Ransom Disclosure Act - Proposed Bill Will Require Victims to Disclose Ransom Payments within 48 Hours

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ransomware Ransom Disclosure Act - Proposed Bill Will Require Victims to Disclose Ransom Payments within 48 Hours

Category: Security

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Ransomware attacks increased by 62% worldwide and 158% in North America between 2019 and 2020. The FBI received approximately 2,500 ransomware complaints last year, up 20% from 2019, which identified losses of over $29 million.

According to a press release made by Elizabeth Warren, ransomware attacks pose a significant national security threat, impacting critical infrastructure and military facilities, hospitals and medical centers, small and large businesses, schools and universities, and municipal governments.

The bill provides the Department of Homeland Security (DHS) with critical data on ransomware payments in order to bolster our understanding of how cybercriminal enterprises operate and develop a fuller picture of the ransomware threat. The...

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