Tech Companies Announce Billions in Cyber Workforce Development at White House Summit
The White House hosted a Cybersecurity Summit this week with leaders from approximately 40 companies with a footprint within the cybersecurity world. The President was unambiguous in calling on industry to step-up their cybersecurity investments, “You have the power, capacity and responsibility, I believe to raise the bar.” The summit follows on the heels of the July 28 issuance of a National Security Memorandum addressing necessary improvements to cybersecurity for critical infrastructure.
The President, according to the Washington Post, told the assembled, “We’ve seen time and again how the technologies we rely on from our cellphones to pipelines to the electric grid can become targets of hackers and criminals.”
One of the key takeaways is the directive to the National Institute of Standards and Technology (NIST) to “collaborate with industry and other partners to develop a new framework to improve the security and integrity of the technology supply chain.” Furthermore, the administration has doubled down on the “Industrial Control System Cybersecurity Initiative” expanding the initiative from just the electric power sector to natural gas pipelines.
CYBER INSURANCE LEVERAGE TO BETTER STANDARDS
Joshua Motta, CEO of Coalition, noted the role which insurers can play in “incentivizing companies to improve particular standards.” Resilience, an insurance provider announced they will now require policyholders to adopt certain cybersecurity best practices as a condition of receiving cyber insurance. Meanwhile, as if on cue, Coalition, also a cyber insurance company, advised their proprietary cybersecurity risk assessment and continuous monitoring platform will now be available, for free, to any organization.