Microsoft Corporation (NASDAQ: MSFT) recently pledged $20 billion to battle cyberattacks over the next five years. The move is attributed to the recent rise in cyberattacks, which as per President Brad Smith, are getting more sophisticated over time.
President Smith’s remarks on CNBC’s “Squawk Box”
In the latest softcover edition of his New York Times bestseller book “Tools and Weapons: The Promise and the Peril of the Digital Age”, out today, Smith added a new chapter that offers insight into the solar wind cyberattack of 2020.
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“The new chapter reflects two things; first, the sophistication of cyberattacks continues to grow. It’s what we’ve seen in the solar winds attack and the recent ransomware and other attacks, which confirm that, in so many ways, it requires all of us to do more to step up as a company,” Smith said on CNBC’s “Squawk Box”.
Shares of the $2.25 trillion company are down less than 1.0% on the intraday chart. Here’s Crossmark’s Victoria Fernandez’ outlook on whether now is a suitable time to trim your position in MSFT or not.
Cyberattacks are not a threat for the tech sector only
Cyberattacks threaten more than just the tech sector, added President Smith. In his interview, he fixated on the need to share information that could help companies join hands against the cyberthreats.
“One of the conclusions of the 9/11 commission is that there’d been a failure of strategic intelligence. People had been sharing information only on a need-to-know basis. They needed to create a culture around the need to share, and that’s what we need to do here too,” he said.
According to Smith, tech companies should be the pioneer of pledging more to cybersecurity, but the government has to play its part too, as it has one of the largest IT infrastructures in the world.
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