By The Altus Team
Between the COVID-19 pandemic, increased market volatility and a general sense of national uncertainty, American businesses can’t seem to catch a break. Among this growing list of concerns is a recent spike in cybercrime and, specifically, ransomware attacks. As the U.S. government attempts to crack down on foreign hacking operations by imposing sanctions on companies that pay these ransoms, businesses are caught in the crossfire—simultaneously victimized by cyber attacks and penalized by their own government.
In their Risk Management Magazine article, “Ransom Payments Come Under Sanctions Scrutiny,” Zac Cregar, Esq., general counsel and managing director of claims, and Nick Pearson, senior analyst, explore the recent Office of Foreign Asset Compliance (OFAC) advisory and provide guidance for companies seeking protection against damaging ransomware attacks.