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Big Tech Meets White House to Tackle Software Security Concerns
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Big Tech Meets White House to Tackle Software Security Concerns

Top FAANG stocks including Apple (NASDAQ: AAPL), Alphabet-owned Google (GOOGL), and Amazon (AMZN) met White House representatives on January 13, to address the software security issues amid growing cyber attacks in the United States, according to Reuters.

Open-Source Software Log4j, A Concern

White House National Security Advisor, Jake Sullivan had sent a letter to tech firms in December citing concerns over Log4j, which is broadly used and maintained by volunteers.

Log4j is open-source software, used by firms globally to log data in their applications. It was considered a “key national security concern” by Jake Sullivan.

Cybersecurity: Top Priority

For the Biden administration, Cybersecurity has been a foremost priority, especially after an upsurge in cyberattacks last year. The attack targeted several records held by companies and government agencies, including the U.S. Treasury, Justice and Commerce departments, and other agencies.

To tackle the problem, the administration has created a review board as well as new software standards for government agencies.

Details of the Meeting

Other top Tech Stocks like IBM (IBM), Microsoft Corp (MSFT), Meta Platforms (FB) and Oracle Corp (ORCL) were part of the meeting, along with government agencies, like the Department of Homeland Security, Department of Defense and the Commerce Department.

Anne Neuberger, deputy national security advisor for cyber & emerging technology, hosted the meeting to discuss the security of open-source software, ways to improve it, and resolve the issue.

According to a press statement released by the White House, the discussion focused on three topics: preventing security defects and vulnerabilities in code and open source packages; improving the process for finding defects and fixing them; and shortening the response time for distributing and implementing fixes.

Analysts Recommendation

Last week, Loop Capital analyst Ananda Baruah increased the price target on Apple to $210 (22% upside potential) from $165 and maintained a Buy rating on the shares.

Based on the expected upside for both the iPhone unit and average selling price, Baruah forecasts growth potential of 10% to 15% in 2022 for iPhone and overall revenue.

AAPL stock Price have gained 35% over the past year. Consensus among analysts is a Strong Buy based on 22 Buys, 4 Holds, and 1 Sell. The average Apple stock forecast of $179.42 implies 3.67% upside potential to current levels.

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