US Treasury Departments New Actions Against Ransomware

We stress the need for cyber protection a lot here at Paris Kirwan. But we seriously mean it! While writing and gathering information for this blog, my news feed is packed with new articles regarding cyberattacks and safety. It seems every time I refresh my page a new article has been posted.

Businesses are a large target for all sorts of malware, including the most dangerous, ransomware. The US government is very much on top of cyber threats. “In May, President Biden signed an executive order that removes barriers to sharing information related to cyber incidents, enhances the federal government’s cybersecurity, and improves software supply chain security. The federal government is actively engaging with our foreign counterparts on this issue.” (Fortune)

On September 21st, 2021 the US Treasury Department announced new ways to combat ransomware. Here is what they are doing:

1) Imposing sanctions on SUEX a virtual currency exchange. This exchange has been used to aid in illicit transactions for at least eight ransomware variants. SUEX and other exchanges like it are vital in criminals’ ability to extract profits from ransomware attacks. 

2) Updating the 2020 ransomware guidelines to better support and protect ransomware victims. The Treasury said, “this new guidance reflects our view that we can best protect our economy when government and industry collaborate and share all relevant information to deter and–where necessary—remediate cyberattacks.” 

3) Urging businesses, especially those like banks and insurance providers, to integrate cyber-risks into their decision-making. It is time for private and public sectors to work together to keep important data safe and secure. 

The full US Treasury press release can be read here: Treasury Takes Robust Actions to Counter Ransomware | U.S. Department of the Treasury