Reducing the risk of cyber attacks
Our second panel, “Reducing the Risk of Cyber Attacks,” is on our live stream now.
- Ellen Richey, chief enterprise risk officer, Visa Inc.
- Howard Schmidt, former White House cybersecurity coordinator; partner, Ridge Schmidt Cyber
- Jane Lute, former deputy secretary of Homeland Security, president & CEO, Council on Cybersecurity
“In our industry, that’s payments, we’re more worried about the economic side,” says Visa’s Ellen Richey. Richey says though we’re aware of these hackers and nation state actors, law enforcement aren’t responding, shutting down crime, properly or diplomatically.
Visa has 30,000 transactions a second, 56 billion transactions a year, according to Richey. “In the neighborhood, the payment industry is losing $10 billion a year from theft.”
Former deputy secretary of Homeland Security Jane Lute nods at a summit theme — we’re not talking about prevention anymore. “There are a number of things we can do way off stream, and they’re easy to do, relatively easy to do — basic hygiene we can do, but we’re not doing.” She adds, the awareness of the financial sector is incredible. “In the sector of critical infrastructure, not all are up to speed as the financial sector … there’s still a lack of knowledge, and a lack of practice.”