US Senator Elizabeth Warren proposes to oblige companies to report payments to ransomware operators

A bill has been proposed to the US Congress that would oblige companies to inform federal authorities about ransomware of encrypted data from hackers using ransomware.

In one clause of a bill drafted by U.S. Senator Elizabeth Warren and MP Deborah Ross,
proposed task the U.S. Department of Homeland Security (DHS) to identify common features of ransomware attacks and verify if cryptocurrencies are contributing to these cyberattacks. This data will be used to protect information systems and enhance cybersecurity.

In addition, the Department of Homeland Security is obliged to publish information about ransomware attacks in open sources every year without identifying the victims of the cyberattacks. And launch a website where companies can report ransom payments to cybercriminals. Legal entities will be required to disclose information about the amount of the requested and paid ransom, as well as the type of currency no later than 48 hours after payment.

In introducing the bill, Massachusetts Senator Elizabeth Warren noted that the number of victims of ransomware is growing, but the federal government lacks the data to fight cybercriminals.

“The new law will reveal how much money cybercriminals are pumping out of American businesses each year to finance their goals, and will help us to neutralize them.”

MP Deborah Ross said ransomware attacks target critical points in the country’s infrastructure and threaten US national security more and more every year. She expressed regret that victims of cyberattacks are not required to provide information on the ransom. Therefore, the federal authorities do not have critical data to counter and prevent cyberattacks.

“Through a law that will oblige companies to provide information on the amount of the ransom requested and the type of currency used, the US government and cybersecurity companies will have the data they need to fight cybercriminals.”

Recently, it was reported that the US government will create a working group to combat ransomware that requires crypto ransom. In light of recent events, this is not surprising. In June, the largest meat producer JBS Holdings paid the extortionists $ 11 million in bitcoins. In 2020, cybersecurity agency Proofpoint reported that in 2019, more than half of all public and private organizations in the United States were attacked by ransomware viruses.