Tag: cryptocurrency payments

FBI Says Don’t Pay Ransom, While Payments May Be Tax-Deductible

Ransomware attack on UnitedHealth

As ransomware attacks surge, the FBI is doubling down on its guidance to affected businesses: Don’t pay the cybercriminals. But the U.S. government also offers a little-noticed incentive for those who do pay: The ransoms may be tax deductible. The IRS offers no formal guidance on ransomware payments, but multiple tax experts interviewed by The… Continue reading FBI Says Don’t Pay Ransom, While Payments May Be Tax-Deductible

Law Enforcement Recovers $2.3M in Ransom Paid to Colonial Pipeline Hackers

Worried Businessman Looking At Laptop With Ransomware Word On The Screen At The Workplace

U.S. authorities have recovered millions of dollars in digital currency paid to the hackers who hit a major East Coast fuel pipeline with a ransomware attack last month, in a law-enforcement operation that officials said demonstrated progress undermining criminals’ ability to disrupt American commerce and critical infrastructure for profit. Investigators seized about 64 bitcoin, valued… Continue reading Law Enforcement Recovers $2.3M in Ransom Paid to Colonial Pipeline Hackers

Lawmakers Call for More Transparency Over Cyber Ransom Payments

Christie's ransomware

Following a recent spate of cyber-attacks aimed at U.S. companies, more transparency is needed into what kind of cash payments are made after ransomware attacks, a top Democrat said. Mark Warner, chairman of the Senate Intelligence Committee, spoke days after a top U.S. meat producer needed to shut down facilities that account for almost a… Continue reading Lawmakers Call for More Transparency Over Cyber Ransom Payments

Ransomware: Pay Attention and Get Your Clients the Compliant Help They Need

Hackers using laptop computers to penetrate security systems to steal big data from the server room

The recent OFAC and FinCEN governmental advisories surrounding ransomware payments are creating concern and uncertainty for the insurance community. This community is specifically named in the advisories, and that means all Retailers, Wholesalers, MGAs, MGUs, Carriers and Program Administrators need to pay attention and get the right experts on board before an incident occurs. Best… Continue reading Ransomware: Pay Attention and Get Your Clients the Compliant Help They Need