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U.S. Deputy Attorney General Lisa Monaco has revealed on Wednesday a couple of new enforcement initiatives of the Justice Department that are said to zero in on government contractors and cryptocurrencies who would fail to report cyber breaches. The official pointed out that the move is to protect the consumers.
National Cryptocurrency Enforcement Team revealed
During a virtual speech at the Aspen Cyber Summit, it was made known as the so-called National Cryptocurrency Enforcement Team’s aim is to beef up the Justice Department’s ability to dismantle shady financial markets that harbor cybercrooks as these allow them to flourish. It was also learned that the collective would be a mix between cybersecurity and anti-money laundering experts.
Monaco said that cryptocurrency exchanges want to be the banks of the future, adding that they need to be certain that people can have some peace of mind whenever they use such systems and be poised to root out the abuse.
Civil cyber fraud initiative
The deputy attorney general also introduced a civil cyber fraud initiative which is said to use civil enforcement tools to pursue companies, those deemed as government contractors, who are receiving federal funds, in the event, they’re unable to abide by the recommended cybersecurity standards. Monaco said, “For too long, companies have chosen silence under the mistaken belief that it is less risky to hide a breach than to bring it forward and report it. That changes today.”
Recent cyberattacks in the U.S.
Reports suggest that these announcements come after a series of high-profile cyberattacks in early 2021 against U.S. firms and government agencies. A notable attack happened back in May when these do-no-gooders launched an attack on a major U.S. pipeline operator. This caused localized gas shortages along the U.S. East Coast. This resulted in the implementation of new cybersecurity rules for pipeline owners in July.
On the other hand, Assistant Attorney General Kenneth A. Polite Jr. said that the Criminal Division is already an established leader in terms of investigating and prosecuting the criminal misuse of cryptocurrency. He also stated that the conception of the said collective would build on such leadership through coordinating and combining the know-how across the Division within an ever-evolving field to investigate and prosecute the fraudulent misuse, illegal laundering, and other unlawful activities involving cryptocurrencies.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
