Ransomware attacks on financial sector targeted in House bill | CyberScoop<\/title> <link rel=\"canonical\" href=\"https:\/\/cyberscoop.com\/ransomware-attacks-financial-services-industry-house-bill\/\"> <meta property=\"og:locale\" content=\"en_US\"> <meta property=\"og:type\" content=\"article\"> <meta property=\"og:title\" content=\"Ransomware attacks on financial sector targeted in House bill\"> <meta property=\"og:description\" content=\"The bipartisan proposal would require the Treasury secretary to detail public-private efforts to prevent and combat such incidents in a report to Congress.\"> <meta property=\"og:url\" content=\"https:\/\/cyberscoop.com\/ransomware-attacks-financial-services-industry-house-bill\/\"> <meta property=\"og:site_name\" content=\"CyberScoop\"> <meta property=\"article:published_time\" content=\"2024-08-08T16:23:58+00:00\"> <meta property=\"og:image\" content=\"https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ransomware-attacks-on-financial-sector-targeted-in-house-bill-2.jpg\"> <meta property=\"og:image:width\" content=\"1024\"> <meta property=\"og:image:height\" content=\"683\"> <meta property=\"og:image:type\" content=\"image\/jpeg\"> <meta name=\"author\" content=\"mbracken\"> <meta name=\"twitter:card\" content=\"summary_large_image\">  <link rel=\"dns-prefetch\" href=\"\/\/securepubads.g.doubleclick.net\">\n<link rel=\"dns-prefetch\" href=\"\/\/use.typekit.net\">\n<link rel=\"alternate\" type=\"application\/rss+xml\" title=\"CyberScoop \u00bb Feed\" href=\"https:\/\/cyberscoop.com\/feed\/\">\n<link rel=\"alternate\" type=\"application\/rss+xml\" title=\"CyberScoop \u00bb Comments Feed\" href=\"https:\/\/cyberscoop.com\/comments\/feed\/\"> <link rel=\"stylesheet\" id=\"all-css-2\" href=\"https:\/\/cyberscoop.com\/wp-includes\/css\/dist\/block-library\/style.min.css?m=1721926675g\" type=\"text\/css\" media=\"all\"> <link rel=\"stylesheet\" id=\"all-css-6\" href=\"https:\/\/cyberscoop.com\/wp-content\/mu-plugins\/search\/elasticpress\/dist\/css\/related-posts-block-styles.min.css?m=1721767167g\" type=\"text\/css\" media=\"all\"> <link rel=\"stylesheet\" id=\"all-css-8\" href=\"https:\/\/cyberscoop.com\/wp-content\/themes\/scoopnewsgroup\/dist\/css\/frontend.css?m=1721764637g\" type=\"text\/css\" media=\"all\">\n<link rel=\"stylesheet\" id=\"typekit-css\" href=\"https:\/\/use.typekit.net\/itk2qbh.css?ver=ada0ad45b21fc79c6694\" media=\"all\"> <link rel=\"https:\/\/api.w.org\/\" href=\"https:\/\/cyberscoop.com\/wp-json\/\"><link rel=\"alternate\" title=\"JSON\" type=\"application\/json\" href=\"https:\/\/cyberscoop.com\/wp-json\/wp\/v2\/posts\/81353\"><link rel=\"EditURI\" type=\"application\/rsd+xml\" title=\"RSD\" href=\"https:\/\/cyberscoop.com\/xmlrpc.php?rsd\">\n<meta name=\"generator\" content=\"WordPress 6.6.1\">\n<link rel=\"shortlink\" href=\"https:\/\/cyberscoop.com\/?p=81353\">\n<link rel=\"alternate\" title=\"oEmbed (JSON)\" type=\"application\/json+oembed\" href=\"https:\/\/cyberscoop.com\/wp-json\/oembed\/1.0\/embed?url=https%3A%2F%2Fcyberscoop.com%2Fransomware-attacks-financial-services-industry-house-bill%2F\">\n<link rel=\"alternate\" title=\"oEmbed (XML)\" type=\"text\/xml+oembed\" href=\"https:\/\/cyberscoop.com\/wp-json\/oembed\/1.0\/embed?url=https%3A%2F%2Fcyberscoop.com%2Fransomware-attacks-financial-services-industry-house-bill%2F&format=xml\">   <link rel=\"icon\" href=\"https:\/\/cyberscoop.com\/wp-content\/uploads\/sites\/3\/2023\/01\/cropped-cs_favicon-2.png?w=32\" sizes=\"32x32\">\n<link rel=\"icon\" href=\"https:\/\/cyberscoop.com\/wp-content\/uploads\/sites\/3\/2023\/01\/cropped-cs_favicon-2.png?w=192\" sizes=\"192x192\">\n<link rel=\"apple-touch-icon\" href=\"https:\/\/cyberscoop.com\/wp-content\/uploads\/sites\/3\/2023\/01\/cropped-cs_favicon-2.png?w=180\">\n<meta name=\"msapplication-TileImage\" content=\"https:\/\/cyberscoop.com\/wp-content\/uploads\/sites\/3\/2023\/01\/cropped-cs_favicon-2.png?w=270\"> <\/head><body class=\"post-template-default single single-post postid-81353 single-format-standard\" id=\"readabilityBody\"> <a href=\"https:\/\/cyberscoop.com\/ransomware-attacks-financial-services-industry-house-bill\/#main\" class=\"skip-to-content-link visually-hidden-focusable\">Skip to main content<\/a> <\/p>\n<div class=\"ad ad--top ad--top-desktop\">\n<div class=\"ad__inner\"> <span class=\"screen-reader-text\">Advertisement<\/span> <\/div>\n<\/div>\n<p> <main id=\"main\" role=\"main\" tabindex=\"-1\"> <\/p>\n<div class=\"ad ad--top ad--top-mobile\">\n<div class=\"ad__inner\"> <span class=\"screen-reader-text\">Advertisement<\/span> <\/div>\n<\/div>\n<section id=\"stickybar\" class=\"stickybar stickybar--event js-stickybar\">\n<div class=\"stickybar__details\" readability=\"4.952380952381\">\n<div class=\"stickybar__info js-sticky-bar-content\" readability=\"32\">\n<p>Voting is open for the 2024 CyberScoop 50 awards! <\/p>\n<\/div>\n<p> <a class=\"stickybar__link button button-tertiary\" href=\"https:\/\/cyberscoop.com\/cyberscoop50\/vote\/\">Click here!<\/a> <\/div>\n<p> <button class=\"stickybar__close js-stickybar-close\" aria-controls=\"stickybar\"> <svg class=\"icon icon--close\" width=\"21\" height=\"22\" viewBox=\"0 0 21 22\" fill=\"none\"><path d=\"m.822.518-.805.805L9.695 11 .017 20.678l.805.805 9.678-9.678 9.677 9.678.806-.805L11.305 11l9.678-9.677-.806-.805-9.677 9.677L.822.518Z\" fill=\"currentColor\" \/><\/svg> <span class=\"visually-hidden\">Close<\/span> <\/button> <\/section>\n<article class=\"single-article content\">\n<div class=\"single-article__container js-single-article-content\">\n<header class=\"single-article__header \" readability=\"24.989637305699\">\n<div class=\"single-article__header-content\" readability=\"30.196911196911\">\n<ul class=\"single-article__eyebrow\">\n<li class=\"single-article__category\"> <a class=\"single-article__category-link\" href=\"https:\/\/cyberscoop.com\/news\/ransomware\/\"> <span>Ransomware<\/span> <\/a> <\/li>\n<\/ul>\n<p> The bipartisan proposal would require the Treasury secretary to detail public-private efforts to prevent and combat such incidents in a report to Congress. <\/p>\n<\/p><\/div>\n<div class=\"single-article__cover-wrap\">\n<figure class=\"single-article__cover\"> <img data-recalc-dims=\"1\" fetchpriority=\"high\" width=\"640\" height=\"427\" src=\"https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ransomware-attacks-on-financial-sector-targeted-in-house-bill.jpg?resize=640%2C427&ssl=1\" class=\"single-article__cover-image wp-post-image\" alt decoding=\"async\" fetchpriority=\"high\" srcset=\"https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ransomware-attacks-on-financial-sector-targeted-in-house-bill-2.jpg 1024w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ransomware-attacks-on-financial-sector-targeted-in-house-bill-2.jpg?resize=300,200 300w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ransomware-attacks-on-financial-sector-targeted-in-house-bill-2.jpg?resize=768,512 768w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ransomware-attacks-on-financial-sector-targeted-in-house-bill-2.jpg?resize=600,400 600w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ransomware-attacks-on-financial-sector-targeted-in-house-bill-2.jpg?resize=252,168 252w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ransomware-attacks-on-financial-sector-targeted-in-house-bill-2.jpg?resize=505,337 505w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ransomware-attacks-on-financial-sector-targeted-in-house-bill-2.jpg?resize=1012,675 1012w\" sizes=\"(max-width: 1012px) 100vw, 1012px\"><figcaption> The U.S. Treasury Department building is seen in Washington, D.C., on Jan. 19, 2023. (Photo by SAUL LOEB\/AFP via Getty Images) <\/figcaption><\/figure>\n<\/p><\/div>\n<\/header>\n<div class=\"single-article__content\">\n<div class=\"single-article__content-inner has-drop-cap\"> <html readability=\"23.626984126984\"><body readability=\"48.010211800303\"><\/p>\n<p>A bipartisan pair of lawmakers on the House Financial Services Committee are sounding the alarm about ransomware attacks on financial institutions, pushing in new legislation for more coordination between the public and private sectors on prevention and response measures.<\/p>\n<p>The <a href=\"https:\/\/d12t4t5x3vyizu.cloudfront.net\/gottheimer.house.gov\/uploads\/2024\/08\/NUNN_109_xml.pdf\">Public and Private Sector Ransomware Response Coordination Act<\/a> from Reps. Zach Nunn, R-Iowa, and Josh Gottheimer, D-N.J., calls on the Treasury Department to submit a report to the top House and Senate intelligence and financial services\/banking committees. That report would detail public-private efforts to combat ransomware and how government agencies are working to prevent such attacks.<\/p>\n<p>\u201cRansomware attacks are incredibly costly \u2014 and increasingly common,\u201d Gottheimer <a href=\"https:\/\/gottheimer.house.gov\/posts\/release-gottheimer-nunn-introduce-bipartisan-legislation-to-protect-financial-system-from-ransomware-attacks\">said in a statement<\/a>. \u201cAs a member of both the House Permanent Select Committee on Intelligence and the Financial Services Committee, I understand the dual security-economic risk that these attacks pose. We must develop a coordinated approach to prevent ransomware attacks and respond when they happen.\u201d<\/p>\n<p>Gottheimer emphasized the need for Treasury and private-sector partners to \u201cdevelop a game plan\u201d to reduce ransomware attacks. The bill mandates that the report to Congress includes analyses of financial institutions\u2019 reporting requirements, the adequacy of federal agencies\u2019 access to information after attacks, recommendations to enhance public-private partnerships and information sharing and suggestions for additional legislation.<\/p>\n<div class=\"ad ad--inline_1 \">\n<div class=\"ad__inner\"> <span class=\"screen-reader-text\">Advertisement<\/span> <\/div>\n<\/div>\n<p>The legislation also aims to get to the bottom of why financial institutions may delay or withhold reporting ransomware attacks to federal agencies, a provision that comes at a time when support is growing among cybersecurity experts for <a href=\"https:\/\/cyberscoop.com\/ex-white-house-kemba-walden-ransomware-payment-ban\/\">a ban on ransomware payments<\/a>. <\/p>\n<p>\u201cOur country is in a better position when all companies stand firm against ransomware hostage-taking,\u201d Nunn said in a statement. \u201cWe can strengthen our position by deterring these attacks, which have cost American businesses more than $1 billion in bounties over the last year.\u201d<\/p>\n<p>Nunn, who previously served as director of cybersecurity on the National Security Council, added that his time in the White House showed him \u201cfirsthand\u201d the importance of prioritizing cybersecurity and leaning on public-private partnerships.<\/p>\n<p>The financial services industry has been an increasingly prime target for threat actors in recent years. A <a href=\"https:\/\/assets.sophos.com\/X24WTUEQ\/at\/wn2jvpknb6n7w6xs343q536g\/sophos-state-of-ransomware-financial-services-2024.pdf\">June report from the cybersecurity firm Sophos<\/a> found that 65% of financial services organizations have been hit with ransomware attacks this year, up 1 percentage point from 2023 and a 10-point jump from 2022. <\/p>\n<p><\/body> <\/p>\n<footer class=\"single-article__footer\" readability=\"4.2869718309859\">\n<div class=\"author-card\" readability=\"15\">\n<div class=\"author-card__avatar\">\n<figure class=\"author-card__image-wrap\"> <img data-recalc-dims=\"1\" decoding=\"async\" class=\"author-card__image\" src=\"https:\/\/i0.wp.com\/ddi.mohflo.net\/wp-content\/uploads\/2024\/08\/ransomware-attacks-on-financial-sector-targeted-in-house-bill-1.jpg?w=640&ssl=1\" alt=\"Matt Bracken\"> <\/figure>\n<\/p><\/div>\n<p><h4 class=\"author-card__name\">Written by Matt Bracken<\/h4>\n<p> Matt Bracken is the managing editor of FedScoop and CyberScoop, overseeing coverage of federal government technology policy and cybersecurity. Before joining Scoop News Group in 2023, Matt was a senior editor at Morning Consult, leading data-driven coverage of tech, finance, health and energy. He previously worked in various editorial roles at The Baltimore Sun and the Arizona Daily Star. 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{"id":4773,"date":"2024-08-08T11:23:58","date_gmt":"2024-08-08T16:23:58","guid":{"rendered":"https:\/\/cyberscoop.com\/?p=81353"},"modified":"2024-08-08T11:23:58","modified_gmt":"2024-08-08T16:23:58","slug":"ransomware-attacks-on-financial-sector-targeted-in-house-bill","status":"publish","type":"post","link":"https:\/\/ddi.mohflo.net\/index.php\/2024\/08\/08\/ransomware-attacks-on-financial-sector-targeted-in-house-bill\/","title":{"rendered":"Ransomware attacks on financial sector targeted in House bill"},"content":{"rendered":"