Ransomware Law Requires Quick Payment Disclosure

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Victims of ransomware attacks who choose to pay a ransom to cyber criminals for the decryption key could have to publicly disclose that a payment was made within 48 hours of doing so. 

The Ransom Disclosure Act proposed by US Senator Elizabeth Warren and Representative Deborah Ross would require organisations which fall victim to ransomware attacks and pay the ransom to detail information about the payment. 

Information about ransom payments which would have to be disclosed include the amount of ransom demanded and paid, the type of currency used to pay the ransom – commonly paid in Bitcoin – and any known information about the attackers demanding the ransom. The information would have to be disclosed to the Department of Homeland Security (DHS) within 48 hours of the payment being made. 

The aim of the bill is to provide DHS with better information about ransomware attacks to help counter the threat they pose to businesses and other organisations across the United States. 

“Ransomware attacks are

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