Published on 26 Aug 2021 on Zacks via Yahoo Finance

Biden's Latest Initiative Could Be Positive for the Cybersecurity Space

In what may be described as recognition of the increasingly all-pervasive cyber (and related) security issues, the President met with leaders from across technology and other key industries. The goal was to discuss the growing threat from increasingly sophisticated cyber attacks on the one hand and the need for protection in the face of increased digitization of every aspect of our lives on the other, to come up with a plan to counter the bad actors.

As recent security breaches have shown, it is not just the corporate sector that’s being hit today, but also schools, government bodies and the national infrastructure. Therefore, mere isolated attempts to secure individual infrastructure will not be enough. There needs to be a standardized set of best practices that all organizations must follow, as well as improved security and integrity of the technology supply chain. Moreover, there needs to be broader awareness of the risk and penalties for non-compliance (by insurance companies for example).

Biden said, "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. So 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."