Gottheimer, Nunn Introduce Bipartisan Legislation to Protect Financial System from Ransomware Attacks

Brings together public sector and private sector experts to combat increasing ransomware attacks

WASHINGTON, DC — Yesterday, Wednesday, August 7, 2024, U.S. Representatives Josh Gottheimer (NJ-5) and Zach Nunn (IA-3) introduced the Public and Private Sector Ransomware Response Coordination Act, new, bipartisan legislation to develop a coordinated response against ransomware attacks. Ransomware attacks cost American businesses more than $400 million in the first six months of 2023 alone. North Korea has leveraged ransomware attacks worth more than $3 billion to help develop its nuclear weapons program, posing a real security risk to the United States and our allies across the world.

The Public and Private Sector Ransomware Response Coordination Act directs the Secretary of the Treasury to submit a report, produced in consultation with private sector experts, on coordination in the public and private sectors for responding to ransomware attacks on financial institutions. As part of the report, the Secretary of Treasury will explore public-private coordination on ransomware attacks, information sharing, and strategies to prevent attacks.

“Ransomware attacks are incredibly costly — and increasingly common. As a member of both the House Permanent Select Committee on Intelligence and the Financial Services Committee, I understand the dual security-economic risk that these attacks pose. We must develop a coordinated approach to prevent ransomware attacks and respond when they happen,” said Congressman Josh Gottheimer (NJ-5). “That’s why I’m proud to lead the Public and Private Sector Ransomware Response Coordination Act with Congressman Zach Nunn. This timely, bipartisan legislation will bring the U.S. Department of Treasury and private sector experts together to develop a game plan that can reduce these critical attacks.”

“Our country is in a better position when all companies stand firm against ransomware hostage-taking. We can strengthen our position by deterring these attacks, which have cost American businesses more than $1 billion in bounties over the last year,” said Rep. Zach Nunn (IA-3). “When I was working on the White House’s National Security Council, I witnessed firsthand how important it is to prioritize cybersecurity. As we continue to work towards preventing these attacks, private-public partnerships are key.”

This legislation builds on Gottheimer’s work to strengthen our private sector’s cybersecurity. In the 117th Congress, he helped lead the bipartisan Small Business Cybersecurity Assistance Pilot Program Act, which enabled small businesses to better defend themselves against foreign cyber attacks.

Text of the bill can be found here.