The Treasury Department released a new report that found that ransomware victims paid $ 590 million in the first six months of 2021, which is more than the figure reported for all of 2020 ($ 416 million) Million US dollars).

The report comes from the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), which viewed Bitcoin (BTC) as the most common payment method associated with ransomware.

“This analysis enabled FinCEN to Record the flow of ransomware payments in BTC to identify which Convertible Virtual Currency [CVC] exchanges and services ransomware actors have used to launder their revenues, ”the report said.

Between On January 1 and June 30, 2021, FinCEN reported 458 ransomware transactions and 635 Suspicious Activity Reports (SARs) – “a 30 percent increase from the total of 487 SARs reported for the entire calendar year 2020, ”said the report.

“ Ransomware actors are criminals made possible by loopholes in compliance regulations in the global ecosystem of virtual currencies, ”said Deputy Finance Minister Wally Adeyemo in a press release. “The Treasury Department is helping stop ransomware attacks by making it harder for criminals to profit from their crimes, but we need partners in the private sector to prevent these illegal activities.” In addition to the report, the Office of The Treasury Department’s Foreign Assets Control (OFAC) also issued new guidelines specifically for the virtual currency industry on sanction compliance best practices.

OFAC encourages industry participants to use geolocation tools, understand your client processes, transaction monitoring and investigation, and implementation of implementing remedial measures as best practices to strengthen internal controls for an effective sanctions compliance program.

Today @RepAdamSmith said the federal government must adopt a problem-solving mindset to be successful in a rapidly changing technological landscape. To be innovation.

“It all boils down to something very simple: problem solving,” said Chairman Smith.
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The bill for financial services and the state proposed by the Senate Committee on Funding Allocations for 2022 does not provide for new funding for the #modernization fund for technology. #TMF
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The Senate Approval Committee has published nine approval invoices for FY2022, including a financing law for home security, which @CISAgov a 30 percent budget increase compared to FY2021 level to 2.638 billion.

@CISAgov, @FBI and @NSACyber ​​issued a joint warning today warning organizations that the BlackMatter # ransomware group is targeting critical infrastructure companies in the US. #Online Safety
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@SBAOIG has published a new report on management and performance challenges for the 2022 financial year.

The report highlights “significant” challenges in the following areas:
➡️ # IT investments
➡️ System development
➡️ #Security Checks
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Ref: https://www.meritalk.com