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FCC to Introduce “U.S. Cyber Trust Mark” for Enhanced Security of Smart Devices
The Federal Communications Commission (FCC) is taking steps to address the growing concerns surrounding cybersecurity for smart devices with a new initiative called the “U.S. Cyber Trust Mark.” This program aims to identify and label internet-connected products that have implemented robust security measures to protect consumer data and privacy.
In today’s digital age, almost every household item, from thermostats to baby monitors, is at risk of being hacked due to their ability to connect to the internet and transfer information remotely. Tracy Mitrano, a visiting professor of information science at Cornell University, highlights the vulnerability of these devices to cyber threats. Hackers can exploit weaknesses in these devices to access sensitive personal information, such as bank account details, in a matter of seconds.
With the average household owning more than 17 connected devices, the need for enhanced cybersecurity measures is more critical than ever. However, concerns over privacy and security have led many consumers to hesitate in adopting smart home devices. Elizabeth Parks, president of Parks Associates, points to cybersecurity threats as a major factor influencing consumers’ decisions.
To address these concerns and promote safer connectivity through smart devices, the FCC has proposed a voluntary cybersecurity labeling program for wireless consumer products. The program will introduce the “U.S. Cyber Trust Mark,” a bright-green label that indicates products meeting stringent cybersecurity standards. This label will feature a QR code linking to a product registry with detailed information on the device’s security measures.
The FCC hopes that the U.S. Cyber Trust Mark will establish trust between consumers and manufacturers similar to the Energy Star program for energy-efficient appliances. By providing consumers with transparent information about a product’s security measures, the FCC aims to empower consumers to make informed purchasing decisions and incentivize manufacturers to prioritize cybersecurity in their products.
Jessica Rosenworcel, the FCC’s chairperson, believes that the U.S. Cyber Trust Mark has the potential to become a global standard for secure Internet of Things devices. As more companies adopt the label and consumers demand it, the FCC anticipates a shift towards higher cybersecurity standards across the industry.
In conclusion, the FCC’s “U.S. Cyber Trust Mark” initiative represents a significant step towards enhancing cybersecurity for smart devices and safeguarding consumer data. By promoting transparency and trust in the marketplace, this program aims to create a safer digital environment for consumers and encourage manufacturers to prioritize cybersecurity in their products.
News
Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
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