It comes as Congress weighs new legislation concerning data
breach notification laws and cybersecurity insurance industry regulation,
historically viewed as two of the most consequential policy areas within the
field.
The guest list includes Amazon CEO Andy Jassy, Apple CEO Tim
Cook, Microsoft CEO Satya Nadella, Google CEO Sundar Pichai, and IBM Chief
Executive Arvind Krishna, according to two people familiar with the event.
Another said the topics of discussion will include
ransomware, critical infrastructure, supply chain security, cybersecurity
education, and data breach insurance policy.
Executives for energy utility firm Southern and financial
giant JPMorgan Chase are also expected to attend the event, Bloomberg
previously reported.
One of the people familiar with the event said the
participating companies are expected to make public commitments toward better
IT security measures and for additional workforce training.
The event will feature top cybersecurity officials from the
Biden administration, including recently confirmed National Cybersecurity
Director Chris Inglis, as well as Secretary of Homeland Security Alejandro
Mayorkas, to lead different conversations with industry representatives.
While the White House has continuously engaged the private
sector for months over potential new cybersecurity rules, Wednesday's planned
event is unique in its inclusion of the insurance industry, according to three
people familiar with the event.
The CEO of property and casualty insurer Travelers Companies,
Alan Schnitzer, will attend, they said.
Insurance companies play an important part in covering
damages associated with data breaches. Experts contend that influencing the
insurance market's policies around cyberattacks could bring widespread
improvements to cyber defense systems throughout private industry.
"The increased use of cyber insurance over the last 10
years has been an unfortunate stimulant to ransomware gangs - it has encouraged
more attacks as insured victims are often quite willing to rapidly pull the
trigger on ransom payments knowing that they will be reimbursed by
insurance," said Dmitri Alperovitch, chairman of the Silverado Policy
Accelerator.
Ransomware functions by locking up an infected computer system, typically disrupting services to workers or customers, until an extortion is paid to the hackers. © Reuters
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