The Financial Crimes Enforcement Network (FinCEN) recently issued an updated version of its Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments (the Advisory).
russia after the latest ransomware attack. he said he warned president putin to crack down on hackers or the u.s. will strike back. president biden: i made it clear to him, when ransomware operators are coming from their soil even not sponsored by the state we expect him to act. bill: general jack keane. thank you for your time today. was geneva a flat-out failure? well, i don t think it is ever a failure to meet with an adversary and put issues on the table. as you know, i think we could have had that meeting later with a full agenda done by staff prior to it but getting to the matter here, i think the real issue is the biden administration, i m stunned by it. i don t think they ve come to grips yet with the fact that
u.s. cyber command in advance. and john, you know how vulnerable we were from solar winds. the government didn t diagnose it. you guys did, and the fact that we didn t know about it and couldn t call it out doesn t that really show how much we have to do if it s the private sector that s involved, it has to be voluntary by these corporations, not required and not mandated by the government. yeah. like michelle said, there s a lot of attack surface that we have to worry about. you know, we are offensively very good because we are an advanced, technologically advanced, complex society and the down side to that is that we are an advanced complex society and there are weaknesses that they can take advantage of. these ransomware operators are bringing the a game in a lot of cases and they are looking for sort of low-hanging fruit, but
kira todd who worked with the obama administration on cybersecurity. thank you for being with us. give us an idea of how threatening these cyberattacks now, and should we expect these to become the new normal? reporter: geoff, standing where i am in san francisco, i could be standing in any city in america and i m going to show you the exact thing i m showing you now. you can see over my shoulder we need buses. this is the transit system of san francisco. in 2016, muni was hacked by ransomware operators who got $73,000 in bitcoin. it s a small amount of money by today s standards, and back then it was a big deal. they had to shut down the entire system for the whole day, make it free for people to keep it operating. today if i got on one of those buses and rode it almost anywhere in the city, i would be standing in front of a place that would also be hit. the public broadcaster that was hit in 2018, you talk about ucsf
those organizations were. and there were some ransomware operators who publicly swore off the targets. but unfortunately there is always somebody who is willing to break the rules and challenge norms and go after them. yeah. you know, we talk about with hostage taking, right, don t pay the hostage takers. it only encourages the next hostage taking. and, yet, you see companies paying this out. colonial pipeline admitted they paid in excess of $4 million to get the key to open their system up again. should they be banned from paying? i think companies are at an impossible position. they are being targeted by modern day pirates operating from a safe harbor. they got to get the services online. this is critical infrastructure. a large portion of this country depends on it. so they really are in an