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A great read for a Sunday afternoon, The Ransomware and Financial Stability Act 2024, that was put before congress this month. This is an important Bill if passed. It will have a significant effect on ransomware payments of covered financial institutions and significant core technology service providers of covered Financial Institutions, in the event of a cyber attack.
The bill sets out requirements for covered financial institutions to get authorization from the Director of the Financial Crimes Enforcements Network if the ransomware amount is greater than $100,000. The Financial Crimes Enforcements Network is a bureau of the Department of Treasury. (https://www.fincen.gov/)
Why is this Bill important if it gets passed? It puts financial institutions and technology providers under the oversight and authorization from the Director of the Financial Crimes Enforcements Network, before a ransomware payment greater than $100,00 can be made. Increasing the visibility of ransomware payments through disclosure, and engages the Department of Treasury in the ransomware payment process across covered financial institutions, securities exchanges and technology providers.
This is a further example of cybersecurity regulation. In this case regulation that will effect on systemically important Financial institutions, U.S exchanges and technology providers. Increasing oversight of cybersecurity risk management by U.S Federal Government.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC US Congress U.S. Securities and Exchange Commission U.S. Department of the Treasury
#cybersecurity #cyberriskmanagement #cyberregulation #ransomware #cyberattack
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