United States of America: Introduction of Cyber Incident Reporting Act 2021 including ransomware payment reporting requirement in US Senate

Draft Bill S.2875, the Cyber Incident Reporting Act 2021, has been introduced in the US Senate. The draft bill stipulates that all entities, excluding individuals and businesses with fewer than 50 employees, must report ransomware payments to the Director of the Cybersecurity and Infrastructure Security Agency within within 24 hours of payment.