US Lawmakers Plan Ransom Disclosure Act Amid Massive Attacks

The new Ransom Disclosure Act aims to oblige victims of ransomware attacks in the United States to report payments to hackers. The new bill stipulates that this must be done within 48 hours.

The “Ransom Disclosure Act” addresses the attacks on companies that have been harmed by so-called ransomware, which have been accumulating for many months. This is reported by Bleeping Computer. The new approach is intended to ensure more transparency. Ransomware attacks often cause double damage: Not only do companies pay to share their data – but the hackers also have access to very sensitive information.

Various examples from the recent past show that paying the ransom demands is no guarantee that the data will not become public. The “Ransom Disclosure Act” can of course not prevent such a thing. Politicians want to at least ensure that the injured party reports quickly so that, among other things, the Ministry of Homeland Security (DHS) can intervene more quickly.

Law Focused On Effective Prevention Strategy

Ransomware attacks are on the rise despite various efforts to combat the problem. Learning more about how money circulates underground could help authorities develop more effective disruption and prevention strategies.

Ransomware victims (with the exception of individuals) should therefore be required to disclose information about ransom payments no later than 48 hours after payment. This also includes details about the amount of the ransom demanded and paid the type of currency and all known information about the ransom demand. The approach of forcing victims to disclose payments to the hackers has always been controversial, as many believe that doing so would merely exacerbate the effects of ransomware attacks.

This strategy could result in prolonging the business interruption and delaying the restoration of normal operations due to the additional audit.