Virtual FinCEN Exchange Focuses on How to Respond to Ransomware

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) convened a virtual FinCEN Exchange with representatives from financial institutions, technology firms, third-party service providers, and federal government agencies to discuss ongoing concerns regarding ransomware, as well as efforts by the public and private sectors.

Topics discussed include cybercrime, trends and typologies, detection and reporting, and the recovery of funds after ransomware attacks. The FinCEN Exchange builds upon FinCEN’s November 2020 event on ransomware, the organization said.

FinCEN noted ransomware attacks have targeted not only government agencies and corporate entities, but also ordinary citizens, who are often forced to choose between paying exorbitant ransoms and sacrificing personal information, mementos of great sentimental value, and other important data.

‘Growing Concern’

“Ransomware attacks are a growing concern for the financial sector, given that financial institutions can be targeted by ransomware attacks as well as face reputational and financial integrity concerns about the role financial institutions might play in the processing of ransom payments,” FinCEN said.

In October 2020, FinCEN noted it issued an advisory to alert financial institutions to predominant trends, typologies, and potential indicators of ransomware and associated money laundering activities. In addition, in June 2021, FinCEN highlighted ransomware as a particularly acute cybercrime concern in its issuance of the first government-wide priorities for anti-money laundering and countering the financing of terrorism policy.

Workshop to be Held

Following the event, FinCEN said it will host a ransomware technical workshop to discuss ways to establish an enhanced and more effective way to communicate, monitor, and receive information related to the use of cryptocurrency connected to a ransomware incident.