New Ransomware Advisory Warns of Penalties for Ransom Payments, Insurance Coverage Law Center
Avery A. Dial, partner at Kaufman Dolowich & Voluck in the Florida office and co-chair of the Data Privacy & Cybersecurity Practice Group, and Henry Norwood, KDV attorney, had their article on the US Treasury Dept. advisory on ransomware payments published in Insurance Coverage Law Center on October 28, 2020.
OFAC designates malicious actors under its cyber sanctions program and prohibits U.S.organizations from providing financial payments to these actors, including payments made in response to a ransonware attack.
The fight against the scourge of the data privacy world, ransomware, has taken a new turn as the U.S. federalgovernment has issued new guidance making clear that victims of ransomware attacks who opt to pay ransom demands may in turn face government-imposed penalties.