President Obama issued an Executive Order (“EO”) to block property belonging to those who engage in malicious cyber-enabled activities. Citing to the threat posed by malicious cyber-enabled activities to the nation’s security, foreign policy, and economy, the President declared a national emergency to deal with the threat. The President’s authority is derived from the International Emergency Economic Powers Act (“IEEPA”), which authorizes the sanctioning of individuals located outside the United States.
The EO authorizes the freezing of assets of any foreign individual deemed to be responsible for, or complicit in malicious cyber-enabled activities that pose a significant threat to the nation’s security, foreign policy, economic, or financial stability. The Secretary of the Treasury, in consultation with the Attorney General and the Secretary of State are responsible for determining whether an individual is responsible for, complicit in, or engaged in malicious cyber-enabled activities. The EO can be used against individuals who harm critical infrastructure, disrupt computer networks, and those who engage in misappropriation of funds, trade secrets, and financial and personal identifiers for gain.
This EO is another tool that may be used against individuals who engage in malicious cyber-related activities. The Obama Administration is building an arsenal of weapons to expand the nation’s ability to counter cyber threats. In addition to this EO, the Administration also proposed several legislative changes to counter cyber threats.
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