Office of Foreign Assets Control (OFAC) News

CNA Paid $40 Million in Ransom After March Cyber Attack

CNA Financial Corp., among the largest insurance companies in the U.S., paid $40 million in late March to regain control of its network after a ransomware attack, according to people with knowledge of the attack. The Chicago-based company paid the …

What Cyber Insurers Should Know About the Federal Ransomware Advisories

As the COVID-19 pandemic and the switch to remote work have highlighted cyber risks and drawn attention to the various methods cyber attackers are using, ransomware has continued to steal the spotlight. Ransomware is a type of malicious software that …

U.S. Offered No Advice on Whether Colonial Pipeline Should Pay Pay Ransom

The White House declined to weigh in Monday on whether companies that are hacked like Colonial Pipeline should pay ransom to their attackers, but a national security official said it may offer some advice in the future. Anne Neuberger, deputy …

Weighing Effects of Treasury’s Ransomware Pay Warnings on Cyber Victims and Insurers

Recent warnings from the U.S. Treasury about paying ransomware demands are unlikely to substantially change how cyber insurers cover or handle such situations, according to experts. However, the advisories are likely to up the pressure on ransomware victims to make …

Octo Telematics Says It’s Freed from U.S. Sanctions After Execs Buy Russian Shares

Italy’s Octo Telematics, a global provider of telematics for the auto insurance industry, confirmed the completion of the purchase of 20 percent of the company’s shares by its Chairman Sir John Peace and Chief Executive Fabio Sbianchi from shareholder Nes …