Damned if You Do, and Damned if You Don’t (Pay the Ransom)
In this episode, Jamil Jaffer, Bruce Schneier, and I mull over the Treasury announcement that really raises the stakes even higher for ransomware victim. The message from Treasury seems to be that if the ransomware gang is the subject of OFAC sanctions, as many are, the victim needs to call Treasury and ask for a license to pay – a request that starts with a “presumption of denial.”
Someone has been launching a series of coordinated attacks designed to disrupt Trickbot Bruce explains.
CFIUS is baring its teeth on more than one front. First comes news that a newly resourced CFIUS staff has begun retroactively scrutinizing past Chinese tech investments. This is the first widespread reconsideration of investments that escaped notice when they were first made, and it could turn ugly. Next comes evidence that the TikTok talks with CFIUS could be getting ugly themselves, as Nate Jones tells us that Treasury Secretary Mnuchin has laid down the elements the US must have if TikTok is to escape a shutdown. None of us think this ends well for TikTok, as China and the US try to prove how tough they are by asking for mutually exclusive structures.
The US government is giving US companies some free advice about how to keep sending their data to the US despite the European Court of Justice decision in Schrems II: First-time participant Charles Helleputte offers a European counterpoint to my perspective, but we both agree that there’s a lot of value in the US white paper. If nothing else, it offers a defensible basis for most companies to conclude that they can use the standard contractual clauses to sen
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