New Bipartisan Bill Would Require Firms to Report Cyber Incidents Within 72 hours

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Financial institutions critical to U.S. national interests will now have to report substantial cyber assaults and ransom payments to the federal government, an Associated Press report said, under a bill passed by Congress and expected to be signed by President Joe Biden.

The move comes amid the escalating war in Ukraine and concerns of possible Russian cyber threats to the U.S. firms. Last year, multiple private and government organizations were jolted by a series of high-profile digital espionage campaigns and disruptive ransomware attacks. The reporting will provide federal government much greater visibility into hacking efforts that target private firms, which often have skipped going to the FBI or other agencies for assistance.

The reporting requirement was approved by the House and Senate on Thursday. It is expected to be signed into law by President Biden soon. “It’s clear we must take bold action to improve our online defenses,” stated Sen. Gary Peters, a Michigan Democrat who leads the Senate Homeland Security and Government Affairs Committee.

AP wrote that the new rules require any entity considered part of America’s critical infrastructure, including finance, transportation, a

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