Biden’s cybersecurity investment is a part of his strategy to rebuild America and prevent it from slipping further into a recession.
Just a couple of weeks ago, Prime Minister Trudeau committed $80 million dollars to bolster Canada’s cybersecurity presence. This commitment is the largest pre-emptive investment by any Canadian government to ensure Canada’s infrastructure remains safe and secrets remain a secret.
In 2019, Canadian businesses spent an estimated $7 billion to detect and prevent cyber securities. That staggering amount only highlights the severity of a global problem. “If it were measured as a country, then cybercrime — which is predicted to inflict damages totalling $6 trillion USD globally in 2021 — would be the world’s third-largest economy after the U.S. and China.” Said Steve Morgan, Editor in Chief of Cyber Crime Magazine
Not to be outdone, today US President Joe Biden, committed a staggering one hundred and twenty-five billion dollars as a part of The American Jobs Plan to Bolster its Cybersecurity. “Cybersecurity is one of the preeminent challenges of our time, which is why President Biden has made strengthening U.S. cybersecurity capabilities a top priority and has already taken action to advance it, including with last week’s Executive Order” Said The White House
The American Jobs Plans to Bolster Cybersecurity Breakdown
- Promote a secure network with the American Jobs Plan’s historic $100 billion broadband investment.
- Create a new tax credit for transmission infrastructure that will help finance cyber technologies for the electric grid.
- 2 Billion to Safeguard critical infrastructure and grid resilience
- 1 Billion to Expand and improve the technology modernization fund
- $650 Million to Improve security monitoring and incident response activities.
- Make $20 billion in Energy Infrastructure Investments for State, Local, and Tribal Governments Contingent on Cyber Modernization:
The United States face a multitude of cyber attacks on a daily basis from all sorts of foreign and domestic actors. In most instances, we only hear of the ones that make the news. With the US being one of the largest economies in the world, it is only fitting they have a cybersecurity system in place to protect its trillion-dollar economy.