Saturday, September 18, 2021

U.S. To Hit Ransomware Groups Revenue Streams With Sanctions

The Biden Administration is planning to Impose, New Sanctions, to Disrupt the Source of Revenue of Ransomware Groups, that have Extorted major U.S. Firms of Millions of Dollars, a U.S, Official, and a Private Cybersecurity Expert, briefed on the matter said.

As soon as next week, the Treasury Department plans to Slap Sanctions on an Entity in the Cryptocurrency Market.

Treasury's Office of Foreign Assets Control, also Plans to Issue updated Guidance to Companies on how to avoid Breaking U.S. Law when making Ransomware Payments to Cybercriminals.

It's the most Direct Effort yet by the Biden Administration to Attack the Source of Funding of Ransomware Gangs, that Lock Up U.S. Computers, and demand Payment in Difficult-to-Trace Cryptocurrency.

Administration Officials have lamented how Multimillion-Dollar Payments to Ransomware Groups. based in Eastern Europe and Russia, have allowed the Hackers to Invest in New Tools for further Attacks.

President Biden, in June, urged Russian President, Vladimir Putin, to Crack Down on Cybercriminals Operating from Russia.

But FBI Deputy Director, Paul Abbate, said this week, that there was "no indication" that Putin had done so.

The Ransomware Threat gained National Attention, in May, when alleged Russian Cybercriminals forced Colonial Pipeline, which Transports some 45% of All Fuel consumed on the East Coast, to Shut Down for days.

The Incident led to Shortages at Gas Stations on the East Coast, and Colonial Pipeline Paid the Hackers $4.4 Million to Recover the Company's Data.

But the U.S. Government was able to Recover, much of the Cryptocurrency, after founding where it was stored.

NYC Wins When Everyone Can Vote! Michael H. Drucker

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