US to work with Big Tech and financial industry on new cybersecurity guidelines

  • Biden urges companies to ‘raise the bar’
  • Microsoft and Google will invest billions
  • Half a million unfilled cybersecurity jobs

WASHINGTON, Aug 25 (Reuters) – The U.S. government said on Wednesday it would work with industry to develop new guidelines to improve tech supply chain security, as President Joe Biden called on private sector leaders to “raise the bar for cybersecurity”. .”

In White House meetings with Biden and members of his cabinet, leaders from Big Tech, the financial sector and infrastructure companies said they would do more about the growing threat of cyberattacks to the US economy.

“The federal government cannot 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 when it comes to of cybersecurity”.

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After the meeting, the White House said the National Institute of Standards and Technology (NIST) would work with industry and other partners on new guidelines for building secure technology and evaluating technology security, including open source software.

Microsoft (MSFT.O), Google (GOOGL.O), Travelers (TRV.N) and Coalition, a cyber insurance provider, among others, have pledged to participate in the new NIST-led initiative.

Cybersecurity has become a priority for the Biden administration after a series of high-profile attacks on the network management company SolarWinds Corp (SWI.N), the company Colonial Pipeline, the meat processing company JBS (JBSS3. SA) and software company. Kaseyah. The attacks hurt the United States far beyond the hacked businesses, affecting fuel and food supplies. Read more

“We have a lot of work to do,” Biden said, citing both the ransomware attacks and his efforts to get Russian President Vladimir Putin to hold Russia-based cyber gangs accountable, and the need to provide nearly half a million public and private jobs in cybersecurity. .

The guest list included Inc (AMZN.O) CEO Andy Jassy, ​​Apple Inc (AAPL.O) CEO Tim Cook, Microsoft CEO Satya Nadella, Google Alphabet Inc CEO Sundar Pichai and IBM CEO (IBM.N) Arvind. Krishna.

After the meeting, Amazon said it would make its cybersecurity training available to the public for free and provide multi-factor authentication devices to select cloud computing customers starting in October.

Apple Inc CEO Tim Cook listens to US President Joe Biden deliver a speech during a meeting with members of his national security team and private sector leaders to discuss how to “improve cybersecurity country”, in the East Room of the White House in Washington. , U.S. August 25, 2021. REUTERS/Leah Millis

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Microsoft said it will invest $20 billion over five years, four times more than current rates, to accelerate its cybersecurity work and will provide $150 million in technical services to help federal, state and local governments. maintain their security systems. up to date.

IBM said it will train more than 150,000 people in cybersecurity skills over three years and partner with historically black colleges and universities to create a more diverse cyber workforce.

Google said it would spend $10 billion on cybersecurity over the next five years, but it wasn’t immediately clear if any of the numbers represented new spending. He also said it would help 100,000 Americans earn industry-recognized digital skills certificates that could lead to high-paying jobs.

Vishaal Hariprasad, CEO of Resilience Cyber ​​Insurance Solutions, told Reuters his company would work with the government to establish clear cybersecurity standards and require policyholders to meet those standards.

“So if a company is willing to adhere to the minimum standards, they will have assurance, and if not, they will need to identify those gaps so they can meet that baseline,” he said.

“It’s not just about making our businesses safer, it’s also about making sure we’re doing something about the bad guys.”

Congress is evaluating legislation on data breach notification laws and regulation of the cybersecurity insurance industry, historically considered two of the most important policy areas in the field.

Executives from energy services company Southern Co (SO.N) and JPMorgan Chase & Co (JPM.N) also attended the event.

The event brought together top cybersecurity officials from the Biden administration, including National Cybersecurity Director Chris Inglis and Homeland Security Secretary Alejandro Mayorkas.

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Reporting by Andrea Shalal and Christopher Bing; additional reporting by Jeffrey Dastin and Stephen Nellis in San Francisco; Editing by Lisa Shumaker and Grant McCool

Our standards: The Thomson Reuters Trust Principles.

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