Infrastructure firms will now have to report within 24 hours if they make a ransomware payment. “This surely will be a game changer.”
2020 was a record year for ransomware payments ($692 million), and 2021 will probably be higher when all the data is in, Chainalysis recently reported. Moreover, with the outbreak of the Ukraine-Russia war, ransomware’s use as a geopolitical tool — not just a money grab — is expected to grow as well.But, a new U.S. law could stem this rising extortionist tide. United States President Joe Biden recently signed into law the Strengthening American Cybersecurity Act, or the Peters bill, requiring infrastructure firms to report to the government substantial cyber-attacks within 72 hours and within 24 hours if they make a ransomware payment.Why is this important? Blockchain analysis has proven increasingly effective in disrupting ransomware networks, as seen in the Colonial Pipeline case l
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