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FinCEN Warns on Ransomware Attacks, Notes Increased Targeting of Government Entities
Ransomware attackers use malicious software to block access to data and demand ransom in return, oftentimes deploying the threat to make proprietary data public.
Amid a rising incidence of ransomware attacks being reported this year, the U.S. Financial Crimes Enforcement Network (FinCEN) issued an advisory Thursday concerning such attacks.
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- FinCEN’s advisory notes that governmental entities, and financial, educational and health care institutions have been particularly targeted by these attacks.
- The financial watchdog’s advisory notes the “severity and sophistication” of such attacks has continued to rise. It adds that this also represents a major concern for financial intermediaries, like banks or exchanges, because quite often they’re the ones processing ransom payments for such attacks.
- The advisory said these attacks have increasingly targeted larger enterprises for bigger payouts, attackers tend to share resources to increase effectiveness of their attacks, and usually require payments be made using cryptocurrencies, most commonly bitcoin (BTC).
- It also notes ransomware attacks on small municipalities and healthcare entities have also seen an increase, likely due to the lack of sophisticated cybersecurity controls available to such entities.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
