Note: Today’s post is part of our “Editor’s Pick” series where we highlight recent posts published by our sponsors that provide practical knowledge and advice on timely and important supply chain and logistics topics. In this post, Sophia Nisha, Director of Denied Party Screening at Descartes Systems Group, provides an overview of how identifying and preventing trade with cyber criminals is now part of the Denied Party Screening process.
There is keen market interest in cyber-related Denied Party Screening (DPS), and criminal operatives seeking to trade or travel abroad are now greeted by the hard wall of sanctions. Likewise, companies are taking steps to avoid business transactions with individuals, entities or organizations associated with cyber-crime as per U.S. watch lists.
While the U.S. Office of Foreign Assets Control (OFAC) has long cited cyber criminals as prime candidates for black listing, it was only recently that the restrictions reached a level of operational maturity. In this sense, a mature regulation is one that has moved beyond theory to functional practice. In the case of cybersecurity and denied party screening, this means that lists are now actively populating with data, and screening can be performed at a practical level by organizations of any size around the world.
Cyber-related sanctions controls have been a hot button issue for years. Following attacks across a number of companies, verticals, organizations and individuals, it was evident that sanctions were necessary to help deter future online assaults…