Biden Administration Prioritizes Cybersecurity Funding Following Multiple Hacks - Microsoft (NASDAQ:MSFT), SolarWinds (NYSE:SWI)

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 software, SolarWinds 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.