House bill aims to better protect financial institutions from ransomware attacks

A bipartisan bill introduced by Reps. Zach Nunn and Josh Gottheimer would require the Treasury secretary to report on existing public–private coordination and reporting practices to better protect financial institutions from a surge in ransomware attacks; the article cites a 67% global increase in ransomware from 2023 to 2024, about 65% of financial institutions reporting attacks in 2024, and average ransom and recovery costs in the millions.