Friday, September 17, 2021
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Amid global realignment, US Prez Biden tells cos to pump extra dollar on cybersecurity

The global tech giants based out of America have committed to invest billions of dollars to strengthen cybersecurity defences and to train skilled workers

Amid global upheaval and deteriorating US-China, Russia relations, top American technology companies have pledged extra dollars on cybersecurity. According to the White House, this comes after a recent meeting between US President Joe Biden and top tech companies’ executives.

The giants based out of America have committed to invest billions of dollars to strengthen cybersecurity defences and to train skilled workers.

These executives met President Biden on Wednesday during a relentless stretch of ransomware attacks that have targeted critical infrastructure, in some cases with the attackers extorting multimillion-dollar payments from major corporations, as well as other illicit cyber operations that US authorities have linked to foreign hackers.

The Biden administration has also requested the private sector to do its part to strengthen cybersecurity defences against those increasingly sophisticated attacks.

In public remarks before the private meeting got underway, Biden referred to cybersecurity as a ‘core national security challenge’ for the US.

“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 adding “I’ve invited you all here today because you have the power, the capacity and the responsibility, I believe, to raise the bar on cybersecurity.”

After the meeting, the White House announced that Google had committed to invest $10 billion in cybersecurity over the next five years, money aimed at helping secure the software supply chain and expand zero-trust programmes.

The Biden administration has looked for ways to safeguard the government’s supply chain following a massive Russian government cyber-espionage campaign that exploited vulnerabilities and gave hackers access to the networks of US government agencies and private companies.

Microsoft, meanwhile, said it would invest $20 billion in cybersecurity over the next five years and make available $150 million in technical services to help local governments improve their defences. IBM plans to train 150,000 people in cybersecurity over three years, and Apple said it would develop a new programme to help strengthen the supply chain.

Top executives of each of those companies were invited to Wednesday’s meeting, as were financial industry executives and representatives from the energy, education and insurance sectors.

A government initiative that at first supported the cybersecurity defences of electric utilities has been expanded to focus on natural gas pipelines, the White House said Wednesday.

The meeting took place as Biden’s national security team has been consumed by the troop withdrawal in Afghanistan and the chaotic evacuation of Americans and Afghan citizens.

The broad cross-section of participants underscores how cyber attacks have cut across virtually all sectors of commerce. In May, for instance, hackers associated with a Russia-based cyber gang launched a ransomware attack on a major fuel pipeline in the US, causing the company to temporarily halt operations.

Weeks later, the world’s largest meat processor, JBS SA, was hit with an attack by a different hacking group.

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