Security & Fraud

Trump To Sign Cybersecurity Executive Order

Cybersecurity is a big issue in the U.S., and President Donald Trump is taking steps to increase the government’s role in combating it by signing an executive order Tuesday (Jan. 31) that requires the heads of government agencies to have a more direct part in reviewing risk.

According to Reuters, which cited an official speaking on the condition of anonymity, the executive order gives the budget office in the White House the main role in determining cyber risks for the executive branch and creating plans to improve its information technology systems, which are aging.

Cyberattacks are indeed a big deal in the U.S. According to a survey by Zogby Analytics for Hartford Steam Boiler Inspection and Insurance Company (HSB), more than one-third of U.S. consumers have experienced a computer virus, a hacking event or some other cyberattack during the past 12 months. What’s more, the survey found the most likely victims are young adults between ages 18 and 24.

The survey, which polled consumers around the country, found victims of the cybercrimes almost always had to spend money to recover from the attack, whether it was money spent to restore data or purchase software. In 23 percent of the cases, the amount spent was between $1,000 and $5,000, while 56 percent of fraud victims spent less than $500. Among the types of cyberattacks, the report found online fraud that led to theft of money or property happened to 18 percent of the survey respondents. Again, young people are the biggest targets, with 26 percent of victims between 18 and 29. That compares to 11 percent who were ages 65 and older. The survey found a cyber extortion threat or demand happened to 11 percent of respondents, with 71 percent of the incidents involving demands for payment to unlock encrypted data. More than half the victims of a cyber extortion, 53 percent, refused to pay. Fifteen percent of them paid four or more times, the survey found.


Latest Insights: 

The Payments 2022 Study: Building A High-Performance Payments Team For Fraud Detection, a PYMNTS collaboration with Stripe, examines how digital platforms of all sectors and sizes plan to develop their anti-fraud teams as part of their their broader growth and development strategies. Drawing from an extensive survey from approximately 250 payments heads at digital platforms in the U.S. and abroad, our study analyzes how poor anti-fraud capabilities can harm platforms’ long-term growth strategies, and how they can build high-performing teams to tackle these challenges.

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