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US senators aims to update cybersecurity act to add crypto firms

Marsha Blackburn and Cynthia Lummis, two senators from the United States, have proposed an amendment to the Cybersecurity Information Sharing Act of 2015 that, if passed, would make it possible for companies dealing in crypto assets and distributed ledger technology (DLT) to communicate with government agencies about potential cybersecurity risks.

The senators proposal would be renamed the Cryptocurrency Cybersecurity Information Sharing Act if it were to get approval, and it would give cryptocurrency companies the ability to notify government authorities of a data breach, ransomware attack, or network damage in order to receive aid.

Also, government organisations like the Financial Crimes Enforcement Network and the Cybersecurity and Infrastructure Security Agency will be able to enforce laws and regulations that cryptocurrency companies must comply with in order to protect themselves from any cyberattacks.

Crypto companies are required to report such cyber attacks

Crypto companies are required to report such cyber attacks

The Cybersecurity and Infrastructure Protection Act of 2015 was passed with the intention of establishing a robust cybersecurity network that would draw its database from organisations located at the federal, state, and private levels and give information to fight cyber-attacks.

The number of ransomware assaults on cryptocurrency networks is substantial, and the government of the United States is eager to tackle these crimes by introducing new laws and regulations.

According to a study published by the Federal Bureau of Investigation (FBI), the Internet Crime Complaint Center (IC3) section of the FBI received 34,202 complaints in 2021 about the usage of various types of cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, or Ripple.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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