Bill > HR807

This bill requires the Secretary of the Treasury to submit a comprehensive report to key congressional committees within one year of enactment, focusing on ransomware attacks against financial institutions. The report must analyze the current level of coordination between public and private sector cybersecurity entities, examine how governmental agencies collaborate in preventing and responding to ransomware attacks, and assess the effectiveness of information sharing and reporting mechanisms. Specifically, the report will investigate whether governmental agencies have timely access to information about ransomware attacks, evaluate the utility of such information for prevention and prosecution, review existing reporting requirements, and determine if additional legislation is needed. The bill also calls for an examination of why financial institutions might delay or withhold reporting ransomware incidents, and seeks recommendations for improving public-private partnerships, incident reporting, and response times. The report will be submitted in an unclassified format, potentially with a classified annex, and the Treasury Secretary will provide a briefing to congressional committees 15 months after the bill's enactment. The bill defines key terms such as "financial institution" and "cybersecurity and ransomware incident response entity" to provide clarity and scope for the mandated report.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/807/all-info