Biden administration details cybersecurity funding in $2T infrastructure plan

• In a statement today, the Biden administration details the cybersecurity spending included in the $2.3 trillion American Jobs Plan, which includes $20 billion in energy infrastructure investments for state, local, and tribal governments that's contingent on cybersecurity modernization.
• "Specifically, these modernization block grants will be tied to the use of and compliance with 21st century energy, technology, and security standards. Eligibility for these grants will also be contingent on policies requiring installation of technology that detects and blocks malicious cyber activity on information and operational technology networks, consistent with privacy protections," says the White House.
• The infrastructure plan also includes the $200 billion broadband investment making the service more affordable, reliable, and secure for Americans.
• The Biden administration previously secured more than $1 billion in funding through the American Rescue Plan to modernize the federal government's cybersecurity infrastructure.
• Related stocks: FireEye (NASDAQ:FEYE), CyberArk (NASDAQ:CYBR), CrowdStrike (NASDAQ:CRWD).
• Last week, Biden signed a cybersecurity-related executive order to modernize the nation's defenses. The announcement came in the wake of the Colonial Pipeline breach by ransomware-as-a-service group DarkSide.