New Ransomware Bill Only Benefits Traditional Financial Institutions

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3 years ago
In community: Cybersecurity and Privacy(e3e6)

Recently introduced Ransomware and Financial Stability Act (H.R.5936) is the right direction for undermining ransomware attacks, by disallowing payments, but it just does not go far enough. This proposal only benefits traditional financial institutions.  Ransomware potentially impacts every business, person, government service, and even the cryptocurrency world!

 

We need to ban all ransomware payments to truly discourage attackers in an effective way!

 

News Story - https://threatpost.com/congress-ban-ransomware-payouts/176213

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And how do you ban payments in a system which was designed to be permissionless?

  • How do you identify payments to ransomware in an anonymous world?

Yes it would be good to ban every payment to ransomware distributors, but as futile as banning ransom itself.

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User's avatar thed
3 years ago

It becomes part of a regulation which then governs the business practice of organizations. Those are the ones paying the huge ransoms (tens of millions per ransom sometimes). The control structure is around oversight and accountability. For the most part businesses use cyber-insurance for payments. A regulation would stop insurance companies from offering that coverage. Additionally, whistleblowers within companies may report when executives decide to pay which would give the whistleblower a 30% reward!

I cover this topic in-depth in a series of Ransomware Explained videos available at: https://youtube.com/playlist?list=PLuIYhlNYyCmn0cCA6OqHqfL_qGSsizxBF

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