Improving Bank Security: Report on Public-Private Ransomware Response Coordination.
This Act mandates the Treasury Secretary to produce a detailed report assessing the effectiveness of coordination between financial institutions and government agencies in preventing and responding to ransomware attacks. The goal is to identify weaknesses in current cybersecurity practices and reporting requirements. Ultimately, this aims to strengthen the security of citizens' personal finances and data held by banks.
Key points
The Treasury Department must study how banks and government agencies coordinate efforts against ransomware attacks.
The report will analyze if government agencies receive and effectively use timely information reported by financial institutions after an attack.
The legislation seeks recommendations for new policies to improve partnerships and speed up response times to cyber threats affecting the financial sector.
Expired
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