NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Obama seeks $14 billion to boost U.S. cybersecurity defenses

Published 02/02/2015, 18:23
© Reuters.  Obama seeks $14 billion to boost U.S. cybersecurity defenses
NOC
-
GD
-
LMT
-
DXC
-

By Andrea Shalal and Alina Selyukh

WASHINGTON (Reuters) - President Barack Obama's budget proposal for the 2016 fiscal year seeks $14 billion (9 billion pounds) for cybersecurity efforts across the U.S. government to better protect federal and private networks from hacking threats.

Federal cybersecurity funding has steadily increased in recent years, reflecting the intensity of threats U.S. companies and government agencies are facing from cyber intruders, both domestic and foreign.

The budget, released on Monday, calls for deployment of more intrusion detection and prevention capabilities, greater sharing of data with the private sector and other countries and more funding to beef up the government's ability to respond to attacks.

The funding would support several specific programs, such as monitoring and diagnostics of federal computer networks, the EINSTEIN intrusion detection and prevention system and government-wide testing and incident-response training.

"Cyber threats targeting the private sector, critical infrastructure and the federal government demonstrate that no sector, network or system is immune to infiltration by those seeking to steal commercial or government secrets and property or perpetrate malicious and disruptive activity," the White House summary said.

It is unclear how much funding the Republican-controlled Congress will dedicate to cybersecurity efforts during the next fiscal year.

Among various requests, the White House sought $227 million for construction of a Civilian Cyber Campus, meant to spur public-private partnerships, and $160 million for information technology and cybersecurity of the weapons programme at the Energy Department's National Nuclear Security Administration.

The Pentagon's budget alone called for $5.5 billion in funding for cybersecurity. The agency's chief weapons tester last month told Congress that nearly every U.S. weapons programme showed "significant vulnerabilities" to cyber attacks, including misconfigured, unpatched and outdated software.

Increased funding for protection of government networks would be good news for big weapons makers like Lockheed Martin Corp, General Dynamics Corp, Northrop Grumman Corp and Raytheon, which already play a big role in cybersecurity, encryption and analysis for defences and intelligence agencies.

A range of medium-sized and smaller companies is also poised to benefit, including Science Applications International Corp, Booz Allen Hamilton, CACI International and Computer Sciences Corp.

In the private sector, where companies have grown increasingly concerned in the wake of attacks on retailers, banks and others, higher spending is likely to boost companies like Hewlett Packard, which offers cybersecurity services.

The White House's budget for most agencies referenced their cybersecurity efforts, including the Department of Health and Human Services and the Office of Personnel Management. Obama also asked for at least $28 million for the Agriculture Department's Chief Information Officer to improve the agency's cybersecurity and $15 million for the FBI's grants, training, and technical assistance programme that helps local law enforcement fight economic, high-technology and Internet crimes.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.