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HL Chronicle of Data Protection Privacy & Information Security News & Trends

Tag Archives: OFAC

Posted in Cybersecurity & Data Breaches, International/EU Privacy

Executive Order Authorizes Economic Sanctions as New Tool for U.S. Cyber Defense

On 1 April 2015, President Obama signed an Executive Order authorizing the imposition of sanctions on individuals and entities determined to be responsible for or complicit in malicious cyber-enabled activities constituting a significant threat to the national security, foreign policy, or economic health or financial stability of the United States. The Treasury Department’s Office of Foreign Assets Control simultaneously released FAQs related to the Order. The White House, in a statement by President Obama and in FAQs on the White House Blog, explained that the Order will be used to impose targeted sanctions against the “worst of the worst” malicious cyber actors, as well as companies that knowingly use stolen trade secrets.