The summit,held by Visa,invited decision-makers from retailers,industry analysts,government,and technology companies to debate on the latest issues surrounding credit card security and the future direction of security innovations.
“If we are going to keep American safe we have to invest in cyber security,in the best solutions and best practices,” Senator Kirsten Gillibrand,D-N.Y.,said at the summit.
Gillibrand,a member of the Senate Armed Services Committee,said she will urge President Barack Obama to launch a global effort to crack down on cyber criminals to protect New York City businesses and hold countries accountable.
Gillibrand outlined three bills she plans to propose in Congress.
“Under my proposal,and this will be introducing in the legislation very soon,businesses would be able to claim a tax credit worth 30 percent of the cost of their investments in qualified cyber defenses,as outlined by the president’s executive order,” she said.
Gillibrand said because companies know their business and industry vulnerabilities best,this credit can be applied to develop their own cyber security software.
“The challenge for our industry is obvious,” Ellen Richey,chief enterprise risk officer of Visa,said.
Richey said a group calling itself the “Syrian Electronic Army” hacked the Associated Press’s Twitter account in April. It posted: “two explosions in the White House and Barack Obama is injured.” The Associated Press’s communications team quickly tweeted about the hack,but its impact on the stock market was huge. In the 2 1/2 minutes after the bogus tweet,the Dow Jones Industrial Average plunged by more than 140 points,causing a loss of $200 billion.
She said that,besides technology innovation,another problem is consumer behavior.
The touch-screen generation is surprisingly willing to share information about themselves,Richey said. This kind of “chronic oversharing” might cause severe cyber attacks on social media sites.
Richey cited an internal survey,conducted by Visa,in which nearly 10 percent of respondents said they shared their Social Security numbers or posted photos of their real debit cards online.
“You can get a kind of data chain effect,” Richey said.
She said criminals are able to commit credit card fraud easily once they hack into a Facebook account,because some people use the same passwords for all of their accounts. Even when passwords are not the same,criminals can learn someone’s personal information,such as the first pet’s name or mother’s birthday,and then put the information together to pass through the authentication.
“We are standing at a crossroads,a place where plastic is turning into mobile,” Richey said. “As innovation accelerates the electronification of commerce,security needs to be built in from the start. The payments industry has to embrace responsible innovation and renew its commitment to the principles and standards that have made us so successful to date.”
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