USA. Will Invest More In Cyber Defense After Colonial Hack?
(Bloomberg) – United States President Joe Biden and members of Congress have reached the moment of truth. Will they be willing to spend a significant amount of money to shore up America’s cyber defenses? Three weeks after a ransomware attack crippled fuel supplies along the East Coast, Biden plans to reveal his spending request for fiscal year 2022 , where it aims to boost the financing of cybersecurity. Simultaneously, Democrats and Republicans in Congress are trying to negotiate an infrastructure spending plan that could include cyberspace-related programs. So far, at least, some cybersecurity experts and government officials say that cyber spending has been far less than what it is needed to defend against devastating cyberattacks. One frequently cited example is that the president seeks $ 2 trillion through an infrastructure proposal called the “American Jobs Plan” that links dollars to improved cybersecurity, but does not specify money to protect new transportation networks, water systems and other. Anti-hackers projects. Annual cybersecurity budgets for U.S. civilian agencies have been roughly $ 19 billion a year, according to a government estimate. In contrast, the Navy spent around $ 12.5 billion on its next-generation aircraft carrier. Digital security concerns have long been ignored, postponed, or underfunded, despite periodic promises following major attacks. He already knew of a sophisticated breach by Russian hackers, revealed in December, that exposed defects in the supply chain. Hackers installed malicious code in updates to popular SolarWinds Corp. software, eventually infiltrating nine US government agencies and around 100 private companies through the SolarWinds backdoor and other methods. In February and early March, hackers linked to China compromised tens of thousands of servers through a flaw in Microsoft Corp.’s Exchange software for e-mail. Earlier this month, the Colonial Pipeline ransomware attack paralyzed the operator of the country’s largest fuel pipeline. The Biden Administration has repeatedly emphasized that cybersecurity is a priority, including creating partnerships with the private sector to address the digital security of the electrical grid and the launch of initiatives to combat ransomware. Less than a week after the Colonial attack, Biden issued an executive order calling for better coordination with the private sector and the adoption of better security practices across the government, but as the Chamber of Commerce was quick to point out, they need to do this. funds, which are largely under the domain of Congress. The Biden Administration and Congress have approved some additional funding for cybersecurity. Biden’s initial infrastructure proposal included certain incentives and other expenses that, according to the Administration, would improve cyber defenses. For example, $ 20 billion is proposed for state, local, and tribal governments to modernize their energy systems, and $ 2 billion to ensure power grid resilience – it all depends on meeting cybersecurity thresholds. Cybersecurity experts They are waiting to see if the budget can fund Biden’s executive order, and if the recent spate of attacks will cause Congress, which has been stingy with cybersecurity money, to provide more for American cyberdefenses.Original Note: Biden, Congress Face Test on Cyber Spending After Colonial HackMore stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source. © 2021 Bloomberg LP