Since early last year, the coronavirus pandemic has presented a public health crisis so vast that it dominated the news and discussions around public policy. As COVID-19 accelerated the digitization of the U.S. economy, a far less noticed epidemic was also spreading — a proliferation of cyberattacks. According to the FBI, the number of daily reported cyberattacks increased to 4,000 by April 2020, representing a 400 percent increase over the pre-coronavirus figures. Last month, security firms uncovered a massive breach linked to a software company, affecting hundreds of Fortune 500 companies and government agencies.
As the extent of economic damages due to growing cyberattacks against the private sector becomes evident, the Biden administration must develop policies to mitigate cybersecurity risks. Instead of creating more stringent cybersecurity regulations, the U.S. government should create incentives for businesses to adopt the best cybersecurity practices and insure against cyber-attacks.
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