The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

White House Issues New Ransomware Guidance

By SCOTT SCHINDEWOLF

Cyberattacks against businesses across the U.S. have sharply increased over the last year. Ransomware is the fastest-growing type of cybercrime that companies face, with annual losses exceeding $20B. For example, in May of 2021, hackers targeted the billing systems of America’s largest oil pipeline, Colonial Pipeline, causing gas price spikes and shortages across the East Coast. Later, hackers attacked the world’s largest meat producer, causing about ten of its plants to shut down temporarily

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