House bill aims to better protect financial institutions from ransomware attacks | CyberScoop<\/title> <link rel=\"canonical\" href=\"https:\/\/cyberscoop.com\/treasury-secretary-financial-services-ransomware-house-bill\/\"> <meta property=\"og:locale\" content=\"en_US\"> <meta property=\"og:type\" content=\"article\"> <meta property=\"og:title\" content=\"House bill aims to better protect financial institutions from ransomware attacks\"> <meta property=\"og:description\" content=\"The bipartisan legislation would direct the Treasury secretary to deliver a report on public-private coordination to combat attacks on the financial sector.\"> <meta property=\"og:url\" content=\"https:\/\/cyberscoop.com\/treasury-secretary-financial-services-ransomware-house-bill\/\"> <meta property=\"og:site_name\" content=\"CyberScoop\"> <meta property=\"article:published_time\" content=\"2025-01-30T18:24:31+00:00\"> <meta property=\"article:modified_time\" content=\"2025-01-30T18:24:33+00:00\"> <meta property=\"og:image\" content=\"https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2025\/01\/house-bill-aims-to-better-protect-financial-institutions-from-ransomware-attacks-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=1732206022g\" 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=1736472017g\" 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=1738186663g\" type=\"text\/css\" media=\"all\">\n<link rel=\"stylesheet\" id=\"typekit-css\" href=\"https:\/\/use.typekit.net\/itk2qbh.css?ver=811a4fffdf449a472805\" 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\/83340\"><link rel=\"EditURI\" type=\"application\/rsd+xml\" title=\"RSD\" href=\"https:\/\/cyberscoop.com\/xmlrpc.php?rsd\">\n<meta name=\"generator\" content=\"WordPress 6.7.1\">\n<link rel=\"shortlink\" href=\"https:\/\/cyberscoop.com\/?p=83340\">\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%2Ftreasury-secretary-financial-services-ransomware-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%2Ftreasury-secretary-financial-services-ransomware-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-83340 single-format-standard\" id=\"readabilityBody\"> <a href=\"https:\/\/cyberscoop.com\/treasury-secretary-financial-services-ransomware-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=\"5.12\">\n<div class=\"stickybar__info js-sticky-bar-content\" readability=\"32\">\n<p>Nominations can be submitted for the 2025 CyberScoop 50 awards!<\/p>\n<\/div>\n<p> <a class=\"stickybar__link button button-tertiary\" href=\"https:\/\/cyberscoop.com\/cyberscoop50\/\">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=\"25.702341137124\">\n<div class=\"single-article__header-content\" readability=\"34.496519721578\">\n<p> The bipartisan legislation would direct the Treasury secretary to deliver a report on public-private coordination to combat attacks on the financial sector. <\/p>\n<p>  <br \/>\n<audio id=\"audio-player\" src=\"https:\/\/wp-tts-cdn.api.scpnewsgrp.com\/cyberscoop\/83340\/english.openai.mp3\"><\/audio> <\/p>\n<div readability=\"11\">\n<div>\n<p>Listen to this article<\/p>\n<p>  <\/p>\n<p>0:00<\/p>\n<\/p><\/div>\n<p>  <\/p>\n<p> <span id=\"tts-tooltip\">Learn more.<\/span> <span> This feature uses an automated voice, which may result in occasional errors in pronunciation, tone, or sentiment. <\/span> <\/p>\n<\/div>\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\/2025\/01\/house-bill-aims-to-better-protect-financial-institutions-from-ransomware-attacks.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\/2025\/01\/house-bill-aims-to-better-protect-financial-institutions-from-ransomware-attacks-2.jpg 1024w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2025\/01\/house-bill-aims-to-better-protect-financial-institutions-from-ransomware-attacks-2.jpg?resize=300,200 300w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2025\/01\/house-bill-aims-to-better-protect-financial-institutions-from-ransomware-attacks-2.jpg?resize=768,512 768w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2025\/01\/house-bill-aims-to-better-protect-financial-institutions-from-ransomware-attacks-2.jpg?resize=600,400 600w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2025\/01\/house-bill-aims-to-better-protect-financial-institutions-from-ransomware-attacks-2.jpg?resize=252,168 252w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2025\/01\/house-bill-aims-to-better-protect-financial-institutions-from-ransomware-attacks-2.jpg?resize=505,337 505w, https:\/\/ddi.mohflo.net\/wp-content\/uploads\/2025\/01\/house-bill-aims-to-better-protect-financial-institutions-from-ransomware-attacks-2.jpg?resize=1012,675 1012w\" sizes=\"(max-width: 1012px) 100vw, 1012px\"><figcaption> Rep. Zach Nunn, R-Iowa, talks to reporters as House Republicans meet at the U.S. Capitol on Oct. 12, 2023 in Washington, D.C. (Photo by Chip Somodevilla\/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=\"27.587758775878\"><body readability=\"56.82119205298\"><\/p>\n<p>A bipartisan pair of House lawmakers are seeking to improve private-public coordination for financial institutions amid a surge of ransomware attacks on the sector.<\/p>\n<p>The <a href=\"https:\/\/nunn.house.gov\/wp-content\/uploads\/2025\/01\/NUNN_011_xml.pdf\">Public and Private Sector Ransomware Response Coordination Act<\/a>, introduced this week by Reps. Zach Nunn, R-Iowa, and Josh Gottheimer, D-N.J., would direct the Treasury secretary to deliver a report on existing collaboration between federal agencies and private financial companies, examining how those partnerships can be improved to better protect the industry from cyberattacks.<\/p>\n<p>The legislation from Nunn and Gottheimer, both members of the House Financial Services Committee, comes as global ransomware attacks jumped 67% from 2023 to 2024, according to the director of national intelligence. And <a href=\"https:\/\/www.statista.com\/statistics\/1460896\/rate-ransomware-attacks-global\/#:~:text=Rate%20of%20ransomware%20attacks%20in%20financial%20institutions%20worldwide%202021%2D2024&text=From%202021%20to%202024%2C%20the,and%2034%20percent%20in%202021.\">according to Statista<\/a>, approximately 65% of financial institutions globally reported experiencing a ransomware attack in 2024, up from 34% in 2021.<\/p>\n<p>\u201cBad actors continue to attack the United States\u2019 critical infrastructure costing companies not only time and money but also leaving a bad taste in the mouth of consumers,\u201d Nunn, who previously served as the National Security Council\u2019s director of cybersecurity policy & engagement, <a href=\"https:\/\/nunn.house.gov\/2025\/01\/27\/nunn-introduces-bipartisan-bill-to-combat-ransomware-attacks-on-financial-institutions\/\">said in a statement<\/a>. \u201cIn order to address the evolving threat landscape, we must ensure critical infrastructure has the tools necessary to combat ransomware attacks and stay ahead of emerging threats.\u201d<\/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>Under the bill, the Treasury secretary\u2019s report would be required to detail the current levels of public-private coordination in the financial services sector, specifically regarding cybersecurity practices and how they prevent and respond to ransomware attacks.<\/p>\n<p>The report would also probe whether relevant federal agencies are receiving timely access to reports on ransomware attacks on financial institutions, analyze reporting requirements, and assess whether additional legislation is needed. The bill also asks the Treasury secretary to provide feedback and potential policy solutions.<\/p>\n<p>A <a href=\"https:\/\/www.sophos.com\/en-us\/press\/press-releases\/2024\/04\/ransomware-payments-increase-500-last-year-finds-sophos-state#:~:text=Sophos%2C%20a%20global%20leader%20of,that%20Sophos%20reported%20in%202023.\">2024 Sophos report<\/a> found that the average ransom payment is $2 million, while victimized organizations have to pay another $2.73 million on average in recovery costs. Ransomware payments hit a milestone in 2023, exceeding $1 billion for the first time, <a href=\"https:\/\/www.chainalysis.com\/blog\/ransomware-2024\/\">according to Chainalysis<\/a>.<\/p>\n<p>\u201cRansomware attacks are incredibly costly \u2014 and increasingly common. These attacks pose a serious threat to both our national security and economy, and we must be prepared with a coordinated approach to prevent and effectively respond when they happen,\u201d Gottheimer said. \u201cOur bipartisan legislation will bring government and industry experts together to develop a game plan that can reduce these attacks.\u201d<\/p>\n<p><\/body> <\/p>\n<footer class=\"single-article__footer\" readability=\"3.9902280130293\">\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\/2025\/01\/house-bill-aims-to-better-protect-financial-institutions-from-ransomware-attacks-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. You can reach him at matt.bracken@scoopnewsgroup.com. <\/p>\n<\/p><\/div>\n<div class=\"single-article__tags-container\">\n<h4 class=\"single-article__tags-title\">In This Story<\/h4>\n<\/p><\/div>\n<\/footer>\n<p> <\/html><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"single-article__ads js-single-article-sidebar\">\n<div class=\"ad ad--sidebar js-single-article-sidebar-5 ad--rightrail_1 \">\n<div class=\"ad__inner\"> <span class=\"screen-reader-text\">Advertisement<\/span> <\/div>\n<\/div>\n<div class=\"ad ad--sidebar js-single-article-sidebar-4 ad--rightrail_2 \">\n<div class=\"ad__inner\"> <span class=\"screen-reader-text\">Advertisement<\/span> <\/div>\n<\/div>\n<div class=\"ad ad--sidebar js-single-article-sidebar-3 ad--rightrail_3 \">\n<div class=\"ad__inner\"> <span class=\"screen-reader-text\">Advertisement<\/span> <\/div>\n<\/div><\/div>\n<\/article>\n<div class=\"popular-stories popular-stories--single-post\">\n<div class=\"popular-stories__container\">\n<h2 class=\"popular-stories__title\"> More Scoops <\/h2>\n<p>  <\/div>\n<p>\n<\/div>\n<p> <\/p>\n<section class=\"latest-podcasts\">\n<h2 class=\"latest-podcasts__title\"> Latest Podcasts\t<\/h2>\n<\/section>\n<div class=\"top-categories\">\n<div class=\"top-categories__container\">\n<h3 class=\"top-categories__category-title\">Government<\/h3>\n<\/p><\/div>\n<div class=\"top-categories__container\">\n<h3 class=\"top-categories__category-title\">Technology<\/h3>\n<\/p><\/div>\n<div class=\"top-categories__container\">\n<h3 class=\"top-categories__category-title\">Geopolitics<\/h3>\n<\/p><\/div>\n<\/p><\/div>\n<p> <\/main> <\/p>\n<div class=\"ad ad--bottom \">\n<div class=\"ad__inner\"> <span class=\"screen-reader-text\">Advertisement<\/span> <\/div>\n<\/div>\n<div id=\"interstitial\" class=\"welcome__container\"> <button id=\"close-modal-1\" class=\"welcome__clickable_area\"><\/button> <\/p>\n<div class=\"welcome__ad_wrapper\">\n<p> <button id=\"close-modal-3\" class=\"welcome__continue-button\">Continue to CyberScoop<\/button> <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p>   <\/body> <a href=\"https:\/\/cyberscoop.com\/treasury-secretary-financial-services-ransomware-house-bill\/\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>House bill aims to better protect financial institutions from ransomware<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1673,1901,2455,117,2456,3614,439,46,3615],"tags":[1675,1902,2457,119,2458,3616,443,54,3617],"class_list":["post-7145","post","type-post","status-publish","format-standard","hentry","category-department-of-treasury","category-financial-sector","category-financial-services","category-government","category-house-financial-services-committee","category-josh-gottheimer","category-policy","category-ransomware","category-zach-nunn","tag-department-of-treasury","tag-financial-sector","tag-financial-services","tag-government","tag-house-financial-services-committee","tag-josh-gottheimer","tag-policy","tag-ransomware","tag-zach-nunn"],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","chromenews-featured":"","chromenews-large":"","chromenews-medium":""},"author_info":{"display_name":"Cyber Scoop","author_link":"https:\/\/ddi.mohflo.net\/index.php\/author\/cyberscoop\/"},"category_info":"<a href=\"https:\/\/ddi.mohflo.net\/index.php\/category\/department-of-treasury\/\" rel=\"category tag\">Department of Treasury<\/a> <a href=\"https:\/\/ddi.mohflo.net\/index.php\/category\/financial-sector\/\" rel=\"category tag\">financial sector<\/a> <a href=\"https:\/\/ddi.mohflo.net\/index.php\/category\/financial-services\/\" rel=\"category tag\">Financial services<\/a> <a href=\"https:\/\/ddi.mohflo.net\/index.php\/category\/government\/\" rel=\"category tag\">Government<\/a> <a href=\"https:\/\/ddi.mohflo.net\/index.php\/category\/house-financial-services-committee\/\" rel=\"category tag\">House Financial Services Committee<\/a> <a href=\"https:\/\/ddi.mohflo.net\/index.php\/category\/josh-gottheimer\/\" rel=\"category tag\">Josh Gottheimer<\/a> <a href=\"https:\/\/ddi.mohflo.net\/index.php\/category\/policy\/\" rel=\"category tag\">Policy<\/a> <a href=\"https:\/\/ddi.mohflo.net\/index.php\/category\/ransomware\/\" rel=\"category tag\">ransomware<\/a> <a href=\"https:\/\/ddi.mohflo.net\/index.php\/category\/zach-nunn\/\" rel=\"category tag\">Zach Nunn<\/a>","tag_info":"Zach Nunn","comment_count":"0","jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/posts\/7145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/comments?post=7145"}],"version-history":[{"count":0,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/posts\/7145\/revisions"}],"wp:attachment":[{"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/media?parent=7145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/categories?post=7145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ddi.mohflo.net\/index.php\/wp-json\/wp\/v2\/tags?post=7145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

{"id":7145,"date":"2025-01-30T12:24:31","date_gmt":"2025-01-30T18:24:31","guid":{"rendered":"https:\/\/cyberscoop.com\/?p=83340"},"modified":"2025-01-30T12:24:31","modified_gmt":"2025-01-30T18:24:31","slug":"house-bill-aims-to-better-protect-financial-institutions-from-ransomware-attacks","status":"publish","type":"post","link":"https:\/\/ddi.mohflo.net\/index.php\/2025\/01\/30\/house-bill-aims-to-better-protect-financial-institutions-from-ransomware-attacks\/","title":{"rendered":"House bill aims to better protect financial institutions from ransomware attacks"},"content":{"rendered":"