Ransomware Payments Become an Even Riskier Choice Amidst the Ever-Growing Sanctions List

Share

In February 2022, Executive Order 14024 highlighted that Russia’s invasion of Ukraine threatened not only Ukraine but also the national security and foreign policy of the United States. Pursuant to this executive order, and in the face of national security concerns, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) has instituted extensive sanctions, including both economic and trade sanctions. Also, in response to the national security concerns, the Cybersecurity and Infrastructure Security Agency (CISA) issued a Shields Up notice, urging companies to bolster their cybersecurity to protect themselves against the threat of a cyberattack.

As the conflict between Russia and Ukraine continues, the threat of a cyberattack, specifically ransomware and NotPetya-style attacks, remains top of mind. However, as entities continue to bolster their cybersecurity and protect themselves against these attacks, they should be cognizant of the implications that OFAC sanctions may have in connection with such an attack.

Continue reading “Ransomware Payments Become an Even Riskier Choice Amidst the Ever-Growing Sanctions List”

New York Department of Financial Services Announces $5 Million Penalty in Most Recent Cybersecurity Enforcement Action

Share

On June 23, 2022, the New York State Department of Financial Services (NYDFS) announced the entry of a Consent Order in connection with its most recent cybersecurity enforcement action, which included a $5 million monetary penalty against Carnival Cruise Line, Princess Cruise Lines, Holland America Line, Seabourn Cruise Line, and Costa Cruise Lines (“Carnival Companies”), for violations of NYDFS’s Cybersecurity Regulation, 23 NYCRR Part 500 (“Part 500”). In addition to the $5 million monetary penalty, the Carnival Companies also surrendered their insurance producer licenses and agreed to cease selling insurance to residents of New York.

According to the Consent Order, between 2019 and 2021, the Carnival Companies were the subject of four separate cybersecurity events, including ransomware and phishing attacks. All four of the cybersecurity events led to the exposure of nonpublic personal information (NPI) of both consumers and employees, including such information as names, addresses, birth dates, passport numbers, and in some instances, other sensitive information such as social security numbers and health information.

Continue reading “New York Department of Financial Services Announces $5 Million Penalty in Most Recent Cybersecurity Enforcement Action”

Discerning Data Cyber Vulnerability Alert: Four Emerging Cyber Threats

Share

According to several recent media reports, malicious cyber actors have begun to utilize four new types of cyberattacks as part of their current destructive repertoire. The website www.databreachtoday.com noted that these new attacks are “significantly reshaping the threat landscape that CISOs have to deal with.”

These four new emerging cyberattacks are identified as:

  1. Defensive Evasion;
  2. Triple Extortion;
  3. Wiper Malware; and
  4. Accelerated Exploit Chain.

Continue reading “Discerning Data Cyber Vulnerability Alert: Four Emerging Cyber Threats”

Faegre Drinker on Law and Technology Podcast: Russia, Cybersecurity & Government Contracting

Share

Russia’s invasion of Ukraine has created a host of challenges for the U.S. government to address, including the need to prepare for potential Russian cyberattacks and questions about how to handle Russian connections to supply chains and government contracts. In this episode of the Faegre Drinker on Law and Technology Podcast, host Jason G. Weiss sits down with Faegre Drinker partners Dana Pashkoff and Jessica Abrahams to unpack the thorny issues at the nexus of Russia, cybersecurity and U.S. government activity.

Continue reading “Faegre Drinker on Law and Technology Podcast: Russia, Cybersecurity & Government Contracting”

HHS Ransomware Report Details Revival of Dangerous LOTL Cyberattack

Share

On May 5, 2022, the U.S. Department of Health and Human Services (HHS) issued a report entitled “Ransomware Trends in the HPH Sector” (HHS Report) that reviewed key cybersecurity threats and trends affecting the U.S. healthcare sector.

Continue reading “HHS Ransomware Report Details Revival of Dangerous LOTL Cyberattack”

U.S. Government Details Prolonged Cyber Scheme by Russian State Actors Targeting the Energy Sector

Share

Last month, the U.S. Cybersecurity and Infrastructure Security Agency (CISA), the Federal Bureau of Investigation (FBI), and the U.S. Department of Energy (DOE) issued a joint advisory providing “information on multiple intrusion campaigns conducted by state-sponsored Russian cyber actors” that targeted “U.S. and international Energy Sector organizations.” While CISA, the FBI, and DOE all responded to these campaigns “with appropriate action in and around the time they occurred,” the U.S. government determined that it was important to share information about the attacks “in order to highlight historical tactics, techniques, and procedures (TTPs) used by adversaries to target U.S. and international Energy Sector organizations.”

Continue reading “U.S. Government Details Prolonged Cyber Scheme by Russian State Actors Targeting the Energy Sector”

©2022 Faegre Drinker Biddle & Reath LLP. All Rights Reserved. Lawyer Advertising.