Committee will come to order. Today were holding a hearing to discuss a timely topic. Theres been numerous hearings on Cyber Security and how to stop the bad guys. Whats not been discussed in great detail is what the consequence will be from a massive cyber attack that brings down for example a large portion of the electrical grid for an amount of time. The purpose is to answer an important question. With respect to suber threats to the electrical power system, what consequences should the federal government tell states and local governments to prepare for . In other words, for how many people and for how long should states plan on being without power . The federal government does this now for every significant hazard that we face. Whether its a category five hurricane hitting miami or an 8. 0 earthquake in los angeles. The federal government has realist scenarios for states and cities to plan. The federal government does not have this basic planning scenario for a cyber threat to the
The electrical grid is under attack and then the power sector is all too familiar with the devastation storms like Hurricane Sandy can leave behind and the physical attacks like the 2013 incident and the sub cap station in california. 2013 incident in the substation in california. Thankfully in the cases of storms and physical attacks, the sector has strong plans in place and the systems to restore the power quickly and to avoid the loss of life and property. I am concerned about a cyber attack. Are there similar plans in place for the industry and for the state and local government . Will those provide the same types of protection . Most recently i have been discussing this topic with those in my district asking what they will do in their communities if the power is out for a long period of time. Honestly, most of them do not know because we dont know what to plan for. We have brought together the right people here to tell us today. We are also going to discuss what preparedness looks
You may have got the new credit card recently with a chip in it. Consumer advocates from the credit card industry will discuss the implementation of that chip card technology. A group called protect my data is protecting hosting this of that. This is live coverage on a cspan. We expected to start in just a moment. Good afternoon unwelcome. It good afternoon and welcome. Thank you for being here. Thank you for taking part of this conversation today. We will follow up on the event we had last year. That me start again. Anyone missed it, i want to welcome you today to take part in this great conversation we are having on the chip card transition six months later. Lynn with attacked my data. Thank you for being here. We had a great event last year that i hope some of you were able to make it too. We will have time to answer any questions you have. Over six months since the october 1 liability shift deadline and we are here to explore the progress the industry has made to protect consumers
There is an organization governed by visa and mastercard. They control the technology that is the backend for these smart chips. One of our Lessons Learned early on is they manage the process well. Its an indicator that we have huge concerns about them being involved in transitioning the u. S. To digital and mobile commerce in the future. Thats one of the biggest lessons and takeaways for merchants who have had to rely on the companies for this major transition. Some members of congress of started to look into this and how its organized in governed. We need to ask why we dont have a more robust four pin here in the United States. There are branches of the Federal Reserve studying security who point to the development of standards which they directly and explicitly reference. It may result in lesser security as well as competitive disadvantages for other companies. We have seen that happen here in the u. S. What does this mean . We do believe that merchants will get there eventually. Th
We begin with the elections across the country, polls have closed. Today voters were asked to describe key issues. In san francisco, a ballot called for restrictions on shortterm home rentals, a move targetting airb b. Voters struck down an attempt to legalize marijuana use medically or personally in oklahoma. What is the feeling why this has been voted down, bisi onileere. This is a huge defeat. Bigmoney investors spent millions over the past couple of months trying to push this through. It ends in defeat. Thats a feeling, as i mentioned, of defeat. A term that put a lot of voters off was a term monopoly. Had the issue gone through, big money spenders would have benefited. They would have had rights, ownership of 10 facilities that would have gone up around the state. An investor not sure if this is familiar, niklas shay with a former 90s boy band, 98 degrees. Hes probably not feeling too good about this. I had an opportunity to speak to a lawmaker standing against the legalization of