Saturday, September 24 2022

The European Council extended a framework that penalizes cyber-attacks against EU or member countries for another year. The framework, part of the EU cyber diplomacy toolbox, aims to strengthen Europe’s resilience against cyber threats.

The measures include travel restrictions and freezing assets of individuals or entities responsible for facilitation of cyberattacks. The sanctions currently apply to Russian, Chinese, and North Korean individuals and entities, although the framework is important for all organizations because parties beyond the cyber attackers can be penalized.

In a recent blog post, Steptoe & Johnson LLP warned companies facing ransomware payment requests to consider the framework. Despite attribution challenges, “payment to listed persons amount to a violation of sanctions regime.” Financial institutions and insurance companies are similarly affected by facilitating payments or providing cyber coverage that includes ransom payments.

Indeed, in the start of what could be a trend, global insurer AXA said earlier this month that it would no longer issue cyber-insurance policies in France that reimburse customers for ransomware payments to criminal groups.

The EU framework is part of a regulatory trend towards increased scrutiny of ransomware payments. The Biden administration’s Executive Order “sets the stage for an uptick in similar actions” in the US, said Alex Sharpe, principal at Sharpe Management Consulting.

While certainly “a step in the right direction,” the Executive Order does not go far enough, according to XPAN Law Partners managing partner Rebecca L. Rakoski. US domestic organizations face a “patchwork of guidelines and standards without clear guidance” from the Federal Government, she stated.

Considering the current lack of clear, substantial legislative and regulatory frameworks, legal ambiguities, and competing interests, the world finds itself at a crossroads. Until fundamental changes are made to legislative and regulatory frameworks, we remain at an “uncomfortable time,” said Sharpe.

Previous

US Infrastructure Plan Includes Billions for Cybersecurity Improvements

Next

Third-Party Cloud Service Misuse Exposes Over 100M Users’ Data

Check Also

Widget

Don’t Miss

Cyber Deals: Spin Technology, CyberArk, Mesh Security

James Hu

Cybersecurity Venture Funding and Mergers: This week’s deals involved cloud security services, data privacy, and industrial cybersecurity companies. Funding Cloud cybersecurity firm Mesh Security has secured $4.5 million in venture funding. The round was led by Booster Ventures with participation from other investors. Spin Technology, a firm providing SaaS security solutions, raised $16 million in […]

Cyber Deals: Cybrary, Ping Identity, Axio Global

James Hu

Cybersecurity Venture Funding and Mergers: Key investments were made in cybersecurity training, secure enterprise browser, and risk management companies. M&A activity this week involved identity security, zero trust, and threat intelligence firms. Funding Cybrary, a cybersecurity training platform, raised $25 million in a Series C funding round. The round was led by BuildGroup and Gula […]

Cybrary Secures $25 Million in Series C Funding Round

James Hu

Cybrary, a Maryland-based cybersecurity training platform provider, raised $25 million in a Series C funding round. The round was led by BuildGroup and Gula Tech Adventures, two of its current investors. Following its $15 million Series B round announced in November 2019, this latest investment brings Cybrary’s total funding to date to $48 million. Cybrary […]

Cyber Deals: Exterro, Naoris Protocol, Cybit Sec

James Hu

Cybersecurity Venture Funding and Mergers: This week, notable funding and M&A activity involved compliance, enterprise security, and vulnerability assessment firms. Funding Exterro, a legal governance, risk, and compliance software provider, completed a strategic recapitalization valuing the firm at over $1 billion. The company, currently owned by Leeds Equity Partners, is targeting a potential 2023 initial […]

Cyber Deals: Halborn, Irideos, Anvilogic

James Hu

Cybersecurity Venture Funding and Mergers: This week, cybersecurity venture funding and M&A activity involved blockchain, artificial Intelligence, and SaaS solution providers. Many of these deals will also be funding the future of cloud security. Funding Halborn, a blockchain cybersecurity firm, raised $90 million in a Series A funding round led by Summit Partners with participation […]

Huntress acquires Curricula for $22 million

James Hu

Huntress, a cybersecurity firm providing a security management platform to small and medium sized businesses, has acquired Curricula, a security awareness training service provider, for $22 million. Curricula is a freemium SaaS company offering solutions for employee cybersecurity training. Their methods incorporate behavioral learning techniques and engaging storytelling to maximize employee engagement. Small and medium […]