Congress Agrees: 72-Hour Cyber Incident Reporting Requirement to Take Effect
April 12, 2022
On March 15, 2022, President Biden signed an omnibus spending bill into law, which, in part, requires companies to report cyber incidents and ransom payments. The relevant portions of the law, titled the Cyber Incident Reporting for Critical Infrastructure Act of 2022 (“Act”) proposes reporting requirements for incidents, establishes new programs to curtail ransomware attacks and encourages information sharing between government agencies.