The United States Department of Treasury will introduce novel penalties, rules, and strategies for ransomware payments as part of the government’s continual effort to thwart online attacks.
As reported by The Wall Street Journal, the Treasury plans to introduce the sanctions soon, and “Expected new anti-money-laundering and terror-finance rules will seek to limit the use of cryptocurrency as a payment mechanism in ransomware attacks and other illicit activities,” which are set to arrive later this year.
The new guidelines seem to target specific individuals rather than the cryptocurrency payment industry at large. The Treasury hopes to deter hackers from attempting to use ransomware. Just how they are going to accomplish this feat is unclear.
Typically, ransomware victims are advised not to pay the ransom, as there is no guarantee that paying it will restore the impacted files. If ransoms are paid, it gives hackers the idea that other persons or places will pay for future hacks. It also renders more attention to the individual or company that did pay, resulting in potentially more online attacks.
A large number of game companies (CD Projekt Red, Capcom), manufacturers (Gigabyte, Acer, Garmin), public infrastructure (schools, healthcare providers), and pipeline operators have fallen victim to ransomware attacks recently.
The United States government has also been targeted with ransomware attacks, many of which were attributed to Russian hackers. At this point, the United States government is responding.
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Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.