19 pandemic as cyber actors target online systems that U.S. persons rely on to continue conducting business,” stated the Treasury’s Office of Foreign Assets Control (OFAC).

“Companies that facilitate ransomware payments to cyber actors on behalf of victims, including financial institutions, cyber insurance firms, and companies involved in digital forensics and incident response, not only encourage future ransomware payment demands but also may risk violating OFAC regulations.”

Also, the individual or the company could be fined even if they’re unaware that it was engaging or transacting with a sanctioned entity. Thus, ransomware is reminded that it’s important to talk to the OFAC before issuing any sort of payment.

“OFAC encourages victims and those involved with addressing ransomware attacks to contact OFAC immediately if they believe a request for a ransomware payment may involve a sanctions nexus,” the agency added. 

Editor’s note on the news about Government Warning That Ransomware Victims Could Pay Penalties for Paying Hackers:

This piece is to inform you about the Government Warning That Ransomware Victims Could Pay Penalties for Paying Hackers.

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