U.S. Representative Young Kim, District 40 | Official U.S. House headshot
U.S. Representative Young Kim, District 40 | Official U.S. House headshot
Vice Chair Young Kim of the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, delivered opening remarks at a hearing titled “Held for Ransom: How Ransomware Endangers Our Financial System.”
Kim expressed gratitude towards the witnesses present at the hearing and highlighted the importance of understanding the impact of ransomware attacks, stating, “We all hear about ransomware. It is a frequent news topic, but the scale of the issue can be lost in the noise.”
The Vice Chair emphasized the widespread nature of cyberattacks, noting that in 2023 alone, ransomware attacks extorted over $1 billion from victim organizations. Kim stressed that no organization is immune to these threats, stating, “the threat actors carrying out ransomware attacks have proven that no organization is safe from an attempt to infiltrate their systems.”
Kim underscored the significance of cybersecurity preparedness and proper training, expressing interest in learning how Congress can incentivize proper cyber hygiene. The Vice Chair also highlighted real-world impacts of ransomware attacks, citing examples such as the recent attack on cities in California and the healthcare industry.
Furthermore, Kim drew attention to international cyber threats, specifically mentioning Iran’s aggressive cyber operations against the United States and its allies. Kim stated, “It is clear our adversaries overseas will continue to employ cybercrime campaigns as means to hurt our nation.”
In conclusion, Vice Chair Kim commended the bipartisan approach taken in addressing the ransomware threat, emphasizing the importance of unity in combating cyber threats. Kim reiterated the need for collaboration and vigilance, stating, “We all must row in the same direction if we want to undercut the incredibly lucrative ransomware marketplace.”
The hearing aimed to provide policymakers with crucial insights on ransomware attacks and cybersecurity measures to safeguard the financial system and national security interests.
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