Tech Titans Join US Cyber Team to Fight Ransomware

An employee works at a computer in Angers, France, July 3, 2019. REUTERS/Stephane Mahe
An employee works at a computer in Angers, France, July 3, 2019. REUTERS/Stephane Mahe
TT
20

Tech Titans Join US Cyber Team to Fight Ransomware

An employee works at a computer in Angers, France, July 3, 2019. REUTERS/Stephane Mahe
An employee works at a computer in Angers, France, July 3, 2019. REUTERS/Stephane Mahe

US cybersecurity officials on Thursday said Amazon, Google and Microsoft have enlisted to help them fight ransomware and defend cloud computing systems from hackers.

The tech giants are among firms signed on to be part of a Joint Cyber Defense Collaborative intended to combine government and private skills and resources to fight hackers, according to the Cybersecurity and Infrastructure Security Agency (CISA).

"With these extraordinarily capable partners, our initial focus will be on efforts to combat ransomware and developing a planning framework to coordinate incidents affecting cloud service providers," said CISA director Jen Easterly.

US President Joe Biden last week expressed concern about the recent increase in cyberattacks, including via ransomware, which typically see hackers encrypting victims' data and then demanding money for restored access, according to AFP.

"If we end up in a war, a real shooting war, with a major power, it's going to be as a consequence of a cyber breach," Biden said.

Easterly introduced the new collaborative at a Black Hat cybersecurity conference in Las Vegas, where professionals from across the industry met to share research and innovations.

"Damages from cybercrime is costing the world trillions; and ransomware has become a scourge," Easterly said in a keynote presentation at the event.

"I want to focus on strengthening the government's collaboration with the private sector -- industry, academia, researchers, hackers."

The new center will be involved in coordinating national cyber defense and sharing insights into threats, as well as take part in joint exercises, according to CISA.

Easterly urged more computer security firms to join the collaborative effort.

The list of those who have already signed on includes Amazon Web Services, AT&T, Crowdstrike, FireEye, Google and Microsoft.



EIB to Allot 70 Bln Euros for Tech Sector in 2025-2027

FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
TT
20

EIB to Allot 70 Bln Euros for Tech Sector in 2025-2027

FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo

The European Investment Bank is likely to announce on Friday plans to pump 70 billion euros into the development of European technology firms over the next three years, EU officials said.

The program, called Tech EU, is meant to help Europe compete with China and the United States in the race for innovative clean and digital technologies.

The EIB, the biggest multilateral lender in the world with a balance sheet total of 556 billion euros, expects its own 70 bln euros to mobilize a further 250 billion euros of private cash as investors crowd into projects supported by the EIB, Reuters quoted EU officials as saying.

The 70 billion is to be split into 20 billion euros for equity and quasi-equity, 40 billion euros for loans and 10 billion for guarantees in 2025-2027, the officials said.

The plan is to complement European Commission efforts to support higher risk ventures and innovative companies throughout their investment journey, from proof of concept to an initial public offering.

The EIB wants to focus on supercomputing, artificial intelligence, digital infrastructure, critical raw materials, green industries such as offshore wind, health, security and defense technologies, robotics and advanced materials, the officials said.