Analysis

As Hacks Hit A Nerve, Admin. Pushed Reporting Of Breaches

By Ben Kochman (December 22, 2021, 8:35 PM EST) -- A ransomware attack on a major U.S. gas pipeline sharpened people's concerns about cybercrime in 2021, while the Biden administration balanced working with the private sector and threatening penalties for keeping breaches secret.

Law enforcement agencies took the unprecedented steps of seizing multimillion-dollar ransomware bounties and sanctioning cryptocurrency exchanges used by cybercriminals to launder extortion payments. Regulators, choosing not to wait for Congress to pass a federal cyberattack notification law, interpreted their existing powers to require banks, health care apps and government contractors to report episodes.

And as some agencies threatened punishments for businesses that did not comply with cybersecurity rules,...

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