Ransomware and Financial Stability Act of 2021

Bill 117 hr 5936, also known as the Ransomware and Financial Stability Act of 2021, is a piece of legislation introduced in the US Congress aimed at addressing the growing threat of ransomware attacks on financial institutions.

The bill seeks to enhance the cybersecurity measures of financial institutions by requiring them to report any ransomware attacks to the Department of the Treasury within 48 hours of discovery. This reporting requirement is intended to help the government track and respond to ransomware attacks more effectively.

Additionally, the bill establishes a Ransomware and Financial Stability Task Force within the Department of the Treasury to coordinate efforts to combat ransomware attacks on financial institutions. The task force will be responsible for developing best practices for preventing and responding to ransomware attacks, as well as coordinating with other government agencies and private sector partners. Furthermore, the bill authorizes the Department of the Treasury to provide grants to financial institutions to improve their cybersecurity defenses against ransomware attacks. These grants will be used to fund the implementation of cybersecurity measures, such as training programs for employees and the deployment of advanced security technologies. Overall, the Ransomware and Financial Stability Act of 2021 aims to strengthen the cybersecurity defenses of financial institutions and enhance the government's ability to respond to ransomware attacks in order to protect the stability of the financial system.