Cybersecurity Policy Report, Bill Seeks to Improve Financial Sector Cybersecurity, (Jan 28, 2025)
Legislation that would require the Treasury Department to develop a plan to counter ransomware attacks on financial institutions has been introduced in the House.
Reps. Zach Nunn (R., Iowa) and Josh Gottheimer (D., N.J.) offered the Public and Private Sector Ransomware Response Coordination Act (H.R. __, 119th Cong. (2025)).
“The bill will require the Secretary of the Treasury to submit a plan to Congress to improve U.S. response to ransomware attacks on financial institutions,” the lawmakers said in a news release.
The Treasury Department would have a year to prepare a report that, among other things, would recommend ransomware policies “to bolster public-private partnerships, increase incident report sharing, and decrease incident response time,” according to the bill’s text.
“Bad actors continue to attack the United States’ critical infrastructure costing companies not only time and money but also leaving a bad taste in the mouth of consumers,” Rep. Nunn said. “In order to address the evolving threat landscape, we must ensure critical infrastructure has the tools necessary to combat ransomware attacks and stay ahead of emerging threats.”
“Ransomware attacks are incredibly costly—and increasingly common. These attacks pose a serious threat to both our national security and economy, and we must be prepared with a coordinated approach to prevent and effectively respond when they happen,” Rep. Gottheimer said.
Reps. Nunn and Gottheimer introduced a similar measure in the 118th Congress, but it failed to advance (CPR, Aug. 9, 2024).
News: FederalLegislation DataSecurity