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Patrick McHenry Introduced the Ransomware and Financial Stability Act
Summary: On November 10, Patrick McHenry, the senior Republican on the House Financial Services Committee, introduced the Ransomware and Financial Stability Act, according to The Block. The bill aims to establish "rules of the road" for financial institutions hit by ransomware attacks. Those include requirements to report such attacks to the Treasury's Financial Crimes Enforcement Network, ...
On November 10, Patrick McHenry, the senior Republican on the House Financial Services Committee, introduced the Ransomware and Financial Stability Act, according to The Block.
The bill aims to establish "rules of the road" for financial institutions hit by ransomware attacks. Those include requirements to report such attacks to the Treasury's Financial Crimes Enforcement Network, as well as exemptions from regulatory enforcement as long as they made good-faith efforts to provide such reports.
The bill also would require financial institutions making ransomware payouts greater than $100,000 to get special authorization from the Treasury. It requires the Treasury to keep information on those ransomware attacks confidential.
The provisions in McHenry's bill resemble financial institutions' requirements under the Bank Secrecy Act in some ways, which mandates reporting of suspicious activity to FinCEN.
By Amy Liu
Tags: Bill,patrick mchenry,Ransomware
Link: Patrick McHenry Introduced the Ransomware and Financial Stability Act [Copy]
