US prepares to impose sanctions on encrypted ransom payments

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The US administration is preparing to announce new measures early next week, which include sanctions that will make it more difficult for hackers to seek cryptocurrency payments in ransomware attacks.

And the US technology website CNet, in a report quoting informed sources, said that this step comes in light of the continuing malicious ransomware attacks targeting public and private entities of all sizes in the United States.

According to the site, a study by cybersecurity firm Sophos found that the average cost of recovering data breached by ransomware rose from more than $760,000 last year to $1.85 million in 2021.

Hackers often ask for payments in cryptocurrency due to the ease with which they can be sent. It is difficult, if not impossible, for law enforcement to track payments once cryptocurrency has been sent.

Although there is no official announcement yet, the Treasury Department may announce those sanctions as early as next week.

Source: A.S.A

The article US prepares to impose sanctions on crypto-ransomware payments was written in Al Borsa newspaper.