Hearing entitled: Held for Ransom: How Ransomware Endangers Our Financial System.
To examine how ransomware attacks occur in real time, analyze how ransomware has changed following COVID 19, develop policy solutions to impede ransomware attacks.
Insight into the current threat landscape and how to deal with consequences of attack.
Chairman Kim Remarks
Vice Chair Young Kim delivered remarks on threat of ransomware and how hearing will shed a light on how to address gaps in efforts to keep America safe from cybercrime.
Ransomware attacks hit a record high in 2023 with over $1 bn extorted from victims.
Witnesses to speak on cybersecurity resilience, incident response and data recovery efforts, notification processes, policy considerations, and following the money.
Notices ransomware causes lasting real-world impacts for many across the country.
Iran has been facilitating aggressive cyber operations against the US and its allies.
US adversaries overseas will continue to employ cybercrime campaigns to hurt nation.
States Congress must properly educate itself on severity of this issue to better protect not only U.S. citizens and businesses, but U.S. national security interests as a whole.
Hearing Witnesses
Witnesses included Ms. Kemba Eneas Walden, President, Paladin Global Institutes.
Also Ms. Jacqueline Burns Koven, Head of Cyber Threat Intelligence, Chainalysis.
Further, Mr. Daniel Sergile, Senior Consulting Director, Unit 42 by Palo Alto Network.
Included Ms. Megan Stifel, Chief Strategy Officer, Institute for Security and Technology.
Relevant Legislation
Discussed HJ Res. 100, re congressional disapproval of SEC rule on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, see #131369.
Also unnumbered bills on the Public and Private Sector Ransomware Response Coordination Act of 2024 and the Ransomware and Financial Stability Act of 2024.
