Use of Cryptocurrency in Ransomware Attacks, Available Data, and National Security Concerns

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52 pages
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The chairman of the Senate of Homeland Security and Governmental Affairs Committee, Senator Gary Peters, initiated an investigation into the role of cryptocurrency in ransomware attacks and their impacts on victims. The resulting Majority Staff report, based on interviews with law enforcement, regulatory agencies, and private companies, provides recommendations to address gaps in data on these attacks. The Cyber Incident Reporting Act of 2021, introduced by Chairman Peters and Ranking Member Portman, was passed as part of the Strengthening American Cybersecurity Act of 2022, mandating reporting on cyber-attacks and ransom payments against critical infrastructure. The report suggests supporting information sharing on ransomware attacks and payments, including crowd-sourced initiatives and public-private partnerships to investigate the ransomware economy.
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