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The White House will reportedly conduct an event that will call together some of the largest U.S. tech firms for a discussion about cybersecurity issues after a slew of high-profile hacking incidents disrupted the smooth working of businesses earlier this year.
The meeting comes as Congress contemplates new legislation for cybersecurity insurance regulations, as well as data breach notification laws, which have been believed to be two crucial policy areas with far-reaching results.
The high-profile guest list includes Google CEO Sundar Pichai, Apple CEO Tim Cook, Amazon CEO Andy Jassy, Microsoft CEO Satya Nadella, and IBM Chief Executive Arvind Krishna, cited sources with knowledge of the matter.
Discussions at the event will revolve around topics such as critical infrastructure, ransomware, cybersecurity education, supply chain security, as well as a data breach insurance policy. Participating companies will publicly make commitments to enhance IT security measures and train their workforce.
The meet will also host top cybersecurity executives from the Biden administration, including Homeland Security Secretary Alejandro Mayorkas, and Director of National Cybersecurity Chris Inglis, to lead conversations with industry representatives.
Notably, the White House has been working with the private sector for several months towards developing efficient cybersecurity laws. However, the impending event will be one of a kind due to its inclusion of insurance firms.
Insurance companies play a major role in bearing the damages that result from data breaches. Experts claim that re-modeling policies related to a cyberattack in the insurance industry could significantly improve cyber defense systems throughout the private sector.
Chairman of the Silverado Policy Accelerator, Dmitri Alperovitch stated that the rising use of cyber insurance over the past decade has encouraged more attacks by cybersecurity gangs, as insured victims quickly give in to attacks and make ransom payments knowing that they will be reimbursed by insurance companies.
For the unversed, ransomware operates by blocking an infected computer system, and disrupting services to customers and workers, until an extortion amount is paid to the hackers.
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