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'Facilitating' ransomware payments could land companies in hot water

An updated Treasury Department advisory spells out the risks cyber insurers and other companies could face for paying ransoms.

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“Ransomware and cyberattacks are victimizing businesses large and small across America and are a direct threat to our economy. We will continue to crack down on malicious actors,” Treasury Secretary Janet L. Yellen said in a release. (Credit: igorstevanovic/Shutterstock.com) “Ransomware and cyberattacks are victimizing businesses large and small across America and are a direct threat to our economy. We will continue to crack down on malicious actors,” Treasury Secretary Janet L. Yellen said in a release. (Credit: igorstevanovic/Shutterstock.com)

In an effort to tamp down the ever-enlarging ransomware threat, the U.S. Department of the Treasury is taking a stiffer stance against companies, including cyber insurance providers, making or “facilitating” an extortion payment.

The department’s Office of Foreign Assets Control (OFAC) put out an updated advisory to underscore the possible sanctions associated with making ransomware payments and the violations that might arise when dealing directly with malicious actors.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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