Bill 119 hr 807, also known as the "Ransomware Coordination Act of 2021," aims to address the growing threat of ransomware attacks on financial institutions by directing the Secretary of the Treasury to submit a report on the coordination between the public and private sectors in responding to these attacks.
The bill recognizes the increasing frequency and severity of ransomware attacks targeting financial institutions, which can have significant economic and security implications. By requiring a report on coordination efforts, the bill seeks to improve the effectiveness of responses to these attacks and enhance the overall cybersecurity posture of the financial sector.
Specifically, the report mandated by the bill will assess the current level of coordination between government agencies, financial institutions, and other relevant stakeholders in responding to ransomware attacks. It will also identify any gaps or challenges in coordination efforts and recommend potential strategies for improving collaboration and information sharing.
In addition to addressing coordination issues, the bill also includes provisions for enhancing cybersecurity measures within financial institutions and promoting greater awareness of ransomware threats. By requiring the Secretary of the Treasury to submit the report within 180 days of the bill's enactment, the legislation aims to expedite efforts to strengthen defenses against ransomware attacks in the financial sector.
Overall, Bill 119 hr 807 represents a bipartisan effort to address the growing threat of ransomware attacks on financial institutions and improve coordination between the public and private sectors in responding to these cyber threats.