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.



Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.

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