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The Biden administration pushes a product labeling idea that it hopes will make consumers wiser about the internet of things. Treasury fines a virtual currency exchange over allegations it failed to stop ransomware payments. And the White House outlines its cyber priorities. This is CyberScoop for Oct. 11.

The White House wants labels on IoT devices

The White House National Security Council will announce plans Tuesday for a consumer products cybersecurity labeling program intended to improve digital safeguards on internet-connected devices, a senior White House official told CyberScoop.  About 50 representatives from consumer product associations, manufacturing companies and technology think tanks will convene at the White House on Oct. 19 for a workshop on the voluntary effort ahead of an expected spring 2023 launch. The administration plans to start with recommending three or four cybersecurity standards that manufacturers can use as the basis for labels that communicate the risks associated with using IoT devices. Suzanne Smalley has the story.

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Currency exchange fined over ransomware

The Treasury Department announced on Tuesday parallel settlements with Bittrex, a virtual currency exchange based in Washington state, for allegations the company violated U.S. sanctions and anti-money laundering laws. The agencies brought $24 and $29 million dollar fines respectively, resulting in a total of $29 million in fines after remittance. An investigation by Treasury’s Office of Foreign Assets Control and Financial Crimes Enforcement Network, or FinCEN, found that Bittrex repeatedly failed to identify thousands of prohibited transactions, including direct transactions with dark web marketplaces such as AlphaBay, Agora and Silk Road. The company also failed to detect and investigate transactions connected to ransomware attacks against individuals and small businesses in the U.S. Tonya Riley has more.

Biden's cyber priorities

The White House on Tuesday published a fact sheet that gives a pretty good overview of Biden administration cybersecurity priorities. It goes through a host of initiatives that are already in the works such as efforts to strengthen critical infrastructure protections and sanction foreign hackers. The document also talks briefly about the cybersecurity labeling initiative that CyberScoop reported first today and an upcoming International Counter-Ransomware Initiative the White House says will bring "together partners from around the globe to address the scourge of ransomware." It plans to host a meeting on the issue from Oct. 31 to Nov. 1. Read the White House fact sheet.

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