Patrick McHenry, congressman in the state of North Carolina, has submitted a proposal for the Ransomware and Financial Stability Act.
This bill means that organizations that have fallen victim to cybercrime and are willing to pay a ransom will notify the Ministry of Finance before making a payment for ransomware. This applies to amounts over $ 100,000.
McHenry thinks the law will discourage hackers from demanding large sums of money from victims of hostage software.
This proposal basically prohibits the payment of a ransom of more than $ 100,000. In exceptional cases, law enforcement authorities may issue an authorization for ransomware payments. The US president can also approve large payments to cyber criminals if it is in the national interest of the US.
The payment of ransom for computers encrypted with hostage software is generally not recommended because the victims maintain the criminals’ revenue model.