Inside Cybersecurity

July 2, 2022

Daily News

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

By Charlie Mitchell / June 8, 2022

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...

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