Risk Of Breaching Sanctions Adds To Ransomware Headache
Law360 (August 5, 2020, 6:43 PM EDT) -- Companies facing extortion demands from cybercriminals have encountered a new form of risk in recent months over whether paying such a ransom could violate sanctions issued by the U.S. Department of the Treasury, industry attorneys say.
The Treasury's Office of Foreign Assets Control, or OFAC, has yet to penalize a U.S. entity for making a payment to a group of cybercriminals under sanction. But last month's cyberattack on wearable technology and GPS device giant Garmin Ltd., which said malicious software knocked service offline for users of its fitness tracking and pilot navigation products, highlights the treacherous terrain companies may navigate in this area.
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