Finance sector on new cybersecurity guidelines
Executives from Big Tech, the finance industry, and infrastructure corporations said they will do more to combat the growing threat of cyber attacks to the US economy during White House discussions with Biden and members of his Cabinet.President Joe Biden urged private sector leaders to "raise the bar on cybersecurity" as the US government said it would collaborate with industry to develop new rules to boost the security of the technology supply chain on Wednesday.“The federal government can't meet this challenge alone,” Biden told the masked executives in the East Room, telling them,
"You have the power, the capacity and the responsibility, I believe, to raise the bar on cybersecurity."The White House said after the meeting that the National Institute of Standards and Technologies (NIST) will collaborate with business and other partners to develop new criteria for developing and assessing safe technology, including open source software.Microsoft, Google, Travelers, and Coalition, a cyber insurance provider, are just a few of the companies that have pledged to take part in the new NIST-led project.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."We have a lot of work to do," Biden said, noting ransomware assaults and his efforts to persuade Russian President Vladimir Putin to hold Russian-based cyber gangs accountable, as well as the need to fill almost half a million public and commercial cybersecurity jobs.Amazon.com Inc CEO Andy Jassy, Apple Inc CEO Tim Cook, Microsoft CEO Satya Nadella, Google parent Alphabet Inc CEO Sundar Pichai, and IBM CEO Arvind Krishna were among the guests.Following the discussion,
Amazon announced that it would make its cybersecurity training open to the public and that, beginning in October, it will provide multi-factor authentication devices to some cloud computing customers.Microsoft announced a $20 billion investment over five years, a four-fold increase over current rates, to accelerate its cyber security work, as well as $150 million in technical assistance to assist federal, state, and local governments in keeping their security systems up to date.Over the next three years, IBM plans to train more than 150,000 people in cybersecurity skills, partnering with historically black colleges and universities to develop a more diverse cyber workforce.Google announced that it would spend $10 billion on cybersecurity over the next five years, although it was unclear how much of that was fresh money.
It also stated that it would assist 100,000 Americans in obtaining industry-recognized digital skills credentials, which might lead to high-paying positions.Resilience Cyber Insurance Solutions CEO Vishaal Hariprasad told Reuters that his company would collaborate with the government to establish defined cybersecurity requirements, and that policyholders would be required to satisfy those standards."So, if a company is willing to adhere to the minimum standards, they'll have insurance, and if not, they'll have to identify those gaps so they can get to that baseline," he said."It's not just about getting our companies safer, but also ensuring that we're doing something to address the bad guys."Data breach notification regulations and cybersecurity insurance sector regulation are two of the most important policy topics in the field, and Congress is considering legislation on both.The luncheon was also attended by executives from Southern Co, an electric company, and JPMorgan Chase & Co.Top Biden administration cybersecurity officials, including National Cybersecurity Director Chris Inglis and Secretary of Homeland Security Alejandro Mayorkas, spoke at the event.
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