US lawmaker’s new bill requires disclosure of crypto ransom payments
US Democratic lawmaker Elizabeth Warren, known for her anti-crypto remarks, submitted a bill on the 5th that requires information on ransomware attacks from victims within 48 hours of discovery.
The Ransom Disclosure Act proposed jointly by US Senator Elizabeth Warren and Representative Deborah Ross would mandate companies or organizations to disclose data on ransom payments to the Department of Homeland Security. The victims would be required to submit data on the amount demanded by cyber attackers and the sum paid by the victims.
Warren has been skeptical of cryptocurrencies since the beginning of 2021, calling for the US government to tighten regulations on the industry.
According to the FBI, complaints about ransomware attacks increased by 20% from 2019 to 2020, with total damages amounting to $29 million. In North America alone, the number of cases increased by 158% over the same period, with the average ransom payment amount increasing to $312,000.
According to the press release issued, the federal government currently has no law that mandates the individual companies to disclose when they have been breached, leaving citizens vulnerable to criminal and state-sponsored hacking activity.
US Senator Rubio said in a statement:
“The U.S. government must take decisive action against cybercriminals and the state actors who harbor them. It is also critical that American organizations act immediately once an attack occurs.
The longer an attack goes unreported, the more damage can be done. Ensuring prompt notification will help protect the health and safety of countless Americans and will help our government track down those responsible.”
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