Biden Administration Prioritizes Cybersecurity Funding Following Multiple Hacks

  • President Joe Biden’s American Jobs Plan earmarked $20 billion for localities to reinforce energy systems and $2 billion in grants for energy grids in high-risk areas following multiple cybersecurity hacks, Reuters reports.
  • The hacks include Microsoft Corp’s MSFT Exchange email softwareSolarWinds Corp SWI software, and Colonial Pipeline ransomware attack this month that sent the U.S. gasoline prices soaring last week, Bloomberg reports.
  • Biden’s planned $100 billion broadband investment plan is also being touted as cybersecurity spending as the grant recipients will be asked to source from credible vendors.
  • Regional blackouts in 2003 and 2011 pointed towards the power system susceptibility further deepened by similar instances from abroad.
  • The U.S. Department of Justice held Russian intelligence officers responsible for Ukraine’s grid attack last year that briefly left millions without electricity.
  • Biden is already seeking bipartisan support for his $2.3 trillion infrastructure plan.
  • The government is seeking $568 billion focused on traditional infrastructure and internet access.
  • Biden’s FY22 budget blueprint earmarked $2.1 billion for the Cybersecurity and Infrastructure Security Agency, $110 million more than its funding for 2021. The American Rescue Plan sanctioned an added $1.65 billion for cybersecurity efforts.
  • Price action: SWI shares closed higher by 1.24% at $16.37 on Tuesday.

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