In the aftermath of the cyber attack on the Office of Personnel Management and the significant loss of corporate intellectual property, the U.S. government has announced new tools to respond to and to deter such harmful attacks. On December 31, 2015, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued new U.S. Cyber-Related Sanctions Regulations, set forth in 31 C.F.R. § 578 (“Cyber-Related Sanctions Regulations”). The Cyber-Related Sanctions Regulations are designed to implement Executive Order 13694, which targets perpetrators of malicious cyber-activities (e.g., hacking and Distributed Denial of Service (DDoS) attacks) as well as those who support such activities and certain recipients and users of stolen trade secrets. For a more detailed discussion of E.O. 13694, which was issued by President Obama on April 1, 2015, see our previous alert.
06 January 2016