What Cyber Insurers Should Know About the Federal Ransomware Advisories
As the COVID-19 pandemic and the switch to remote work have highlighted cyber risks and drawn attention to the various methods cyber attackers are using, ransomware has continued to steal the spotlight.
Ransomware is a type of malicious software that is designed to block access to a computer system until a ransom is paid, and these attacks have increased in severity and frequency in the past year alone.
In October, 2020, the U.S. Treasury Department issued a warning that individuals or businesses, including cyber insurers, that help facilitate ransomware payments could be violating anti-money laundering and sanctions regulations.