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OFAC Sanctions Virtual Currency Mixer “Tornado Cash”

On August 8, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) sanctioned virtual currency mixer Tornado Cash for having laundered more than USD 7 billion worth of virtual currency since its founding in 2019.  This includes over USD 455 million worth of stolen virtual currency associated with the Lazarus Group, … Continue Reading

Series: Types of Industrial Espionage

Industrial espionage refers to various activities performed to gain an unfair competitive advantage, rather than for national security purposes.  As we discussed in a previous article, the ways in which industrial espionage can affect a company are numerous and include theft of trade secrets and disruption to operation. Section 1832 of the Economic Espionage Act … Continue Reading

New Law Requires 72-Hour Notice for Cyber Incidents

We recently shared a timely post on Consumer Privacy World that, given the focus of, we wanted to call to your attention. “President Biden has recently delivered on a long stated priority of his presidency: requiring the disclosure of cyber security incidents for companies that operate critical infrastructure. After announcing an executive order in May … Continue Reading

4 Compliance Tips Amid Increased Ransomware Scrutiny

In light of two new US Treasury Department advisories signaling increased oversight of ransomware payments, victim companies and their third-party response teams considering making payments should follow certain due diligence and compliance best practices, write Colin Jennings, Ericka Johnson, Dylan Yépez and Elizabeth Weil Shaw in an article for Law360.… Continue Reading

Ransomware Payments can lead to Sanctions and Reporting Obligations for Financial Institutions

With cybercrime on the rise, two U.S. Treasury Department components, the Office of Foreign Assets Control (“OFAC”) and the Financial Crimes Enforcement Network (“FinCEN”), issued advisories on one of the most insidious forms of cyberattack – ransomware.… Continue Reading

Executive Responsibilities and Consequences: A Case Study of Uber’s Data Breaches

Every organization is at risk of a data breach, and can learn something from Uber’s data privacy missteps. In an article for Corporate Compliance Insights, Squire Patton Boggs lawyers Colin Jennings, Ericka Johnson, and Dylan Yépez offer key takeaways from the company’s high-profile data breaches and the criminal charges that followed.      … Continue Reading

Lying in Wait: Cybercriminals’ COVID-19 Tactic

As business slowly and cautiously reopens, cybercriminals lie in wait.  A case study into a massive unemployment insurance fraud shows that cybercriminals patiently hunt for  lucrative opportunities to strike.  For that reason, companies reopening should consider conducting a cyber-audit to identify their cyber vulnerabilities and thwart cybercriminals lying in wait.… Continue Reading

Threat of Iranian Cyberattack Matters to Your Organization

The ongoing Iran-US tensions, and potential for retaliatory cyberattacks, alert each organization to prepare to defend against a cyberattack. Iran has a history of sophisticated cyberattacks in response to increased tensions. In a new client alert, our Data Privacy & Cybersecurity team recommends a thorough review of your people, facilities, networks, and data procedures in response … Continue Reading
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