Biden administration seeks cybersecurity upgrades

WASHINGTON – The Biden administration is taking steps to harden cybersecurity defenses for critical infrastructure.

It announced on Wednesday the development of performance goals and a voluntary public-private partnership to protect core sectors.

The actions, outlined in an order from President Joe Biden, are an acknowledgment of the cybersecurity vulnerabilities of critical industries – a reality made clear by the May hack of the nation’s largest pipeline, which delivers about 45% of the fuel consumed on the East Coast.

They also are meant to address the “patchwork of sector-specific statutes” that have been adopted piecemeal over time and that leave the government without a uniform or adequate cybersecurity threshold, according to a senior administration official who briefed reporters before a formal announcement.

The partnership was launched as a pilot program in April with electricity utilities, and another plan is underway for natural gas pipelines.

Additional alliances with other sectors will be formed this year, the White House said.

The move comes as federal officials have been promoting greater cybersecurity resiliency among private companies, including announcing new requirements and protections for pipeline owners and operators last week.

The partnership is voluntary, though the administration has not ruled out the possibility of mandatory requirements in the future, the official said.

But short of legislation, the official said, “there isn’t a comprehensive way to require deployment of security technologies and practices that address, really, the threat environment that we face.”

Facebook doubles 2Q profit

Facebook doubled its profit in the second quarter thanks to a massive increase in advertising revenue, especially the average price of ads it delivers to its nearly 3 billion users.

But the company said it doesn’t expect revenue to continue to grow at such a breakneck pace in the second half of the year.

The Menlo Park, California-based company earned $10.39 billion, or $3.61 per share, in the April-June period.

That’s up from $5.18 billion, or $1.80 per share, a year earlier.

Revenue jumped 56% to $28.58 billion from $18.32 billion.

Analysts, on average, were expecting earnings of $3.04 per share and revenue of $24.85 billion, according to a poll by FactSet.

Advertising revenue growth was driven by a 47% year-over-year increase in the average price per ad and a 6% increase in the number of ads shown to people.

Facebook said it expects ad prices, not the amount of ads it delivers, to continue to drive growth.

From wire reports