Lawmakers eye cryptocurrency laws to combat ransomware attacks | #malware | #ransomware | #cybersecurity | #infosecurity | #hacker



Cyberattackers have been holding hostage data and computer systems at American businesses, schools and hospitals until they receive digital payment from their victims, making cryptocurrency a key component of ransomware gangs’ business model. 

Congress is now working to understand whether cryptocurrency is fueling the rapid spread of ransomware attacks and looking to impose new rules on the digital currency business.

Sen. James Lankford, Oklahoma Republican, said that the Biden administration’s handling of cryptocurrency is tangled, involving more than five different agencies with some jurisdiction over cryptocurrency matters, and it is causing confusion. 

“This is still a convoluted mess at the worst possible moment for a company, for a hospital, whatever it may be that just had a ransomware attack,” Mr. Lankford said Tuesday at a Homeland Security Committee hearing. “And now they’re getting bombarded with all these different federal entities calling them and wanting information and details on this. There has to be a single source, I know we’re in the process of working that through.”

Cryptocurrency companies and exchanges also help catch cyberattacks, said Jacqueline Burns Koven, the head of cyber threat intelligence at the blockchain financial services company Chainalysis. 



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