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A very interesting paper on the resent re-issue of OFAC rules and associated Executive Orders and history of OFAC and cyber, bringing up to date the September 2022 rewrite by the Department of Treasury (DoT).
Adhering to OFAC regulations is complex and multi jurisdictional. OFAC applies to U.S citizens only, but it impact payments made in $U.S. Preventing the processing of U.S dollar transactions if they are made to individuals, entities or jurisdictions that are on an OFAC list.
In the event of a ransomware, companies that make payments would be advised to seek legal counsel. To understand the implications of making payments as breaches of OFAC carry significant penalties.
Ted Dziekanowski
#ofac #cybersecurity #cyberlaw #cyberregulation #ransomeware #theaugustagroup
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