South Iowa News

U.S. Representative Zach Nunn from Iowa has introduced a bipartisan bill aimed at combating ransomware attacks on financial institutions. The legislation, known as the Public and Private Sector Ransomware Response Coordination Act, is co-led by U.S. Representative Josh Gottheimer of New Jersey. It seeks to foster collaboration between federal agencies and private companies to prevent such cyber threats.

“When I worked on the White House’s National Security Council, I witnessed the fundamental need to prioritize cybersecurity. Bad actors continue to attack the United States’ critical infrastructure costing companies not only time and money but also leaving a bad taste in the mouth of consumers,” said Rep. Nunn. “In order to address the evolving threat landscape, we must ensure critical infrastructure has the tools necessary to combat ransomware attacks and stay ahead of emerging threats.”

Ransomware attacks have surged due to their high financial rewards and low risk for attackers. On average, these incidents cost companies over $5 million each. Between 2023 and 2024, global ransomware attacks increased by 67%, with payments exceeding $1 billion in 2023 alone.

“Ransomware attacks are incredibly costly — and increasingly common. These attacks pose a serious threat to both our national security and economy, and we must be prepared with a coordinated approach to prevent and effectively respond when they happen,” stated Rep. Gottheimer. “That’s why I’m introducing the Public and Private Sector Ransomware Response Coordination Act with Congressman Zach Nunn. Our bipartisan legislation will bring government and industry experts together to develop a game plan that can reduce these attacks.”

In early 2024, both the Cybersecurity and Infrastructure Security Agency (CISA) and the Federal Bureau of Investigation (FBI) highlighted the growing risks from ransomware targeting critical infrastructure. They urged entities across sectors to enhance their cybersecurity measures.

The proposed act aims to strengthen national cybersecurity by improving threat detection, information sharing, response strategies, and suppression efforts related to ransomware incidents. It mandates that the Secretary of the Treasury submit a plan to Congress detailing improved responses to such cyberattacks on financial institutions.