What the Chamber of Commerce would like in regulatory policy. Taming alt-coin. International cooperation. | #cybersecurity | #cyberattack

At a glance.

  • Business advice to the US Government.
  • Alt-coin as a regulatory challenge.
  • More calls for international cooperation on cybersecurity.

Advice from business for the Federal Government.

The US Chamber of Commerce last week called upon the Federal Government to step up its role in combatting ransomware, Nextgov reports. The body suggested six measures:

  1. “Update a national signaling strategy”
  2. “Disrupt international ransomware payments systems”
  3. “Enhance international law enforcement resources”
  4. “Establish an international coalition”
  5. “Enhance capabilities for malware detection, sandboxing and analysis, and information sharing”
  6. “Establish a Cyber Response and Recovery Fund for victims”

“It is time for our government to utilize its full range of capabilities—including criminal and cyber—to take the fight to these cyber gangs,” commented Chamber Senior VP for Cyber Christopher Roberti.

Industry also has some thoughts about the new cyber Executive Order. TechRepublic says the document lacks direction for how to satisfy its directive to secure open source software, an important puzzle since approximately ninety percent of software uses open source elements, but one the private sector has yet to crack. 

Federal News Network reviews other provisions from the Executive Order that have caught industry’s eye. Professional Services Council member firms are anticipating the most significant contractual changes in the realms of info-sharing, supply chain security, and critical software, and examining how they can influence the forthcoming standards. 

The regulatory challenges of cryptocurrency. 

Foreign Policy explains the enduring value of cryptocurrencies, despite their volatility, as a consequence, in part, of their ability to eliminate financial go-betweens—and thus facilitate tax evasion. The US Treasury Department, as we’ve seen, is hoping to tighten that loophole by requiring disclosure of crypto transactions worth $10 thousand or more. Another solution some Governments (and “fat cats” like banks that stand to lose from unregulated currency) are considering is stablecoins: digital currencies backed by domestic currencies. 

Beijing’s efforts on the digital currency front are causing alarm. If the CCP’s digital Yuan takes off next year as expected, and outpaces Washington’s stablecoins, the power of the US dollar could decline.    

Calls for more international cooperation.

BankInfo Security reports Deputy National Security Advisor for Cyber Neuberger’s remarks that “[i]nternational cooperation to address ransomware is critically important” given that cybercriminals “often leverage global infrastructure and money laundering networks.” At a recent speaking engagement, NATO Deputy Secretary General Mircea Geoană likewise called for bolstered cross-sector and cross-border collaboration in cyber defense, security, and innovation, according to NATO. Close coordination can strengthen norms, interoperability, and the alliance’s strategic advantage.  

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