Justice Department to Combat Ongoing Cyber Threats

The U.S. Department of Justice (DOJ) recently announced a plan to combat ongoing cyber threats amid increasing global tension. Specifically, the DOJ cited an “explosion of ransomware and abuse of cryptocurrency.” All in all, they advise companies to renew their own efforts in defending against cyber criminals and ransomware. Previously, in September 2021, federal agencies recommended actions to combat cyberattacks after observing increases in ransomware schemes.

New Forces to Fight Cyber Threats

On February 17th, 2022, DOJ Deputy Attorney General Lisa Monaco, announced at the Munich Cyber Security Conference that the Federal Bureau of Investigation (FBI) created a new unit to combat novel cyber threats specific to cryptocurrency. Named the Virtual Asset Exploitation Unit (VAXU), the new team will target ransomware operators and other cyber criminals who abuse cybercurrencies. Similarly, the DOJ unveiled its International Virtual Currency Initiative (the initiative). In brief, the initiative will bring together law enforcement, prosecutors, and cryptocurrency platforms to fight cyber threats targeting virtual currency. Altogether, the entities will:

• trace ransom payments,
• develop legislation, and
• work together with global law enforcement.

Protecting Cryptocurrency From Cyberattacks

Indeed, the VAXU and the DOJ’s new initiative follow the Justice Department’s formation of the National Cryptocurrency Enforcement Team (NCET) in October 2021. Comparatively, the DOJ established the NCET to combat criminal misuse of cryptocurrencies and digital assets. The NCET comprises of department attorneys and prosecutors specializing in cryptocurrency, cybercrime, money laundering, and forfeiture. Recently, the DOJ appointed one of its distinguished prosecutors, Eun Young Choi, to serve as the NCET’s first director. Undoubtedly, these newly formed specialized teams reflect an increased focus by the federal government on cyber threats targeting cryptocurrencies. Monaco noted that, “ransomware, like many other crimes fueled by cryptocurrency, only work if the bad guys get paid. Which means we have to bust their business model.” Furthermore, she referenced potential cyber threats in conjunction with increased tensions between Russia and Ukraine. Finally, Monaco put out a call to “… all companies dealing with cryptocurrency, we need you to root out all abuses. To those who don’t, we will hold you accountable where we can.”

Cybersecurity Awareness Training Program

In light of recent increases in cyber threats and ransomware cyberattacks, employers must renew their prevention efforts within the workplace. Therefore, employers should create and communicate clear and comprehensive policies on cybersecurity to their workers. For this purpose, Personnel Concepts created the Cybersecurity Awareness Training Program. This interactive eLearning module helps employers identify cybersecurity threats in the workplace and train employees on ways to reduce cyber threats.