Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Rebecca Zisser / Axios

Cyberattacks are becoming more sophisticated and more routine. Consider the most recent wave of hacks over the past two weeks:

  • May 1: The latest season of Netflix's popular "Orange is the New Black" was hijacked by hackers demanding a ransom.
  • May 3: Hundreds of thousands of Americans were subject to a Google Docs email phishing attack, giving hackers access to their contacts and documents.
  • May 12: The WannaCry ransomware attack caused more than 300,000 breaches across 150 countries in a three-day period, mostly affecting computers not updated with latest Microsoft software patches.
  • May 15: Hackers claimed to access Disney's latest "Pirates of the Caribbean" movie and threatened to release it unless the company paid a ransom.

Why it matters: As almost every aspect of daily life moves to the digital realm — autonomous cars, electrical grids will soon be controlled by internet-connected sensors — research shows that maintaining consumer trust is more crucial than ever before. Per Pew, roughly half of Americans feel that their personal information is less secure than it was five years ago. More data:

  • A majority of Americans (64%) told Pew they have been victim of a major data breach.
  • Security concerns are affecting consumers' trust in brands: According to a recent Talend/ResearchScape survey, 53% of respondents said they'd be likely or very likely to break up with a brand after experiencing a data breach or leak, and 78% say it's important for them to know what happens to their data after sharing it with a company.
  • Companies risk economic fallout: EY's Capital Confidence Barometer found that U.S. executives ranked cybersecurity as the top reason for deal cancelation. According to the same study, 59% of executives would negatively value a company if it went through a data breach. (Exhibit A: The deep discount Verizon negotiated to purchase Yahoo after the tech giant revealed massive security breaches).

"Consumer trust is essential for adoption, which is essential for demand, and demand drives innovation," FTC Commissioner Terrell McSweeny told Axios in a recent interview. The FTC closely watches how companies safeguard consumer data. "We'll see some of these kinds of attacks happening that are going to feel very intimate to people in a way that will shake consumers' trust."

Caveat: Companies are obligated to live up to the security protections they promise their customers. But generally speaking, there are no comprehensive federal data security rules that private sector companies must adhere to. Instead, they generally work to comply with "best practice" recommendations.

What's next: In emerging areas of technology — such as autonomous vehicles, cloud storage, blockchain and virtual reality applications — tech companies have not yet won consumer trust, according to Edelman's 2017 Trust Barometer survey.

Go deeper

Venezuela suspends talks with opposition after Maduro ally extradited to U.S.

Venezuelan President Nicolás Maduro in Caracas, Venezuela, in June. Photo: Gaby Oraa/Bloomberg via Getty Images

A key ally of Venezuela's President Nicolás Maduro was extradited from Cape Verde to the U.S. Saturday to face money laundering charges in Florida, Bloomberg first reported.

Why it matters: Venezuela's government called off negotiations with opposition officials that were scheduled for Sunday in Mexico in response to the extradition of Alex Saab, a Colombian businessman and financial fixer for Maduro.

4 hours ago - Health

5 times as many police officers have died from COVID as from guns since pandemic began

Photo: Genaro Molina / Los Angeles Times via Getty Images

COVID-19 is the leading cause of death for police officers even though members of law enforcement were among the first to be eligible to receive the vaccine, CNN reports, citing data from the Officer Down Memorial Page.

Why it matters: Nearly 476 police officers have died of COVID-19 since the pandemic started, compared to the 93 deaths as a result of gunfire in the same time period, according to ODMP and CNN.

Virginia energy giant quietly boosts McAuliffe

Former Virginia Gov. Terry McAuliffe speaks during a campaign rally on Oct. 15 in Henrico, Virginia. Photo: Win McNamee/Getty Images

Virginia Democrat Terry McAuliffe has sworn off money from the Richmond company Dominion Energy. But the utility has found more subtle ways to back McAuliffe's gubernatorial bid, records show.

Driving the news: Dominion's political action committee has donated $200,000 to a murky political group called Accountability Virginia PAC, a group with ties to prominent Democrats that's been running ads attacking Republican candidate Glenn Youngkin from the right.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!