A member of the House Financial Services Committee of the U.S. Congress, Patrick McHenry introduced a ransomware and financial stability bill. The measure would create ‘the rules of the game’ for victims of such attacks.
The document outlines reporting requirements for incidents to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury, as well as exemptions from enforcement practices.
Payments to extortionists over $100,000 would require a special permit from the agency. Under the bill, information about this will be kept confidential.
FinCEN announced an uptick in ransomware activity and in the number of mentions of attacks in banks’ suspicious-activity reports in the first half of 2021.
Earlier in November, FinCEN released an updated version of the recommendations aimed at countering ransomware.
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