Businesses and insurers run sanctions risks over ransomware payments, warns US Treasury

Office of Foreign Assets Control, part of The Department of The Treasury. Credit: Wikimedia

The US Treasury has warned that companies and insurers that pay ransoms to cyberattackers, or financial institutions facilitating payments, could be in breach of US law. Advisories from the Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) have reminded companies of their duty to submit suspicious activity reports (SAR), and warned businesses and cyber insurers that…

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