Biden administration readying sanctions for crypto-based ransomware payments

The U.S. Department of the Treasury is preparing a sanctions scheme to dissuade organizations from paying hackers, specifically those carrying out ransomware attacks, via cryptocurrency, The Wall Street Journal reports. In addition to new sanctions, the Biden administration plans to roll out new guidance to businesses on risks associated with executing ransomware payments that will include notice on potential fines and other penalties. Editor's note: The IAPP's Caitlin Fennessy, CIPP/US, offered a primer for ransomware risk mitigation and compliance.