New bill would mandate disclosure of ransomware payments

A new bill introduced by Sen. Elizabeth Warren and Rep. Deborah Ross would require organizations targeted with ransomware to disclose information about any ransom payments made to cybercriminals within 48 hours. The legislation aims to provide critical data to the Department of Homeland Security to better understand cybercriminal operations and strengthen cybersecurity measures. Ransomware attacks in North America increased by 158% in 2019-2020, and the FBI received nearly 2,500 ransomware complaints, resulting in losses exceeding $29 million. The bill comes as the US government ramps up efforts to address the rising threat of ransomware attacks.