In the Age of Fintech, Cybersecurity is Everyone’s Business
By: Robin L. Wiessmann, Secretary of Banking and Securities
October 31, 2016
During the month of October, many Americans turn their attention to the World Series, Halloween, and football — but did you know it is also Cybersecurity Awareness Month?
In recent years, the combination of finance and technology (“fintech”) has changed our relationship to money. But with fintech innovation, we have also seen the rise in criminal activity and news of major cyber hacks:
- “Cyber Crime Costs Projected To Reach $2 Trillion by 2019” (Forbes)
- “Yahoo Says Hackers Stole Data on 500 Million Users in 2014” (New York Times)
- “Cybercrime costs the average U.S. firm $15 million a year” (CNN)
There are steps you can take to protect yourself from a cyber hack. For starters, watch this short video that addresses cybersecurity issues such as:
- How to protect yourself when shopping online;
- How to create safe and secure passwords; and
- What to do if you become a victim of fraud or identity theft.
As we close Cybersecurity Awareness Month, it is critical that we all be vigilant about how we use fintech tools and with whom we use them.
Whether you represent a large, complex organization or are an individual citizen — I ask you to learn more about the risks of cybercrime, learn about best cybersecurity practices that can work for you, and take charge of protecting yourself or your employer.
Last year, the Department of Banking and Securities launched a Cybersecurity Task Force, one of the first of its kind in the nation, to help financial services businesses protect themselves and their customers. This year, more than 20 state government agencies have formed PA $AFE, an active working group addressing several common issues, including how to help inform consumers about cybersecurity.
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