On October 1, 2020, the US Treasury Department issued important guidance on what victims of ransomware attacks, as well as financial institutions (particularly money services businesses (“MSBs”) and other companies that facilitate such payments), should consider when confronted with potential ransomware demands. First, the Office of Foreign Assets Control (“OFAC”) issued an advisory that emphasizes
Cybersecurity and data privacy presented some of the most complex legal questions and business risks that multinational companies faced in 2018. Businesses should expect continued growth in cyber and data privacy challenges in 2019.
Cyber attacks became even more sophisticated and severe in 2018, with incidents ranging from exfiltration and extortion schemes, to attacks on…
On October 19, 2016, the Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation issued an advance notice of proposed rulemaking indicating that they were considering establishing new heightened cyber risk management standards for certain large financial institutions and their service providers.