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Ransomware – A Pandemic In The Dark Web Signals A Need To Vaccinate Your Compliance Program | Vinson & Elkins LLP


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Two weeks ago, the Department of Justice (“DOJ”) announced two significant enforcement actions and shut down NetWalker and Emotet, powerful tools that had been used by alleged criminal networks engaging in widespread ransomware extortion schemes. These efforts highlight law enforcement’s focus on ransomware attacks and the growing cybersecurity risks faced by companies of all sizes, and they also demonstrate the increasing need for companies to design and implement effective incident response plans and cybersecurity programs before a problem surfaces. In addition, law enforcement and regulators are now pressuring financial institutions, cyber insurance companies, digital forensic agencies, and other entities involved in ransomware responses to report ransomware payments when they are found, and companies now face higher premiums and shoulder more risk as ransomware attacks escalate. ....

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