Overview
Leader’s Edge magazine quoted Jason Weinstein and Alan Cohn in an article titled “Your Response to Ransomware Attacks.” The article, published in the October issue, discusses steps a business should take if it is attacked by ransomware. Messrs. Weinstein and Cohn, who lead the firm’s blockchain and digital currency practice, say it’s important to think specifically about issues associated with ransomware payments.
First, engage in advance with law enforcement and blockchain analysis companies to understand techniques such as “marking” bitcoin or other methods used as ransom. Mr. Weinstein says, “Rumors of Bitcoin’s anonymity are greatly exaggerated—and Bitcoin is not as friendly to criminals as they’d like to think.”
Second, be aware of potential liability under the Office of Foreign Assets Control and other regulations. “Be careful of issues such as suspicious activity reporting to FinCEN in addition to simply who pays and when,” Mr. Cohn says.
The full article can be read at Leader’s Edge.
