The Biden administration is making ready to problem a collection of actions, together with sanctions, to make it tougher for hackers to revenue off of ransomware assaults via using digital foreign money, as first reported by the Wall Street Journal on Friday.
In accordance with the Journal, the Treasury Division plans to impose these new sanctions as quickly as subsequent week. The sanctions would reportedly goal particular merchants and cryptocurrency exchanges, within the hope of deterring exchanges from processing these transactions once they’re made. The division will even problem new steering for companies concerning the dangers they tackle by complying with ransomware cost requests. The Treasury Division declined to remark.
These proposed measures could be the Biden administration’s most vital transfer to handle the wave of ransomware assaults which have solely grown in scale and frequency during the last yr. In Might, one of many largest US pipelines, Colonial Pipeline, was taken offline after a ransomware assault. The corporate paid more than $4 million in ransom to the attackers in an effort to deliver the pipeline again on-line. Earlier this month, Howard College closed after a ransomware assault interrupted the varsity’s laptop and expertise providers.
In Might, President Biden signed an executive order making it simpler for presidency and personal sector companies to share info within the wake of cyberattacks. The order additionally required authorities businesses to deploy multi-factor authentication providers of their programs.
The Biden administration is anticipated to problem new anti-money laundering and terror finance guidelines later this yr to limit using cryptocurrency for funds in ransomware assaults.
Up to date 9/17/21 at 4:38PM ET: Famous that the Treasury Division declined to remark.