Escalating ransomware attacks against the financial sector have prompted House Financial Services Committee members Zach Nunn, R-Iowa, and Josh Gottheimer, D-N.J., to introduce new legislation that seeks to bolster public and private sector coordination in combating such intrusions, CyberScoop reports.
Such a bill dubbed the Public and Private Sector Ransomware Response Coordination Act would mandate the Treasury Secretary to report on both sectors’ existing collaboration in cybersecurity practices and ransomware response, examine federal agencies’ access to ransomware incidents against the financial industry, evaluate reporting requirements and the need for more legislation, as well as provide possible policies that may address the issue.
“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. Our bipartisan legislation will bring government and industry experts together to develop a game plan that can reduce these attacks,” said Gottheimer.
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