Senate Homeland Security ransomware hearing focuses on managing influx of data, shortfalls in banking laws

The need for carefully structured rules around cyber incident reporting and addressing gaps in global banking regulations were two key themes from a Senate Homeland Security Committee hearing on ransomware and the role of cryptocurrency.

Homeland Security Chairman Gary Peters (D-MI) said reports of nearly $700 million in annual ransomware payments – “almost exclusively” made in cryptocurrency – probably undercount actual payouts by a significant amount and highlight inconsistent international enforcement of banking laws as applied to crypto. “More must...