Federal lawmakers are increasing oversight on cyberattacks amidst prevalent threats from Russia and China, among others. The recently signed Cyber Incident Reporting for Critical Infrastructure Act offers a narrow window for organizations such as banks, utilities and other critical infrastructure to alert the government about cyberattacks in an effort to establish a more organized and stronger defense, according to Law360.

"This bill is a pretty big step forward in terms of the government's oversight of cybersecurity," said Pillsbury Public Policy partner Brian Finch, who represents clients on global security and cybersecurity threats. "It's a piece of the puzzle and will give the U.S. a better grip on real-time intelligence to help combat ransomware and nation state events and see patterns that may be missing from private sector analyses."

He further explained, "There's going to be a lot of regulations and rulemaking to come. So, anyone who thinks that the passage and signing of this cyber reporting law is the end of the story, they're sorely mistaken.”

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