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WASHINGTON, D.C. — Today, Ranking Member of the House Financial Services Committee Task Force on Artificial Intelligence (AI), Congressman French Hill (AR-02), helped lead a hearing entitled, "The Future of Identity in Financial Services: Threats, Challenges, and Opportunities".

Watch Congressman Hill’s opening remarks from the hearing HERE or by clicking on the image below.



Highlights of Congressman Hill's remarks as prepared are copied below.

In this technological age so many of our everyday activities occur online from ordering products, paying credit card bills to even hailing a taxi. All of these actions require sensitive personally identifiable information. And it’s imperative that the American consumer can be ensured that this information will remain safe and private.

However, as we have seen over and over again, many companies have experienced cybersecurity breaches exposing this sensitive data.The number of data breaches has increased by 275% between 2011 and 2017. In fact, late last year Harvard Business Review ranked cyber-attacks as the biggest threat to the business world over terrorism, asset bubbles and other risks.

This is particularly important for the financial services industry who fall victim to cybersecurity attaches approximately 300 times more frequently than other businesses as cyber criminals seek not only financial gains, but disruption of critical infrastructure.

As a former executive at a community bank, I understand the need for secure systems and also the challenges that go along with it. Through advances in technology, such as artificial intelligence and machine learning, it is becoming increasingly easier to authenticate individuals and mitigate fraud. However, we must remain vigilant and, as policymakers, ensure our sensitive information remains private.