On Wednesday, August 25th, President Joe Biden held a cybersecurity summit in the white house. The conference involved CEOs ranging from Tech to insurance sectors.
The attack on SolarWinds Corp (NYSE: SWI) alerted the U.S Government to be keener on cybersecurity. And that was the main reason why President Joe Biden held the summit.
The companies will work towards meeting the industry standards and supplying other companies with the intended cyber security.
In addition, providing training to workers will fill about 500,000 cyber security jobs in the U.S. President Biden had recently signed an executive order that agencies should have two-factor authentication in all logins.
According to the white house, Apple Inc (NASDAQ: AAPL) would create cyber security improvements across their network, including multifactor authentication and training to the staff.
Alphabet Inc. (NASDAQ: GOOGL) will invest over $10 billion in cybersecurity for five years. In addition, it will also train over 100,000 Americans in IT programs to strengthen cybersecurity.
Microsoft Corporation (NASDAQ: MSFT) has said it would invest more than $20 billion in cybersecurity tools over the next five years. This information is according to Satya Nadella—Microsoft CEO, tweet after the summit.
Nadella added that the company would also invest $150 million to help all government agencies to upgrade their cybersecurity tools.
Nadella also added that the meeting was of great help to discuss a way forward in protecting the country against cyber security threats.
Furthermore, Microsoft Corporation (NASDAQ: MSFT) has been spending $1 billion every year on cyber security since 2015.
Amazon is willing to provide its account holders with free multifactor authentication devices to secure their data. In addition, it will offer cybersecurity awareness training to the account holders.
IBM said it’s willing to train over 150,000 people to have cybersecurity skills that will help protect the nation. The company also has a new solution for data storage mnt for critical infrastructure companies. In addition, it’s also working towards having safe encryption methods.
The CEO, Arvind Krishna, told CNBC that it would be good for the private and public sectors to join hands to work on cybersecurity threats.