Ransomware Gang Exploits SEC Complaints to Target Companies

The BlackCat ransomware gang has filed a complaint with the US Securities and Exchange Commission (SEC) against a company that refused to negotiate ransom payments. This tactic is likely to become more common once new SEC rules requiring the reporting of material breaches go into effect in mid-December. The attackers listed the company on their data leak website and filed the complaint after the company failed to disclose a significant breach compromising customer data and operational information. The new SEC rules aim to increase transparency but raise questions about the effectiveness of compliance alone in the fight against cybercrime.