Overview
Title
To direct the Secretary of the Treasury to submit a report on coordination in the public and private sectors in responding to ransomware attacks on financial institutions, and for other purposes.
ELI5 AI
In this bill, Congress wants a special report from the Treasury about how well people and companies are working together to stop computer bad guys, called ransomware, from messing with banks. It also wants to know if there are any problems they need to fix and if they need new rules to make things better.
Summary AI
H. R. 807 requires the Secretary of the Treasury to provide a report within one year on how the public and private sectors work together when handling ransomware attacks on financial institutions. The report will assess the current levels of cooperation, the effectiveness of information sharing, and the presence of any barriers or delays in reporting. It will also explore whether new laws are needed to improve these areas and offer possible policy recommendations. Additionally, the Secretary will brief Congress on the report's findings within 15 months.
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AnalysisAI
Overview of the Bill
The proposed legislation, titled the "Public and Private Sector Ransomware Response Coordination Act of 2025," seeks to enhance the coordination between the public and private sectors in tackling ransomware attacks, particularly those targeting financial institutions. Introduced in the House of Representatives by Mr. Nunn of Iowa and Mr. Gottheimer, the bill mandates the Secretary of the Treasury to present a detailed report within a year. This report would assess how effectively both sectors collaborate on cybersecurity issues related to ransomware, evaluate the timeliness of information sharing, and determine if new laws are necessary to improve these processes.
Significant Issues
The bill raises several key issues:
Budget and Funding Concerns: There is no clear outline of the budget or funding required to implement the activities mentioned, leading to potential concerns about financial accountability.
Ambiguities in Timeliness: The term "timely access to relevant information" is subjective and could be interpreted in different ways, potentially resulting in delayed or inconsistent responses to ransomware incidents.
Lack of Oversight Details: The bill does not assign specific responsibilities or oversight mechanisms to enforce the recommendations that emerge from the report, which could result in inefficiencies and accountability issues.
Transparency Challenges: By allowing a classified annex in the report, the bill introduces possible transparency issues, as critical information might be inaccessible to the public and some stakeholders, limiting transparency and public trust.
Feedback Integration: There are no detailed mechanisms for incorporating feedback from cybersecurity experts and ransomware response entities, which might leave out valuable industry insights or solutions.
Impact on the Public
The bill has the potential to enhance public safeguarding by promoting a more unified and effective response to ransomware threats, which are increasingly targeting financial institutions. By improving coordination and communication between sectors, it could lead to faster incident response times, ultimately protecting consumer data and financial security.
Impact on Specific Stakeholders
For financial institutions, this bill could be a double-edged sword. On one hand, enhanced public-private partnerships might result in better preparedness and response strategies. On the other hand, concerns about increased reporting requirements and the need to share sensitive information might impose additional burdens on these entities.
Government agencies might benefit from clearer guidelines and better access to data, allowing them to perform their protective roles more effectively. However, the lack of assigned oversight might mean that recommendations from the report are not fully implemented, reducing potential benefits.
Lastly, cybersecurity firms could find more opportunities to shape and enhance protocols for ransomware responses, provided their feedback is solicited and incorporated effectively. However, without mechanisms that ensure their engagement, their industry expertise might remain untapped, potentially leading to less effective outcomes.
In summary, while the bill aims to strengthen defenses against ransomware attacks, its effectiveness will largely depend on addressing the identified issues, particularly around funding, transparency, and inclusive feedback processes.
Issues
The lack of specific details on the budget or funding required for the activities described in the report could lead to concerns about unspecified or wasteful spending, affecting taxpayer money and financial resources. (Section 2)
The phrase 'timely access to relevant information' used in connection with governmental agencies accessing information from financial institutions is subjective and could lead to ambiguities and inefficiencies in response times and data utility. (Section 2)
The absence of a clear assignment of responsibility or oversight for ensuring that recommendations and policy initiatives are implemented could result in inefficiencies and lack of accountability. (Section 2)
The clause allowing for a 'classified annex' could pose transparency issues, as key information might not be available to the public or all stakeholders, limiting oversight and public trust. (Section 2)
The lack of detailed mechanisms for incorporating feedback from cybersecurity and ransomware response entities could result in the exclusion of important industry perspectives, which may make the final report less comprehensive or effective. (Section 2)
Sections
Sections are presented as they are annotated in the original legislative text. Any missing headers, numbers, or non-consecutive order is due to the original text.
1. Short title Read Opens in new tab
Summary AI
The first section of the Act provides its short title, stating that it can be referred to as the “Public and Private Sector Ransomware Response Coordination Act of 2025.”
2. Report on coordination in the public and private sectors in responding to ransomware attacks on financial institutions Read Opens in new tab
Summary AI
The Secretary of the Treasury must prepare a report within a year to assess how well the public and private sectors work together to prevent and respond to ransomware attacks on financial institutions. The report will also look into how fast relevant agencies get information after an attack and whether new laws are needed to improve this process. The findings must be shared with Congress, and any delays from financial institutions in reporting such attacks will be analyzed.