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Feb. 17, 2021, 4:04 p.m. EST

White House plans ‘upcoming executive action’ in response to SolarWinds hack

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By Victor Reklaitis

President Joe Biden plans an executive action tied to cybersecurity following the massive SolarWinds hack, said a Biden administration official on Wednesday.

There will be “an upcoming executive action to address the gaps we’ve identified in our review of this incident,” said Anne Neuberger, the administration’s deputy national security adviser for cyber and emerging technology, during a press briefing. When asked about the possible timeframe for the review and response, she said officials are “estimating several months.”

The SolarWinds /zigman2/quotes/208088323/composite SWI -0.33% cyberattack  that was uncovered in December involved suspected Russian hackers who targeted government agencies and corporate networks. Around nine federal agencies and 100 private-sector companies were compromised, Neuberger said.

Her remarks came on the same day that the Department of Justice unveiled indictments against three North Koreans who are accused of hacking into cryptocurrency wallets .

Related: Biden charges Trump failed to prioritize cybersecurity, promises response to hack

Cybersecurity stocks, as tracked by the ETFMG Prime Cyber Security ETF /zigman2/quotes/207892345/composite HACK -0.54% , were down 1% on Wednesday, but they’re up 37% over the past 12 months. The broad S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.41% was down 0.1% and has gained 16% over the past 12 months.

Biden has signed a wide range of executive orders in his first month in office, affecting sectors that range from health care to energy.

See: All of President Biden’s key executive orders — in one chart

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US : U.S.: NYSE
$ 17.99
-0.06 -0.33%
Volume: 1.44M
April 14, 2021 4:00p
P/E Ratio
36.23
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N/A
Market Cap
$5.65 billion
Rev. per Employee
$305,162
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/zigman2/quotes/207892345/composite
US : U.S.: NYSE Arca
$ 56.87
-0.31 -0.54%
Volume: 174,724
April 14, 2021 4:10p
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US : S&P US
4,124.66
-16.93 -0.41%
Volume: 2.09B
April 14, 2021 5:15p
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