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Ransomware threats and attacks dominated the cyber news cycle in 2020 and into 2021. With the global pandemic and the uptick in remote work and learning, cybercriminals and nation-state hackers have seized on vulnerabilities in data security infrastructures to wreak havoc and to make money in the form of cryptocurrency. Not surprisingly, the need and demand for cyber insurance are simultaneously on the rise, and insurance policies that provide coverage for the payment of ransomware are of increasing interest and demand. But federal and state regulators are simultaneously focused on ransomware and how to combat its crippling effect on business. To that end, regulators have increased their guidance around the payment of ransomware and generally discourage its payment. This creates a conundrum for companies and their carriers what to do when critical infrastructure is locked up, data is inaccessible and business interrupt
An OFAC Compliance Checklist For Ransomware Payments By
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Primary area of interest Law360 (February 2, 2021, 5:43 PM EST)
Transnational Criminal Organizations
Country-Level and Policy-Level Programs. Certain of the sanctions programs are focused on individual countries (the “country-level programs”), while others target specific activities on a global basis such as terrorist and non-proliferation sanctions (the “policy-level programs”). Under a number of the country-level programs (such as Iran, Syria, N. Korea, Cuba and the Crimea region of Ukraine – the “comprehensive sanctions programs”) U.S. persons are prohibited from entering into effectively all business transactions with the targeted country, its government and its nationals, including the export and import of products, technologies and services, payments and investments, subject to exceptions described below.[5] For other country-level programs, such as Russia, Ukraine and Venezuela, certain business activities within the country are prohibited but others are permitted (the “partial sanctions programs”). For