NEWS + EVENTS

Managing Risk and Compliance in the Face of Ransomware

February 18, 2021 - Cybercrime and ransomware affecting corporations are in the news every day. So too are reports of companies’ efforts to remediate the harms following a data incident. But existing challenges have become even more daunting following guidance recently issued by the U.S. Department of the Treasury on the payment of ransom to cyber-criminals who may be on the Specially Designated Nationals and Blocked Persons List. Payments to such persons may carry draconian penalties — even when made unknowingly. But what is a corporate manager to do when he or she is faced with no alternative but to pay a potentially prohibited ransom? And what should they be doing now to avoid ever being on the sharp horns of that dilemma? This program will answer these questions and offer a framework on how to manage risk in the face of ransomware integrated with overarching compliance programs and objectives. Topics include:

  • Recent OFAC and FinCen guidance relevant to ransomware payments
  • Cryptocurrency and its role in ransom payments
  • When to report a ransomware event to law enforcement
  • Effective compliance strategies designed to minimize risk across multiple scenarios
  • The role that cyber-insurance can play in managing risk

Led by lawyers and compliance officials with deep and broad experience in cybercrime, compliance, and law enforcement, this one-hour CLE program is geared toward any in-house or outside lawyer, privacy or security professional or other manager who may be responsible for assisting a corporation or organization in responding to a ransomware or other incident involving payments to, or interactions with, cyber-criminals.

Moderator: Julie Myers Wood, CEO, Guidepost Solutions

Panelists:

  • Joseph V. DeMarco, Partner, DeVore & DeMarco LLP
  • Kenneth Mendelson, Senior Managing Director, Guidepost Solutions, LLC
  • David Tannenbaum, Director, Blackstone Compliance Services LLC

 

A copy of the presentation and recording is available. Please feel free to reach out to any one of us to obtain a copy or if you need additional information.