Bill Summary
The "Public and Private Sector Ransomware Response Coordination Act of 2025" is legislation aimed at enhancing the collaboration between public and private sectors in addressing ransomware attacks on financial institutions. The bill mandates that the Secretary of the Treasury submit a comprehensive report within one year of its enactment. This report will assess the current state of coordination in cybersecurity efforts, evaluate the access and utility of information shared post-attack, analyze existing reporting requirements, and recommend policy initiatives to improve partnerships between sectors.
Key components of the report will include: the effectiveness of communications between financial institutions and government agencies regarding ransomware incidents, any barriers to timely reporting, and feedback from cybersecurity entities. The report will be submitted in an unclassified format but may include a classified annex. Additionally, the Secretary is required to brief congressional committees on the findings within 15 months. This initiative aims to strengthen defenses against cyber threats and enhance the overall resilience of financial institutions against ransomware attacks.
Possible Impacts
Here are three examples of how the **Public and Private Sector Ransomware Response Coordination Act of 2025** could affect people:
1. **Enhanced Consumer Trust and Protection**: By improving the coordination between public and private sectors in responding to ransomware attacks, this legislation could lead to more robust cybersecurity measures within financial institutions. As financial institutions become better equipped to prevent and respond to such attacks, consumers may feel more secure about their financial information, potentially increasing trust in these institutions. Enhanced trust could lead to greater consumer engagement and activity within the financial sector.
2. **Increased Accountability and Transparency**: The requirement for financial institutions to report ransomware attacks and the analysis of the reasons for withholding such information could lead to increased accountability. If financial institutions are compelled to be more transparent about their cybersecurity incidents, customers and investors may be better informed about the risks associated with their financial dealings. This transparency could lead to more informed decisions by consumers and shareholders, ultimately impacting the institution's reputation and financial performance.
3. **Improved Incident Response and Recovery**: The act emphasizes the need for timely access to information by relevant governmental agencies following ransomware attacks. This could lead to faster investigations and responses to cyber threats, which would benefit not only the financial institutions involved but also their customers and the wider economy. With a more efficient response system, the impact of ransomware attacks on individuals and businesses could be mitigated, reducing the potential for financial losses and disruptions in financial services.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 807 Introduced in House (IH)]
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119th CONGRESS
1st Session
H. R. 807
To direct the Secretary of the Treasury to submit a report on
coordination in the public and private sectors in responding to
ransomware attacks on financial institutions, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 28, 2025
Mr. Nunn of Iowa (for himself and Mr. Gottheimer) introduced the
following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To direct the Secretary of the Treasury to submit a report on
coordination in the public and private sectors in responding to
ransomware attacks on financial institutions, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Public and Private Sector Ransomware
Response Coordination Act of 2025''.
SEC. 2. REPORT ON COORDINATION IN THE PUBLIC AND PRIVATE SECTORS IN
RESPONDING TO RANSOMWARE ATTACKS ON FINANCIAL
INSTITUTIONS.
(a) In General.--Not later than one year after the date of the
enactment of this section, the Secretary of the Treasury shall submit
to the appropriate congressional committees a report that describes the
following:
(1) The current level of coordination and collaboration
between the public and private sectors, including entities in
the public and private sectors that manage cybersecurity, in
response to, and for the prevention of, a ransomware attack on
a financial institution.
(2) The coordination among relevant governmental agencies
in response to, and for the prevention of, a ransomware attack
on a financial institution.
(3) Whether relevant governmental agencies have timely
access to relevant information reported by a financial
institution following a ransomware attack on the financial
institution.
(4) The utility of such information to any relevant
governmental agency in the prevention or investigation of a
ransomware attack on a financial institution, or the
prosecution of a person responsible for such attack.
(5) An analysis of reporting requirements applicable to a
financial institution with respect to a ransomware attack in
relation to the utility to any relevant governmental agency of
the reported information in the prevention or investigation of
a ransomware attack on a financial institution, or the
prosecution of a person responsible for such attack.
(6) Whether further legislation is required to increase the
utility and timely access of such information to any relevant
governmental agency following a ransomware attack on a
financial institution.
(7) Any recommended policy initiatives to bolster public-
private partnerships, increase incident report sharing, and
decrease incident response time.
(8) The extent to which, and reasons that, financial
institutions withhold or delay reporting to relevant
governmental agencies information about a ransomware attack.
(9) Any feedback on the contents of the report received
from cybersecurity and ransomware response entities that
provide services to financial institutions.
(b) Form of Report.--The report described in subsection (a) shall
be submitted in unclassified form, but may include a classified annex.
(c) Briefing.--Not later than 15 months after the date of the
enactment of this section, the Secretary of the Treasury shall brief
the appropriate congressional committees on the findings of the report
described in subsection (a).
(d) Definitions.--In this section:
(1) Appropriate congressional committees.--The term
``appropriate congressional committees'' means--
(A) the Committee on Financial Services of the
House of Representatives;
(B) the Permanent Select Committee on Intelligence
of the House of Representatives;
(C) the Committee on Banking, Housing, and Urban
Affairs of the Senate; and
(D) the Select Committee on Intelligence of the
Senate.
(2) Cybersecurity and ransomware incident response
entity.--The term ``cybersecurity and ransomware incident
response entity'' means an entity that provides incident
responses, managed services, or advisory services that--
(A) supports investigation and risk management
related to ransomware attacks in the public and private
sectors;
(B) strengthens cybersecurity technology in the
financial sector; and
(C) reduces overall cyber risk in the financial
sector by assessing the security posture of a financial
institution, assisting a financial institution with
regulatory compliance, and providing recommendations to
a financial institution for recovery after a ransomware
attack and prevention of any future attacks.
(3) Financial institution.--The term ``financial
institution'' has the meaning given that term under section
5312(a) of title 31, United States Code.
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