Inside Cybersecurity

May 19, 2024

Daily News

House Financial Services chair introduces bill to require Treasury Dept. notification before making ransom payments

By Sara Friedman / April 12, 2024

Rep. Patrick McHenry (R-NC), chair of the House Financial Services Committee, has reintroduced a bill designed to deter hackers from asking for large ransom payments and requiring financial institutions to take steps to notify the Treasury Department before making a payment.

“Ransomware attacks pose a serious threat to the stability of our financial system. The bipartisan Ransomware and Financial Stability Act will help deter, deny, and track down cyber criminals who threaten the financial infrastructure that makes everyday economic activity...

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