{"id":920,"date":"2020-11-05T20:20:13","date_gmt":"2020-11-06T01:20:13","guid":{"rendered":"https:\/\/www.is-t.net\/blog\/?p=920"},"modified":"2022-07-06T10:48:59","modified_gmt":"2022-07-06T15:48:59","slug":"ransomware-advisory","status":"publish","type":"post","link":"https:\/\/www.is-t.net\/blog\/ransomware-advisory\/","title":{"rendered":"Ransomware Advisory &#8211; Ransomware Attacks Are On The Rise!"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"920\" class=\"elementor elementor-920\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1b33d8f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1b33d8f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0b23918\" data-id=\"0b23918\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a8c4af7 elementor-widget elementor-widget-text-editor\" data-id=\"a8c4af7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The US Department of the Treasury\u2019s Office of Foreign Assets Control (OFAC) recently issued an advisory which highlighted the sanctions risks associated with ransomware payments related to malicious cyber-enabled activities. Throughout the COVID-19 pandemic, cyber criminals have increasingly targeting essential online systems which citizens of the US rely on. As a result, the OFAC advisory states, \u201cCompanies that facilitate ransomware payments to cyber actors on behalf of victims, including financial institutions, cyber insurance firms, and companies involved in digital forensics and incident response, not only encourage future ransomware payment demands but also may risk violating OFAC regulations.\u201d<\/p><p>Here we\u2019ll discuss what that means for business owners and how to protect your business comprehensively in relation to both ransomware attacks and the sanctions risks associated with ransomware payments. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bd60d9a elementor-widget elementor-widget-image\" data-id=\"bd60d9a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"400\" src=\"https:\/\/www.is-t.net\/blog\/wp-content\/uploads\/2020\/11\/RansomwareAdvisory1_IST.jpg\" class=\"attachment-large size-large wp-image-922\" alt=\"Ransome Ware Attacks Are On The Rise\" srcset=\"https:\/\/www.is-t.net\/blog\/wp-content\/uploads\/2020\/11\/RansomwareAdvisory1_IST.jpg 800w, https:\/\/www.is-t.net\/blog\/wp-content\/uploads\/2020\/11\/RansomwareAdvisory1_IST-300x150.jpg 300w, https:\/\/www.is-t.net\/blog\/wp-content\/uploads\/2020\/11\/RansomwareAdvisory1_IST-768x384.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-675a618 elementor-widget elementor-widget-heading\" data-id=\"675a618\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.is-t.net\/blog\/ransomware-advisory\/#What_is_Ransomware\" >What is Ransomware?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.is-t.net\/blog\/ransomware-advisory\/#Important_Takeaways_from_the_Advisory\" >Important Takeaways from the Advisory<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.is-t.net\/blog\/ransomware-advisory\/#What_Business_Owners_Can_Do\" >What Business Owners Can Do<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.is-t.net\/blog\/ransomware-advisory\/#Ransomware_Protection\" >Ransomware Protection<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"What_is_Ransomware\"><\/span>What is Ransomware? \n<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d9588e2 elementor-widget elementor-widget-text-editor\" data-id=\"d9588e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Ransomware is a type of malware, or malicious software, that is designed to block admin or user access to databases, applications, or entire systems. The goal is to extort victims for ransom payments in exchange for the restoration of their data and\/or systems. Ransomware achieves this goal by encrypting data and IT systems to lock out owners of the systems entirely. In addition, ransomware attacks often involve threats of public disclosure of victims\u2019 private data and sensitive information. The ransom payment is usually demanded via digital currency in exchange for a decryption key to restore systems. In some cases, systems and data are not recovered even after a ransom payment has been made.<\/p><p>Ransomware attacks are dangerous and on the rise. According to stats provided in the OFAC advisory, the Federal Bureau of Investigation\u2019s 2018\/2019 Internet Crime Reports reveal a startling 37% annual increase in reported ransomware cases as well as a 147% annual increase in associated losses. Although many of these attacks are made against large corporations, small- and medium-sized businesses are key targets for cyber criminals. This means organizations, businesses, and services such as government agencies, hospitals, school districts, and other essential US online systems are at risk of ransomware attacks. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b8d7ac0 elementor-widget elementor-widget-heading\" data-id=\"b8d7ac0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Important_Takeaways_from_the_Advisory\"><\/span>Important Takeaways from the Advisory\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-38002eb elementor-widget elementor-widget-text-editor\" data-id=\"38002eb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>So how does this advisory affect businesses like yours? The key message provided by the OFAC in this advisory is that if ransomware payments are made to sanctioned parties or jurisdictions, where the transaction involves a US jurisdictional nexus, there are potential OFAC sanctions risks and the paying victim and any third-parties who helped to enable the payment are subject to civil liability.<\/p><p>For businesses, this is a serious matter, as ransomware attacks are prevalent and unyielding. For many businesses, <a href=\"https:\/\/www.is-t.net\">IT experts<\/a> agree that it is not a matter of if your systems will fall victim to ransomware, it is a matter of when. And although the OFAC advisory recognizes the difficult circumstances ransomware victims face, it also serves as a reminder to victims and any third parties involved that they have sanctions compliance obligations with strict liability. That said, if business systems are left unprotected and experience ransomware attacks, business owners will be faced with the difficult decision of either losing all of their data and system functionality or paying the ransom and facing potentially dire OFAC consequences as a result.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a8980c8 elementor-widget elementor-widget-image\" data-id=\"a8980c8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"400\" src=\"https:\/\/www.is-t.net\/blog\/wp-content\/uploads\/2020\/11\/RansomwareAdvisory2_IST.jpg\" class=\"attachment-large size-large wp-image-930\" alt=\"Protect Your Business From A Ransomware Attack\" srcset=\"https:\/\/www.is-t.net\/blog\/wp-content\/uploads\/2020\/11\/RansomwareAdvisory2_IST.jpg 800w, https:\/\/www.is-t.net\/blog\/wp-content\/uploads\/2020\/11\/RansomwareAdvisory2_IST-300x150.jpg 300w, https:\/\/www.is-t.net\/blog\/wp-content\/uploads\/2020\/11\/RansomwareAdvisory2_IST-768x384.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e83113 elementor-widget elementor-widget-heading\" data-id=\"1e83113\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"What_Business_Owners_Can_Do\"><\/span>What Business Owners Can Do\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af1ad31 elementor-widget elementor-widget-text-editor\" data-id=\"af1ad31\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The OFAC will most likely be more concerned with victims and third parties who make ransomware payments multiple if not hundreds of times to a single ransomware group, but it\u2019s still important for all business owners to understand that OFAC compliance and liability are serious matters. To avoid difficult and damaging consequences of both ransomware attacks and OFAC compliance violations, there are a few steps business owners can take.<\/p><p>Although it has yet to be determined how the OFAC will respond to victims who make ransomware payments, the advisory makes it clear that compliance to the guidelines provided are essential. It seems that businesses who follow OFAC guidance are less likely to experience an enforcement response. These compliance guidelines include enacting sanctions compliance programs, reporting ransomware attacks, and fully cooperating with law enforcement via a \u201cself-initiated, timely, and complete\u201d report during and after an attack. Refer to the advisory for more details on these and other important guidelines. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e8745eb elementor-widget elementor-widget-heading\" data-id=\"e8745eb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Ransomware_Protection\"><\/span>Ransomware Protection\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-de30953 elementor-widget elementor-widget-text-editor\" data-id=\"de30953\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The biggest thing that businesses can do to avoid both ransomware attacks and OFAC liability is to enact protections to prevent ransomware and comprehensive backup solutions to invest in solid partnerships that ensure your business never has to choose between paying a ransom and facing OFAC enforcement or losing valuable system data and functionality.<\/p><p>Good Ransomware protection should help prevent attacks like ransomware offers by offering essential <a href=\"https:\/\/www.is-t.net\/managed-it-services-houston-tx\">IT services<\/a> and solutions, <a href=\"https:\/\/www.is-t.net\/managed-it-services-houston-tx\/remote-server-monitoring\">24\/7 monitoring<\/a> to help identify signs of attacks before they can wreak havoc on your system as well as an intelligent and advanced <a href=\"https:\/\/www.is-t.net\/managed-it-services-houston-tx\/complete-data-backup-disaster-recovery-houston\">BDR, or backup disaster and recovery<\/a>, solution to help restore systems in the event of an attack. A bullet-proof backup and recovery system ensures that if your business is ever faced with ransomware, you will not have to make ransomware payments because your system and data will have already been properly backed up and saved for restoration whenever you need it. This helps give business owners peace of mind in relation to both the effects of ransomware attacks and potential OFAC liability concerns.<\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The US Department of the Treasury\u2019s Office of Foreign Assets Control (OFAC) recently issued an advisory which highlighted the sanctions risks associated with ransomware payments related to malicious cyber-enabled activities. Throughout the COVID-19 pandemic, cyber criminals have increasingly targeting essential online systems which citizens of the US rely on. As a result, the OFAC advisory [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-920","post","type-post","status-publish","format-standard","hentry","category-managed-services"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ransomware Attacks Are Rising Don&#039;t Let Your Business Become A Victim<\/title>\n<meta name=\"description\" content=\"Ransomware attacks are on the rise according to the US Department of the Treasury. Learn how to work towards prevention of an attack for your business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.is-t.net\/blog\/ransomware-advisory\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ransomware Attacks Are Rising Don&#039;t Let Your Business Become A Victim\" \/>\n<meta property=\"og:description\" content=\"Ransomware attacks are on the rise according to the US Department of the Treasury. Learn how to work towards prevention of an attack for your business.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.is-t.net\/blog\/ransomware-advisory\/\" \/>\n<meta property=\"og:site_name\" content=\"IS&amp;T Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-06T01:20:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-06T15:48:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.is-t.net\/blog\/wp-content\/uploads\/2020\/11\/RansomwareAdvisory1_IST.jpg\" \/>\n<meta name=\"author\" content=\"Scott Lard\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Scott Lard\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.is-t.net\\\/blog\\\/ransomware-advisory\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.is-t.net\\\/blog\\\/ransomware-advisory\\\/\"},\"author\":{\"name\":\"Scott Lard\",\"@id\":\"https:\\\/\\\/www.is-t.net\\\/blog\\\/#\\\/schema\\\/person\\\/01b75441ccfa116bc0ca0750c112b0fa\"},\"headline\":\"Ransomware Advisory &#8211; Ransomware Attacks Are On The Rise!\",\"datePublished\":\"2020-11-06T01:20:13+00:00\",\"dateModified\":\"2022-07-06T15:48:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.is-t.net\\\/blog\\\/ransomware-advisory\\\/\"},\"wordCount\":872,\"publisher\":{\"@id\":\"https:\\\/\\\/www.is-t.net\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.is-t.net\\\/blog\\\/ransomware-advisory\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.is-t.net\\\/blog\\\/wp-content\\\/uploads\\\/2020\\\/11\\\/RansomwareAdvisory1_IST.jpg\",\"articleSection\":[\"Managed Services\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.is-t.net\\\/blog\\\/ransomware-advisory\\\/\",\"url\":\"https:\\\/\\\/www.is-t.net\\\/blog\\\/ransomware-advisory\\\/\",\"name\":\"Ransomware Attacks Are Rising Don't Let Your Business Become A Victim\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.is-t.net\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.is-t.net\\\/blog\\\/ransomware-advisory\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.is-t.net\\\/blog\\\/ransomware-advisory\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.is-t.net\\\/blog\\\/wp-content\\\/uploads\\\/2020\\\/11\\\/RansomwareAdvisory1_IST.jpg\",\"datePublished\":\"2020-11-06T01:20:13+00:00\",\"dateModified\":\"2022-07-06T15:48:59+00:00\",\"description\":\"Ransomware attacks are on the rise according to the US Department of the Treasury. 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