May 19, 2022

Google, Microsoft plan to spend billions on cybersecurity after meeting with President Biden


Business leaders in sectors starting from tech to insurance committed billions of dollars to beefing up cybersecurity efforts at a White House meeting with President Joe Biden on Wednesday.

The meeting comes within the wake of several high-profile cyberattacks, including on government software contractor SolarWinds and line Colonial Pipeline, that have brought added urgency to such security issues.

The commitments range from working toward new industry standards to supplying other businesses with stronger security tools and providing skills training to workers to fill the roughly 500,000 unfilled U.S. cybersecurity jobs. Biden recently signed an executive order requiring U.S. agencies to use two-factor authentication for logins, which may help prevent cyberattacks.

The White House said Apple would create a program dedicated to making security improvements across their technology supply chains, which is able to include working with suppliers to adopt multifactor authentication and security training.

Google said it’d invest quite $10 billion over five years to strengthen cybersecurity and pledged to coach 100,000 Americans in technical fields like IT support and data analytics through its Career Certificate program. Google’s financial commitment are accustomed strengthen the software supply chain and open-source security, among other things.

Microsoft committed $20 billion over five years to deliver more advanced security tools, CEO Satya Nadella tweeted after the meeting. He added that Microsoft would invest $150 million to assist government agencies upgrade their security systems and expand cybersecurity training partnerships. Microsoft has spent $1 billion p.a. on cybersecurity since 2015.

IBM said it might train quite 150,000 people in cybersecurity skills in three years, while partnering with historically Black colleges and universities to assist diversify the workforce. the corporate also announced a brand new data storage solution for critical infrastructure companies and said it’s working to form safe encryption methods for quantum computing.

IBM CEO Arvind Krishna told CNBC previous the meeting and outdoors the White House on Wednesday that cybersecurity is “the issue of the last decade.” He said he hoped to work out more coordination between the general public and personal sectors starting up of the meeting and said IBM would do its part to assist skill workers within the space.

Amazon Web Services, the cloud computing division of Amazon, is reaching to give account holders free multifactor authentication devices to raised secure their data. It’s also getting to offer “Security Awareness training” to organizations and individuals.

A spokesperson for financial services company TIAA pointed to many ongoing initiatives it’s undertaken to coach more cybersecurity workers. Those include a partnership with big apple University that enables TIAA associates to pursue a totally reimbursed master’s degree in cybersecurity.

Exiting the White House, JPMorgan Chase CEO Jamie Dimon called the meeting “a very productive, collaborative discussion.”

“Hopefully we’ll still follow up and do a decent job to guard our country from a extremely complex problem,” he said.

Microsoft CEO Satya Nadella said the event “brought together the proper set of oldsters to possess a decent discussion.”

Two utility executives exiting the meeting told CNBC the discussion emphasized collaboration across sectors. American Water CEO Walter Lynch said there was an “understanding that we’ve ought to work together to deal with the cyberthreats facing the country.”

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