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Craig Newmark, the 71-year-old founder and former CEO of classifieds site Craigslist, is concerned about potential cybersecurity risks in the United States.

“The deal is our country is under attack now,” he told Yahoo Finance’s executive editor Brian Sozzi on Opening bid podcast (video above; listen in below). “It’s not like I’m in the recruiting line after Pearl Harbor because my dad was a volunteer in the ’40s, but I guess that’s what I should do.”

Newmark, who left the company in 2000 but retained a position in response to customer complaints, has refrained from reaping financial rewards in semi-retirement.

Instead, he began Craig Newmark Philanthropies to primarily invest in projects to protect critical US infrastructure from cyber attacks. He told Sozzi he is now spending $200 million more to tackle the problem, on top of an initial pledge of $100 million revealed in September this year.

He encouraged other wealthy people to join him in the fight against cyber attacks.

“I tell people, ‘Hey, the people who protect us could use a little help. The money is relatively small, so why not help, he said.

Cyber ​​security has had a banner year in the spotlight, with issues extending beyond past annoyances where consumers simply need to change passwords, call a credit bureau or close an account after a breach.

This past summer, a Microsoft (MSFT) Windows update that contained a defect hit 8.5 million computers. It resulted in canceled flights and hampered health and payment services. Concerns circulated about potential infrastructure attacks on a global scale, such as the Paris Olympics.

In October, the utility company American Water Works (AWK) announced a cyber security attack that temporarily shut down its customer portal and paused billing.

Shares of cybersecurity stocks have since soared: Palo Alto Networks (PANW) and CyberArk Software (CYBR) have increased by 38% and 53% respectively so far this year. Wall Street remains bullish on every stock, according to Yahoo Finance analyst recommendation and price target data.

The global economic impact of cybercrime could reach $13.82 trillion by 2028 from $9.22 trillion in 2024, according to the Economic Research Institute for ASEAN and East Asia is appreciated.

The need for municipalities and other government agencies to act rather than react remains critical, warns Newmark.

“I think about this a lot,” Newmark said. “I’ve started funding networks of smart volunteers who can help people protect the infrastructure, especially (for) small businesses and utilities across the country that are responsible for most of our electricity and power supplies, transportation infrastructure and (and) food distribution.”

“A lot of these systems have no protection, so an adversary can just compromise them and say if you don’t do what we need, we can start shutting these things down,” he continued. If that were to happen, recovery “could take weeks and weeks without your water supply or electricity.”

Newmark is a self-confessed tech geek. The IBM alum worked at Big Blue for 17 years before founding Craigslist in 1995.

While he continues to follow Craigslist from afar, Newmark said these days he’s most focused on making sure his wealth goes to the right causes.

“My deal is I want all the money to go directly into the nonprofit world — I just have to figure out where it goes and how I manage it for the next five to 20 years,” Newmark said.

Three times a week, Yahoo Finance Executive Editor Brian Sozzi field insightful conversations and chats with the biggest names in business and the market Opening bid. You will find more episodes on our video hub or look at yours preferred streaming service.

Grace Williams is a writer for Yahoo Finance.

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