Thu 26 August 2021:
Tech giants have announced a multibillion-dollar effort to beef up cybersecurity defenses and train qualified staff.
In a meeting with President Joe Biden and members of his cabinet, the White House challenged Big Tech, the finance industry, and major infrastructure companies to do more to combat the rising cybersecurity threat.
“The reality is most of our critical infrastructure is owned and operated by the private sector, and the federal government can’t meet this challenge alone,” Biden said.
“The federal government can’t meet this challenge alone,” Biden told the masked executives, all seated at tables in the East Room.
After a series of high-profile attacks on network management business SolarWinds Corp, Colonial Pipeline, meat processing giant JBS, and software firm Kaseya, cybersecurity has surged to the top of the Biden administration’s agenda.
The attacks have a far-reaching impact on the United States, affecting gasoline and food supply in addition to the firms compromised.
Biden mentioned ransomware attacks, saying that when he met with Russian President Vladimir Putin earlier this year, he pressed him to hold those responsible accountable.
Amazon.com Inc CEO Andy Jassy, Apple Inc CEO Tim Cook, Microsoft Corp CEO Satya Nadella, Alphabet Inc CEO Sundar Pichai, and IBM Chief Executive Arvind Krishna were among the guests.
Microsoft said it will invest $20 billion over five years, a four-fold increase from current rates, to speed up its cyber security work.
It will make available $150 million in technical services to help federal, state, and local governments to help keep their security systems up to date.
The event takes place as Congress considers legislation on data breach notification laws and cybersecurity insurance sector regulation, historically viewed as two of the most consequential policy areas within the field.
Executives from Southern Co, an energy provider, and JPMorgan Chase & Co, a financial giant, are also expected to attend.
Top cybersecurity officials from the Biden administration, including recently appointed National Cybersecurity Director Chris Inglis and Secretary of Homeland Security Alejandro Mayorkas, spoke with industry representatives at the event.
(With inputs from agencies)
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