Federal Government Steps-up Efforts to Combat Ransomware

Written by Nick St. John, NCCO, NCBSO, Regulatory Compliance Counsel, NAFCU

Offices within the federal government have been increasingly focused in recent months on countering the threat posed by ransomware. The Financial Crimes Enforcement Network (FinCEN) recently defined the term “ransomware” as “a form of malicious software… designed to block access to a computer system or data, often by encrypting data or programs on information technology (IT) systems to extort ransom payments from victims in exchange for decrypting the information and restoring victims’ access to systems or data.”