Cybersecurity Private Equity

Cyber TRUST™ Index

124

+1

52 Week

210

120

Index at 100 on January 1, 2020

Increasing Cybersecurity Funding [Weekly Cybersecurity Brief]

In the final month of 2022, California’s Department of Finance experienced first hand why prioritizing cybersecurity in the new year is so important. According to Cybersecurity Dive, the organization was hit by a cyberattack that may have been devised by Russian ransomware group LockBit. Luckily, officials stated that with the help of the California Cybersecurity Integration Center, they were able to handle the situation “proactively” and prevent any harm to state funds.

Looking at the cybersecurity incidents of 2022 such as the example above will be helpful in strategizing focal points as we head into 2023. In their “2022 Cybersecurity Year in Review,” the National Security Agency (NSA) highlighted the efforts that they saw through in the past year, including monitoring nation-state threats, identifying several zero-day vulnerabilities, publishing a cybersecurity guidance and developing resources to enhance measures. Moving forward, a major mission of the NSA will be to continue building its cross sector partnerships.

In addition to studying the lessons learned, a significant contribution to cybersecurity innovation ahead is funding. As FedScoop reports, the $1.7 trillion omnibus government spending package recently signed features a hefty rise in cybersecurity and tech financial support. It “includes $2.9 billion for the Cybersecurity and Infrastructure Security Agency (CISA), a $313 million increase over its current budget,” Nihal Krishan explains. Plus, it allocates $1.6 billion for the National Institute of Standards and Technology (NIST). On top of that, it provides $200 million for the Department of Energy’s Cybersecurity, Energy Security, and Emergency Response (CESER) office as well as $100 million for the Treasury Department’s Cybersecurity Enhancement Account.

Key Takeaways:

“California authorities confirm cyber intrusion, LockBit claims ransomware hit” – Matt Kapko, Cybersecurity Dive

https://www.cybersecuritydive.com/news/california-finance-department-cyberattack-lockbit/638595/

  • In December, California’s Department of Finance was hit by a cyberattack.
  • The attack reportedly stemmed from ransomware group LockBit.
  • The department was able to coordinate a response with the California Cybersecurity Integration Center that prevented state funds from being impacted.

“NSA Publishes 2022 Cybersecurity Year in Review” – National Security Agency, Press Release

https://www.nsa.gov/Press-Room/News-Highlights/Article/Article/3247606/nsa-publishes-2022-cybersecurity-year-in-review/

  • In their “2022 Cybersecurity Year in Review,” the National Security Agency (NSA) highlighted the efforts that they saw through in the past year.
  • They include monitoring nation-state threats, identifying several zero-day vulnerabilities, publishing a cybersecurity guidance and developing resources to enhance measures.
  • Moving forward, a major mission of the NSA will be to continue building its cross sector partnerships.

“Big boosts to cybersecurity and tech funding in $1.7T omnibus bill signed by Biden” – Nihal Krishan, FedScoop

https://www.fedscoop.com/big-boosts-to-cybersecurity-and-tech-funding-in-1-7t-omnibus-bill-signed-by-biden/

  • The $1.7 trillion omnibus government spending package recently signed features a hefty rise in cybersecurity and tech financial support.
  • It includes $2.9 billion for the Cybersecurity and Infrastructure Security Agency (CISA) and $1.6 billion for the National Institute of Standards and Technology (NIST).
  • It also provides $200 million for the Department of Energy’s Cybersecurity, Energy Security, and Emergency Response (CESER) office as well as $100 million for the Treasury Department’s Cybersecurity Enhancement Account.
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