New York state senators have drafted two bills this month that propose a ban on paying ransomware attackers with tax-payers money.
New York Refuses to Negotiate with Criminals
In April of 2017, the National Security Agency (NSA) was hacked by an unidentified team of hackers who called themselves the Shadow Brokers. The Shadow Brokers were able to steal all the NSA’s top secret hacking tools, including zero-day exploits, and other tricks of the trade that the agency used to target terrorists for espionage. These stolen tools were sold on the dark web to the highest bidders, by the cybercriminals.
Ever since then, there has been an epidemic of ransomware attacks on local and state governments, businesses and other organizations who have sensitive data. The hackers are able to use tools stolen from the NSA, like the Eternal Blue malware, to encrypt all the files on an infected machine, and then they demand a ransom, usually in Bitcoin, for the keys to decrypt the data. Many victims have paid, and others have chosen to permanently lose the data by not paying.
Municipal targets like local and state governments often choose to pay the ransoms and recover data at the expense of city budgets, and tax revenues. The new bill S7246, introduced by New York Senator, Phil Boyle, would restrict government access to funds in order to pay ransoms in cities with a population under a million residents.
A second bill, S7289, was proposed by New York Senator, David Carlucci, just days later. This bill would create funds to update the country’s ageing cybersecurity infrastructure and make local and state sytems less vulnerable to ransomware attacks. Together, these bills are NY’s one-two punch combo to knock out ransomware attacks.
Ransomware attacks are now the preferred cybercrime of hackers
Ransomware attacks, or cryptojacking as they’re also known, have been exponentially increasing worldwide. In one such attack, the city of Sacramento, California’s Regional Transit system was targeted by hackers. The city chose not to comply as the hack didn’t affect a majority of RT passengers. Hackers look to target systems of critical infrastructure in many of these types of attacks.
In another attack, a federal maritime facility had its IT systems infected and encrypted by the Ryuk ransomware. In another incident, the Port of San Diego was targeted in 2018. The US Coast Guard was investigating the hack, and again the hackers demanded a ransom paid in Bitcoin.
In yet another ransomware attack, the Leominster Public Schools District in Massachusetts had to pay a ransom to unlock their data after hackers demanded over $10,000 USD. The funds were paid out of taxpayer money for the school’s budget, exactly the kind of event the two bills in NY are aimed to prevent.
The most recent ransomware attack took place a matter of days ago. Bird Construction of Ontario, Canada, became the latest victim when its files were encrypted by cybercriminals. The multimillion dollar firm has been a federal contractor, which has constructed police stations, and defense installations. So far not very much information about the attack has been released, but it illustrates that ransomware is a growing problem.
Do you think these two new laws will curb ransomware attacks? Let us know in the comments!
Images via Shutterstock The post appeared first on Bitcoinist.com. origin »
New York proposes a crypto task force to assess its economic and environmental impact.
Other U.S. states and India are advancing crypto policies amid evolving regulations.
New York is takingThe post Crypto task force bill introduced in New York - What it entails appeared first on AMBCrypto.
New York City, New York – July 30, 2024 – StakeKit, having just emerged from stealth after 18 months of development, has partnered with Ledger Live to power its TRON staking integration.
Phoenix, USA, June 4th, 2024, Chainwire Apu Apustaja, the memecoin exciting the entire crypto industry, is also a new sensation in the busy streets of New York City, where flashy billboards advertise the project to passersby and onlookers.
Robinhood has added support for three new tokens for traders in New York. An update the stocks and crypto trading app shared on Wednesday listed Shiba Inu (SHIB), Avalanche (AVAX), and Compound (COMP) as the three new tokens its users in New York can now trade.
Restitution paid to victims can be considered when sentencing, and judges in the Southern District of New York routinely impose shorter terms than guidelines suggest for white-collar cases.
The primary regulator of New York will now decide which company is allowed to list or delist a cryptocurrency. The New York State Department of Financial Services (NYDFS) has unveiled a new set of “heightened standards” for listing and delisting…
New York Attorney General Letitia James has reportedly launched an investigation into Digital Currency Group (DCG), the parent company of Genesis, a cryptocurrency firm that has been facing financial troubles.
New York Halts Operations of CoinEx Exchange, Seizes $1. 7 Million in Crypto Assets The Hong Kong-based cryptocurrency exchange, CoinEx, has been ordered to cease all activities in New York by Attorney General Letitia James.
Sam Bankman-Fried, the founder and former CEO of the imploded exchange FTX, has arrived at a court in New York to present a defense against eight criminal charges.
The post Sam Bankman-Fried’s Lawyers Fight Hard in New York Court as Oral Arguments Get Underway appeared first on BeInCrypto.
New York submits new legislation to allow stablecoins to be used for bail bonds.
The law, however, makes no mention of the specific stablecoins to be introduced.
The New York state has propoThe post New York proposes bill to allow stablecoin payments for bail bonds appeared first on AMBCrypto.
Several New York lawmakers have thrown their weight behind New York’s new Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act. On May 5, New York Attorney General Letitia James revealed a proposed bill that would further extend the scope of regulatory authority over crypto firms.
Coinspeaker
World’s Wealthiest Cities Increase Their Millionaire Populations, with New York City and China’s Hangzhou as Best Performing
New York City and Hangzhou are the world's wealthiest cities considering number of HNWIs and millionaire population growth.
The New York District Attorney General (NYDA), Letitia James, filed a lawsuit against crypto exchange KuCoin. According to a document filed with the Supreme Court of the State of New York against two companies running the trading venue in the U.
New York Attorney General Letitia James sues CoinEX for failing to register with the state. The crypto exchange also failed to comply with a subpoena served last month. New York has actively brought lawsuits against crypto firms and individuals in recent months.
Draper Goren Holm, producer of some of the world’s top blockchain events, to host its high-powered security token and regulated digital asset event in New York on June 20, 2023. New York, NY – January 25, 2023 – Draper Goren Holm, the premier early-stage blockchain startup venture studio and fund, as well as producer of […]
Сообщение Draper Goren Holm to Host 5th Annual Security Token Summit in New York City this June появились сначала на Coinstelegram.
American crypto exchange Coinbase will have to pour in $100 million in its settlement with the New York regulator
The crypto exchange will have to pay a fine of $50 million to New York State DeThe post Coinbase to pay fine to New York regulators for inadequate KYC checks appeared first on AMBCrypto.
Michelle Bond – one of the most prominent cryptocurrency advocates in this year’s U.S. congressional races – lost her bid to be the Republican candidate for her New York district.
New York's Attorney General issued an investor alert, imploring any New Yorker affected by the cryptocurrency crash to reach out to her office.
The post New York Attorney General Urges Crypto Victims to Come Forward appeared first on BeInCrypto.
The New York State Department of Environmental Conservation (NYSDEC) has denied bitcoin mining operation Greenidge Generation’s application to renew an air permit required to continue operating in New York.
PopCom will launch the NFT drop ‘NYers Collection’ through a vending machine on June 20th in New York City. In a collaboration with New York artist Christopher ‘KNXTTI’ Green, 10 NFTs will be available on a first come, first serve basis.
Politicians in the United States have been reveling in victory this weekend following the passing of a bill that will prohibit crypto mining in New York State.
The post New York Crypto Mining Ban Will Have Zero Impact on Emissions appeared first on BeInCrypto.
New York’s Department of Financial Services (NYDFS) has issued guidelines on the use of Blockchain analytics to all licensed crypto startups within New York. Through a letter addressed to all digital currency entities licensed under the New York Banking Law (23 NYCRR Part 200), the government agency emphasized the importance of blockchain analytics in conducting […]
On Wednesday, New York mayor Eric Adams raised concern from financial watchdogs after he suggested that New York scrap its seven-year longstanding BitLicense rule - but not everyone agrees.
The post New York’s Mayor Wants to Scrap Its BitLicense Rule; But Not Everyone Agrees appeared first on BeInCrypto.
U. S. Senators Elizabeth Warren (D-Mass. ), Sherrod Brown (D-Ohio), Mark Warner (D-Va. ) and Jack Reed (D-R. I. ) and New York Governor Kathy Hochul addressed this concern in separate public statements Wednesday.
New York has a mixed stand on matters to do with cryptocurrencies. Towards the end of last year, Eric Adams was elected as the mayor of New York City. Adams is a vocal Bitcoin (BTC/USD) supporter, and he even agreed to receive his first paycheck in cryptocurrencies.
Despite the limitations of his office, the mayor-elect of New York could leverage his agenda-setting power to the benefit of both crypto and city residents.
Per a press release, the office of the New York Attorney General Letitia James revealed actions against two crypto platforms. The companies have been ordered to stop their operations to “protect New York investors from exploitation by high-risk virtual currency schemes”.
Crypto investments behemoth Grayscale and the National Football League team New York Giants have partnered up and are committing to “support the New York metro area,” according to an announcement published today.
Bitcoin futures trading platform (BTC), Bakkt has been awarded the coveted BitLicense by the New York State Department of Financial Services (DFS). This development was announced by the Financial Services Superintendent Linda A Lacewell in a press release on Thursday.
California-based digital assets financial services company, BitGo, received a charter to operate in New York as an independent and regulated custodian. BitGo Scores New York Trust Charter According to an official announcement on Thursday (Mar.
Andrew Yang–a crypto advocate and the Democratic Party candidate for New York City Mayor, leads polls and is likely to replace the incumbent, Bill de Blasio, Politico reports on Feb 11. Former Presidential candidate, Yang, is Popular in New York The 46-year politician is popular among voters whose primary concerns are about the low rateRead More
The New York State Department of Financial Services (DFS) has authorised GMO to develop…
The post GMO-Z gains USD and Yen stablecoins approval in New York appeared first on Coin Journal.
The New York financial watchdog has urged companies to be more mindful of risks associated with climate change. Asked to Pay Closer Attention to Risks Associated with Climate Change On Thursday, the New York financial regulation – The New York Department of Financial Services (NYDFS) – sent a letter to all regulated crypto companies sayingRead MoreRead More.
The New York State Department of Financial Services (NYDFS) is proposing a Conditional BitLicense to make it easier for crypto firms to operate in the state. In addition, the New York financial regulator issued new guidelines for coins listing.
Binance’s USD-backed stablecoin, BUSD, has received approval from the notoriously-stringent New York regulatory body, the New York State Department of Financial Services (NYDFS). The USD-backed stable coin is directly tied to the United States Dollar on a 1:1 basis and provides users with the chance to digitize their money.
In a sharply worded brief, the New York Attorney General's Office has criticized the exchange's tactics in its case involving the Tether stablecoin's backing.
Американская биткоин-биржа Bittrex продлила сроки вывода средств для клиентов из штата Нью-Йорк после просьбы регулятора. Important information for New York customers: NYDFS has requested that Bittrex postpone the New York account closure deadline until further notice.
Coinbase has recently announced that the State of New York is going to get support for three more cryptocurrencies. The giant exchange platform has been avoiding support for digital currencies in New York owing to the strict laws that are put in place.
When hackers paralyzed the city of Baltimore with a ransomware attack last month, the focus became not the theft itself, but a $76,000 Bitcoin ransom. NSA Passes Ransomware Buck According to a recent report from The New York Times, a ransomware attack in Baltimore, Maryland in May was empowered by the use of a stolen National Security Agency (NSA) cyberweapon.
According to an article published by Wired on April 18, 2019, a mystery hacker group for the last month has been divulging Iran’s top-level hackers’ secret data, tools, and personal identities onto a public Telegram channel.