The U.S. Government Spending Bill Allocates $2.6 Billion To Bolster Cybersecurity
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After nearly six months of delay in Congress, President Joe Biden has signed into law the $1.5 trillion spending bill. The omnibus spending bill, as it is commonly known, is a spending package for the U.S. government for a variety of sectors, including agriculture, defense, energy and water.
Funds for the spending package will run through September with $730 billion allocated towards non-defense spending and $782 billion for defense, along with $13.6 billion assigned for humanitarian and military aid for Ukraine.
Taking one of the biggest shares is homeland security with $57.5 billion. Part of this funding will go to support critical infrastructure to help fight cyberattacks and other measures to uproot cyber intrusion. The Cybersecurity and Infrastructure Security Agency (CISA), a government agency that works to strengthen cyber security across the country, has received $2.6 billion from the spending package to help spearhead this agenda.
The legislation comes at a time when the Russia-Ukraine conflict has accelerated cyber threats in the West as the majority of western countries like the U.S. stand against Russia for invading Ukraine.
The U.S. seems to be making every move to patch potential weaknesses in its internal cyber defense. Just recently, Congress passed legislation making it mandatory for critical infrastructure companies such as those in finance and energy to report to CISA any security breaches or ransom paid within 72 hours.
The U.K. looks to be following suit. Cybersecurity experts and members of Parliament are working to persuade the Prime Minister, Boris Johnson, to increase defense funding in response to Russian threats.
As cyber tension continues to rise globally, increasing cybersecurity funding has become a priority for governments. Companies in the cybersecurity space such as Visium Technologies Inc. VISM, Zscaler Inc. ZS, Check Point Software Technologies Ltd. CHKP and NortonLifeLock Inc. NLOK will likely benefit from the massive spending.
What The Omnibus Spending Bill Could Mean For Companies Like Visium
Visium expects the increase in cybersecurity spending by the government to significantly boost sales for its main product, TruContext. The platform allows a user to visualize the security posture of an enterprise throughout an attack in real time.
TruContext, powered by CyGraph from MITRE Corporation, is designed with real-time data ingestion capabilities that can take data from any source and analyze it so that security analysts can make informed decisions on how to secure the network. The visualization tool provided by TruContext allows users to prioritize threats and streamline the detection process to help secure the network.
Visium stands among the companies that are reportedly helping organizations around the world understand and reduce cybersecurity risks. The goal is to provide every organization and government agency with visibility and insights into its security infrastructure.
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.
Photo by Tabrez Syed on Unsplash
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