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Proposed bill would block large ransomware payments by financial institutions

April 15, 2024
ABA Banking Journal
Contributed by: Drex DeFord
Summary
The proposed Ransomware and Financial Stability Act aims to introduce measures for financial institutions in response to ransomware attacks, mandating them to notify the Treasury Department before making any ransomware payment and to obtain law enforcement approval for payments exceeding $100,000. Sponsored by House Financial Services Committee Chairman Patrick McHenry and Rep. Brittany Pettersen, the bill targets financial market utilities, large securities exchanges, and critical technology service providers to banks, aiming to strengthen the financial sector's resilience against cyber threats. Additionally, it protects sensitive information reported to law enforcement from public disclosure, with certain exceptions, reinforcing the security and privacy of the reporting process.
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