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Cyber threats have become one of the leading issues for corporations, governments, and public institutions across America. With ransomware attacks, hackers, and other nefarious threats, the issue is becoming a daily occurrence and leading news story. Rensselaer Polytechnic Institute’s James Hendler, director of the Future of Computing Institute, Tetherless World Professor of Computer, Web, and Cognitive Sciences, and director of the RPI-IBM Artificial Intelligence Research Collaboration, weighs in on what we should all know about cybersecurity. Overview Think about cybersecurity the way you think about home security – the more valuables you have, the more security you need. A normal user needs the equivalent of a lock on the door, which most of our computers provide out of the box. However, a user with a fair amount of personal information, who keeps financial records or runs a small business, probably wants a firewall or other additional protection. We used to tell people to protect their computers with firewalls, malware detectors, and the like, but now it is much more important to protect your web access, be wary of external sites, and keep your passwords secure and not easily guessed. Use of a password manager program can be really helpful for people who use a lot of different accounts. Threats The biggest threat facing individuals is identity theft caused by someone getting into an account that you don’t control. Most malware or password stealing comes via a phishing attack (a fake email that convinces you to click a bad link), so if you see an offer that looks too good to be true, don’t believe it. Never give out a password or personal information without confirming that it is legitimate. We also recommend not using major accounts (like Google, Facebook, etc.) to log in to new apps where you aren’t completely sure of the reliability – you’re safer if you use a separate password. It’s also worth noting that these kinds of attacks are now happening on cell phones – if you get a text saying your Amazon, Netflix, or other services have been shut off, be very careful. These companies almost never send out such messages, and if they do, they come via email, not text. For businesses, ransomware is becoming an increasing challenge. Frequent backups and dual authentication are absolute musts for small businesses. Large businesses, and especially those with cyber-physical connections such as a manufacturing device, must have someone on the team who understands internet technology. Outside audits done annually, at least, are also highly recommended. The biggest danger in cybersecurity is that people, especially in businesses, think that the software industry will fix things and that they don’t have to worry. That’s like expecting auto manufacturers to stop car theft, or the government to prevent all crime – these organizations certainly need to help, but they cannot be perfect. So while there definitely needs to be a role for manufacturers and government, people need to understand that the threats are now coming from social interactions such as phishing, or serious criminal enterprises such as ransomware attackers, and not just maladjusted teenagers. They must be ready to pay for some security if they have things on their network that need protection. The Cloud Cloud-based services are a major boon to cybersecurity for individuals and small businesses if, and only if, people protect their access. If a breach is reported to you by a company, don’t ignore it, change your password, and, whenever possible, use dual authentication. The cloud companies can afford to spend more on security than you can and thus your information stored in these services tends to be quite secure. However, people need to be careful in using the cloud. Just as you may trust a bank with your money, you want to be sure not to be robbed on your way there. Future Computing Systems and Cybersecurity New technologies, such as artificial intelligence (AI), are arising all the time in today’s fast-moving cyber world. As these technologies arise, they can create new opportunities for cybersecurity, but can also create new challenges. Cybercrime will never disappear, and each new capability comes with a price. Increased education and awareness of emerging computing technologies (blockchain, quantum, etc.) are important not just for the expert, but also for the general public. It is important to stay informed and pay attention to what is being reported. Just as buying a new appliance can be a great advantage at home (I love my new air-fryer), you also have to be sure to be using it appropriately (used wrong, it can cause fires). Looking to learn more or connect with an expert for your questions and coverage? James Hendler is the director of the Rensselaer Future of Computing Institute, Tetherless World Professor of Computer, Web, and Cognitive Sciences, and director of the RPI-IBM Artificial Intelligence Research Collaboration. Hendler has authored over 400 books, technical papers, and articles in the areas of Semantic Web, artificial intelligence, cybersecurity, and high-performance processing. Hendler is available to speak with media - simply click on his icon now to arrange an interview today.
Is America's banking system in trouble once again?
Nerves are rattled and many are worried as the markets opened Monday to news of another US bank collapse, making that two large banks shuttered in less than a week. It's news that's rocking the financial world on a massive scale. Federal regulators announced on Sunday that another bank had been closed and that the government would ensure that all depositors of Silicon Valley Bank — which failed Friday — would be paid back in full as Washington rushed to keep fallout from the collapse of the large institution from sweeping through the financial system. The Federal Reserve, Treasury and Federal Deposit Insurance Corporation announced in a joint statement that “depositors will have access to all of their money starting Monday, March 13.” In an attempt to assuage concerns about who would bear the costs, the agencies said that “no losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.” March 12 - New York Times With an economy already on edge as Americans feel the grip of inflation and worries of recession - this is frightening news and media are scrambling for answers. What is causing the closures of these big banks and how many more will follow? How much money is lost and how much has been protected? Is this 2008 all over again? Is the federal government doing enough to stop the damage from spreading? What measures need to be put in place by government to assure citizens that their savings, retirement plans and mortgages aren't at risk? And will anyone be held accountable for the billions already lost? There's a lot to explain - and that's where our experts can help. Rebel Cole, Ph.D., a Lynn Eminent Scholar Chaired Professor of Finance, has expertise in global financial institutions, commercial banking and small business finance. He spent 10 years working in the Federal Reserve System and has experience at the the International Monetary Fund and the World Bank. Cole has been interviewed by numerous national media outlets, such as The Wall Street Journal, The New York Times, The Washington Post and Fox Business. Rebel is available to speak to media regarding the current state of banking and what Americans need to watch for or worry about. Simply click on his icon now to arrange an interview today.
MEDIA RELEASE: Five ways to cut costs on travel; plus, the one thing you should never skip
Manitobans love to travel, but with costs rising due to inflation, it has become more important than ever to find ways to save money, while still crossing off destinations on your bucket list. “This year, more and more people across the province are eager to embark on their next adventure, whether that means disconnecting in a tropical paradise or exploring the history of an ancient city,” says Susan Postma, regional manager, CAA Manitoba. “While we are seeing a renewed interest in travel, we know the costs associated with it will be factor for many people.” With the help of our travel professionals, CAA Manitoba (CAA MB) has compiled a few tips to help save you money. Plan ahead. Start planning your trip well in advance of your departure date. Determine what your budget will allow and book flights, hotels, and rental cars early to get the best deals and rates possible. With the higher demand for travel, last-minute planning will result in higher airfares, hotel rates and even disappointment from no availability. Redeem your loyalty points or member benefits. Use frequent flyer miles or credit card points to pay for flights or hotels. Take advantage of CAA member benefits and discounts at hotels and attractions, or tap into hotel loyalty programs. Now is your time to finally redeem all those accumulated rewards points from a member program or credit card. Also, don’t forget to check the expiration date on unused vouchers or credits. Look for hotels that include breakfast or allow self-catering. Food costs continue to rise and will quickly eat into your budget when you’re paying for three meals (+ snacks) each day. A free breakfast, offered by many hotels, or a hotel room with a kitchenette or fridge will help reduce food costs and give you more money to put towards excursions and other experiences while you’re away. Travel during off-peak times. There are both days of the week and times of the year that are cheaper to travel. Consider travelling during these off-peak times or leaving for your trip during the week versus on a weekend. Partner with a travel agent to get the best deal. A travel agent will know when there are active sales. Travel promotions happen several times throughout the year, and a trusted travel agent will know the best time to book your next getaway. While everyone likes a great deal, the one thing you should never skip is travel insurance says Postma. “You may be in good health before your departure, but unexpected medical emergencies can still happen while you are away from home. If you get sick or injured, travel insurance is important to ensure your medical treatment is covered, along with any related out-of-pocket expenses.” If you're uncertain what coverage you need, CAA encourages you to talk to your travel insurance expert who can help you find the most suitable coverage for your trip and your needs.
MEDIA RELEASE: Five ways to cut costs on travel; plus, the one thing you should never skip
Ontarians love to travel, but with costs rising due to inflation, it has become more important than ever to find ways to save money, while still crossing off destinations on your bucket list. “This year, more and more people across the province are eager to embark on their next adventure, whether that means disconnecting in a tropical paradise or exploring the history of an ancient city,” says Susan Postma, regional manager, CAA Club Group. “While we are seeing a renewed interest in travel, we know the costs associated with it will be factor for many people.” With the help of our travel professionals, CAA South Central Ontario (CAA SCO) has compiled a few tips to help save you money. Plan ahead. Start planning your trip well in advance of your departure date. Determine what your budget will allow and book flights, hotels, and rental cars early to get the best deals and rates possible. With the higher demand for travel, last-minute planning will result in higher airfares, hotel rates and even disappointment from no availability. Redeem your loyalty points or member benefits. Use frequent flyer miles or credit card points to pay for flights or hotels. Take advantage of CAA member benefits and discounts at hotels and attractions, or tap into hotel loyalty programs. Now is your time to finally redeem all those accumulated rewards points from a member program or credit card. Also, don’t forget to check the expiration date on unused vouchers or credits. Look for hotels that include breakfast or allow self-catering. Food costs continue to rise and will quickly eat into your budget when you’re paying for three meals (+ snacks) each day. A free breakfast, offered by many hotels, or a hotel room with a kitchenette or fridge will help reduce food costs and give you more money to put towards excursions and other experiences while you’re away. Travel during off-peak times. There are both days of the week and times of the year that are cheaper to travel. Consider travelling during these off-peak times or leaving for your trip during the week versus on a weekend. Partner with a travel agent to get the best deal. A travel agent will know when there are active sales. Travel promotions happen several times throughout the year, and a trusted travel agent will know the best time to book your next getaway. While everyone likes a great deal, the one thing you should never skip is travel insurance says Postma. “You may be in good health before your departure, but unexpected medical emergencies can still happen while you are away from home. If you get sick or injured, travel insurance is important to ensure your medical treatment is covered, along with any related out-of-pocket expenses.” If you're uncertain what coverage you need, CAA encourages you to talk to your travel insurance expert who can help you find the most suitable coverage for your trip and your needs.
Deprivation in childhood linked to impulsive behaviour in adulthood – research
Researchers found a link between childhood deprivation, impulsive behaviour and addictions later in life Behaviours include overeating, taking drugs, smoking cigarettes and gambling A second study found adults living in deprived areas displayed similar impulsive traits Children who have experienced deprivation are more likely to make more impulsive choices than those who don’t and can lead to addictions in later life - research has shown. ‘Trait impulsivity’, the preference for immediate gratification, has been linked to spending more on food, especially unhealthy, highly calorific food. Studies have shown that children who experience poverty and food insecurity tend to have a higher body-mass index as adults than those who do not. Researchers from the School of Psychology at Aston University found a link between deprivation in childhood and impulsive behaviour – leading to addictions later in life. The findings, which are a culmination of six years of research, also found a further link between impulsivity, obesity and the cost of living crisis. Professor Richard Tunney, head of the School of Psychology at Aston University, published a study in Scientific Reports earlier this year where he showed that children who experience deprivation make more impulsive choices than children who don’t. The research team studied 146 children, with an average age of eight, living in some of the most deprived areas of England and compared them with children living in some of the most affluent neighbourhoods. Children were given a choice between taking home a small amount of money (for example, £1) or getting £10 a week, or even more a year later. How long a person is willing to wait for the larger amount of money can be used to calculate a ‘discount rate’ that shows how much the waiting time reduces the value of the money. An impulsive person might prefer £1 now because the value of £10 in six months is ‘discounted’ to less than £1 right now. This means that, for them, the £10, is discounted by £9 over the six-month wait. A less impulsive person might be willing to wait six months for £10, but not wait for a whole year for £15. This means that, for them, the value of the £15 is discounted by £5 over the additional six-month wait. This discount rate is a measure of how impulsive someone is. Commenting on the findings, Professor Tunney said: “The results showed that children living in the most deprived areas had significantly higher discount rates than children living in the least deprived areas, regardless of age or intelligence, indicating that deprivation was the causal factor in the children’s choice. “This preference for immediate outcomes is a stable personality trait that remains constant throughout a person’s life.” However, in the research team’s most recent study published by the Royal Society, they investigated impulsivity in over 1,000 older adults aged between 50 and 90. The study found that older adults living in the most deprived areas showed the same preference for smaller-sooner financial outcomes as the children in the first study. It also found that a person’s job predicted the choices they made. Adults working in technical or routine occupations, such as mechanics or cleaners, chose to receive smaller amounts of money than wait for larger amounts compared with people in professional occupations, such as engineers or scientists. Professor Tunney added: “These findings are concerning because impulsivity doesn’t just predict obesity. These findings tell us a lot about why people living in poorer areas tend to be unhealthier than people living in wealthy areas. “People who experience deprivation as children are more likely to choose to do things that, although they might be pleasurable in the short term, are unhealthy in the long run. This includes overeating, taking drugs, smoking cigarettes and gambling. “We know too, that impulsivity can help to explain why some people go on to become addicts, while other people can avoid some of the more harmful effects of drugs and alcohol. “Deprivation is one of many factors that can lead to impulsive behaviour throughout a person’s lifetime. Genetics also plays a role in impulsivity. Policymakers can’t do anything about a person’s genes but they can influence the nation’s long-term mental and physical health by minimising child poverty. Failing to do so will have long-term implications for the children living through today’s cost of living crisis.” For more information about the School of Psychology at Aston University, please visit our website.
New approach to help ease poor countries’ debt burden Many face having national credit rating downgraded Aston University expert coins the term the ‘credit rating impasse’ in new book. An Aston University financial regulation expert has suggested a new approach to help ease poor countries’ debt burden. Currently many poorer countries face having their credit rating downgraded if they ask private investors for loans. Dr Daniel Cash, senior lecturer in law and founder of the Credit Rating Research Initiative, has suggested that a temporary change to the way ratings are decided could help these countries avoid a damaging credit rating, which would prevent them borrowing money in the future. His theory is explored in his new book Sovereign Debt Sustainability: Multilateral Debt Treatment and the Credit Rating Impasse. The study details the history of multilateral debt treatment in Africa, whilst also looking at the impact of the pandemic. When vulnerable countries try to negotiate new lending terms with their lenders their credit rating is immediately downgraded, in some cases they could be labelled as in default - failing to repay a loan. Dr Cash calls this situation the ‘credit rating impasse’. To avoid this happening, he argues that other factors should be temporarily taken into account, making it easier for them to borrow money in the future to spend on improvements such as healthcare or infrastructure. The UN has identified 54 developing economies with severe debt problems. While accounting for little more than 3% of the global economy, they represent 18% of the world’s population, and more than 50% of people living in extreme poverty. The book sets out a new framework which could be used to overlie the existing credit rating system. The book suggests considering factors such as ESG (Environmental, Social and Governance) – which indicates a country’s impact on society, the environment, and how transparent and accountable it is. Taking ESG and sustainability factors into account indicates if a nation has the potential to grow while benefiting the environment and communities. Dr Cash said: “The credit rating impasse is a systemic problem, and a cure is needed to prevent the bankruptcy of countries around the world. “Lower-income states are being forced to prioritise debt payments over public spending on healthcare or access to food. “Instead, they should be offered help to enable borrowing to make vital improvements.” The book is free to read via Open Access Book and was funded by the Open Society Foundations (OSF).
MEDIA RELEASE: CAA Insurance launches Auto Extension Insurance in Manitoba
New market expansions mean more Canadians have flexibility and choice from a trusted brand for their auto extension insurance needs. CAA Insurance is proud to announce the expansion of its Auto Extension Insurance into Manitoba and is now the underwriter for the same coverage in Saskatchewan. A top-up to the basic mandatory coverage available in the market, CAA Auto Extension Insurance allows policyholders more flexibility and choice to protect their vehicles and their family members “Life is unpredictable, and sometimes, basic coverage just isn’t enough,” says Matthew Turack, President, CAA Insurance. “That’s why we set out to develop a product that meets individual needs and the changing lifestyles of people who live on the prairies.” In Manitoba, CAA Insurance has entered the auto extension insurance market in the prairie province for the first time. The CAA Auto Extension Insurance product includes five new to-market coverages such as; Claim Forgiveness, Tire Pothole and Puncture Protection, Family Pet Protection, Emergency Expenses, and Personal Property coverage. Other available coverage includes auto loss of use, replacement cost coverage, extra liability coverage, reduced deductibles, and more. It is also the first time CAA Insurance is underwriting Auto Extension Insurance in Saskatchewan. CAA’s Auto Extension Insurance does not replace the mandatory coverage found through provincial government insurers but instead is a way for people to enhance their policy and give them more peace of mind. Policyholders may also be eligible for special discounts to save money including a CAA Member Discount, Winter Tire Discount, Multi-Vehicle Discount, and Multi-Line Discount. “As one of Canada’s most trusted brands, customers can enjoy peace of mind knowing they have the extra protection they need at the best possible price from a company they can trust,” says Turack.
Deprivation in childhood linked to impulsive behaviour in adulthood – new study
Inflation is running high around the globe, largely fuelled by Russia’s war in Ukraine and the COVID pandemic. As a result, many households are having to choose between eating and heating. Deprivation has a terrible immediate effect on children – as anyone who has experienced real hunger knows – but it can also affect things like impulsive behaviour in later life. “Trait impulsivity”, the preference for immediate gratification, has been linked to spending more on food, especially unhealthy, highly calorific food. Studies have shown that children who experience poverty and food insecurity tend to have a higher body-mass index as adults than those who do not. In a study published in Scientific Reports earlier this year, my colleagues and I showed that children who experience deprivation make more impulsive choices than children who don’t. We studied 146 children, with an average age of eight, living in some of the most deprived areas of England and compared them with children living in some of the most affluent neighbourhoods. Children were given a choice between taking home a small amount of money (for example, £1) or getting £10 a week, or even more a year later. How long a person is willing to wait for the larger amount of money can be used to calculate a “discount rate” that shows how much the waiting time reduces the value of the money. An impulsive person might prefer £1 now because the value of £10 in six months is “discounted” to less than £1 right now. This means that, for them, the £10, is discounted by £9 over the six-month wait. A less impulsive person might be willing to wait six months for £10, but not wait for a whole year for £15. This means that, for them, the value of the £15 is discounted by £5 over the additional six-month wait. This discount rate is a measure of how impulsive someone is. The results showed that children living in the most deprived areas had significantly higher discount rates than children living in the least deprived areas, regardless of age or intelligence, indicating that deprivation was the causal factor in the children’s choice. A stable trait This preference for immediate outcomes is a stable personality trait that remains constant throughout a person’s life. In our most recent study, published by the Royal Society, we investigated impulsivity in over 1,000 older adults aged between 50 and 90. We found that older adults, living in the most deprived areas, show the same preference for smaller-sooner financial outcomes as the children in our first study. We also found that a person’s job predicted the choices they made. Adults working in technical or routine occupations, such as mechanics or cleaners, chose to receive smaller amounts of money than wait for larger amounts compared with people in professional occupations, such as engineers or scientists. These findings are concerning because impulsivity doesn’t just predict obesity. These findings tell us a lot about why people living in poorer areas tend to be unhealthier than people living in wealthy areas. People who experience deprivation as children are more likely to choose to do things that, although they might be pleasurable in the short term, are unhealthy in the long run. This includes overeating, taking drugs, smoking cigarettes and gambling. We know too, that impulsivity can help to explain why some people go on to become addicts, while other people can avoid some of the more harmful effects of drugs and alcohol. Deprivation is one of many factors that can lead to impulsive behaviour throughout a person’s lifetime. Genetics also plays a role in impulsivity. Policymakers can’t do anything about a person’s genes but they can influence the nation’s long-term mental and physical health by minimising child poverty. Failing to do so will have long-term implications for the children living through today’s cost of living crisis.
With inflation rampant, everyone is concerned about money and the economy -- not just the prices on everyday goods and services, but their investments as well. The situation has people on edge. Rick Franza, dean of Hull College of Business at Augusta University, said there are differences between the economy and the markets. “Part of that is in the economy, we worry about now and the stock market is more forward-looking, so there’s always some disconnect between the financial markets and the economic reality," Franza said. "The disconnect seems to be worse than ever. There’s less correlation between the economic news and where the stock market goes.” “We used to think that a good jobs report would make a good economy, and typically it does, but in the last couple of months when the jobs report was good, the market has tanked. People are reading it as the strong job market means inflation is not under control." Franza indicated there is a fear factor when it comes to the stock market and its steady decline over the last nine months. Younger investors in the market haven’t seen many bad times, so they are fearful. He also said people nearing retirement are fleeing the market as well. When it comes to the drop in the stock market, it affects anyone who has investments. “Most of us have some kind of investments, especially in retirement accounts,” Franza added. Inflation though, has been the dominating factor in the market right now. "The impact of inflation will be more on small businesses. The large businesses will find a way to weather the storm. If inflation continues and companies can’t be profitable, they’ll start laying off people. Then we’ll have a recession, which will reduce inflation.” It could also have a rippling affect on consumer choices and ultimately costs. “If more companies go out of business, it’ll give us fewer choices, which means the supply chain will be restricted. Then, you’ll pay higher prices because of fewer options. In the long run, if the Fed sticks to its plan to keep raising rates, it will reduce inflation.” If you're looking to know more about this important topic, then let us help. Franza is available to speak with media about trending issues like inflation, small business and the economy – simply click on his icon now to arrange an interview today.
What does Joe Biden's forgiveness of student loans mean for debt relief?
President Joe Biden has made progress on a campaign promise to provide relief for those burdened with student debt. This plan offers targeted debt relief as part of a comprehensive effort to address the burden of growing college costs and make the student loan system more manageable for working families. The President is announcing that the Department of Education will: Provide targeted debt relief to address the financial harms of the pandemic, fulfilling the President’s campaign commitment. The Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education, and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 ($250,000 for married couples). No high-income individual or high-income household – in the top 5% of incomes – will benefit from this action. To ensure a smooth transition to repayment and prevent unnecessary defaults, the pause on federal student loan repayment will be extended one final time through December 31, 2022. Borrowers should expect to resume payment in January 2023. -- White House Fact Sheet, Aug. 25 The announcement made big waves politically and news coverage is still heavy with reactions to the plan and just who it will benefit. “For some students, they will be completely debt-free afterward," said Wendy Habegger, a lecturer of finance in the James M. Hull College of Business at Augusta University. "The majority are still not going to be debt-free but instead of you having to pay an extra year, it might cut your pay time down. What this is going to do is give you money to start doing some of the other things that you have put off. You can now focus on building up an emergency fund, building up a savings account. You can put it toward your retirement.” The announcement also includes extending the student loan pause a final time through Dec. 31, 2022. “One of the good things about this debt reduction and debt forgiveness is that the Biden administration is making some very firm attempts to go in and fix some of the payment programs that are broke. So when individuals have to start paying in January, they will be able to pay a reduced amount,” said Habegger. “What’s not going to stop is the accrual of future debt. So we really need to look at the underlying problem and the costs of higher education and see if we can bring that down.” This topic will require ongoing coverage, so if you’re a reporter looking to know more, then let us help. Wendy Habegger is a respected finance expert available to offer advice on making the right money moves during volatile times. To arrange an interview, simply click on her icon now.
