Businesses Could Soon Have to Disclose Ransomware Payouts

Senator Elizabeth Warren of Massachusetts and Representative Deborah Ross of North Carolina announced today in a press release the introduction of the Ransom Disclosure Act that would require businesses who fall victim to ransomware attacks to disclose information regarding payments.

Under this law, victims of attacks would be required to report information regarding the amount paid, the currency of payment and any information on the entity demanding the ransom to the Department of Homeland Security (DHS) within 48 hours of payment.

Through the passage of this bill, Warren and Ross said that DHS will receive data on ransomware payments that will bolster their understanding of how cybercriminal enterprises operate.

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