Defence and unilateral action define US cybersecurity

Significance

A recent analysis identified 96 pieces of cybersecurity legislation in the House of Representatives and 61 in the Senate as of December 2021. However, the federal government is moving slowly on changing regulation to boost cybersecurity of critical infrastructure.

Impacts

• Bills to promote the development of the cybersecurity workforce enjoy broad bipartisan support, and are more likely to pass.
• Cryptocurrency traders should expect more oversight and regulation, especially on transparency requirements and anti-money laundering.
• Mandatory reporting requirements for ransomware and other types of cyberattacks are likely to be passed eventually.
• Critical infrastructure firms will face the greatest obligations to inform the government about their cybersecurity.