Welcome to today's insights from Northern Trust Web and R. My name is Katie Nixon and I'm the chief investment officer for wealth management, and I'm going to be your host for today's presentation. Please note that today's presentation is being recorded and you'll be provided with the details for accessing the recording at the conclusion of today's presentation. And just a reminder, if you have any questions for our speakers, please submit them through the QA widget on your screen. Or you can send it to contact Northern Trust. Contact northern at northerntrust.com. Now before we begin, I thought I would share it just a couple of thoughts from me and, you know, since we got together on Monday, we've had to bid adieu to an extremely difficult month of March and a difficult first quarter of 2020 across global financial assets. Of note, though, March was actually not the worst month for stocks. That title is held by September of 1931, when the Dow was down nearly 32%, so it wasn't the drawdown necessarily that sets this quarter apart, but it was the volatility. Which was not only higher than any month period. Going back to the early 20th century, but it was meaningfully higher and the volatility cut both ways. We had the highest Vicks ever recorded. Now you may know the VIX is widely known as the fear and greed index, but March also had the third biggest daily loss as well as the 5th largest daily gain. Again, going back to the early 20th century. So I guess I wanted to start this call reflecting on that volatility because I think the market movements in March. A really a bit of a cautionary tale to investors who are trying to time this market. We look back in history and what we see is that while mark is extreme, we do tend to see very large up days bookended around large drawdowns. So the logical conclusion is that if you sell after the down days you will most certainly will miss out on the large up days but sometimes inconvenient truth of being a long-term investor is that if you're going to be there on the large up days which we all want to do, you are definitely going to have to live through some some drawdowns. We know they're inevitable. We continue to brace ourselves for more volatility in the days and weeks to come as the impact of the global social distancing meets the shock and awe of policy response. So I wanted to begin the call talking bout volatility, which is really a reflection of this tremendous amount of uncertainty related to the path and really the ultimate impact of this global pandemic. The coronavirus, or COVID-19, this uncertainty has so many dimensions, not the least of which is how is this going to impact the US in the global economy? There's also another. Interesting in dangerous dimension to this period of uncertainty and that is how certain bad actors may try to take advantage of the crisis to hit us when our defenses are down, our attention is elsewhere, so I'm very pleased this morning to be joined by a couple of my partners who are going to help us think through these dimensions. I'm very pleased to introduce you to our two special guests. We have Bill Broski, who's our chief information risk officer, and we also have Carl Tennenbaum, who's our chief economist. So both of them will have lots to say about the issue of volatility in the in the economy and our cyber defenses. So you know, bill, I know we have a lot to cover today. I'm very eager to hear around to hear your perspective around how the current environment is impacting the need for us to strengthen our cyber defenses. So I'll hand it over to you. So Katie, thank you and a pleasure to visit with you today. I'm going to start by telling you cybercriminals love a crisis. And they love a crisis of this magnitude, in particular because we tend to be distracted. As we should be, we're focused on this is stomach threat or focused on the well being our our own help out of our families. Our friends. Oh, you're focused on economic events as we all should be about your employees, your businesses. However, behind the scene, what you need to know is equally well employed. Cybercriminals are poised and are capitalizing on our distraction. And their launching their own different kind of virus. While we can tend to be distracted, let me give you. I don't know if there's a highlight or lowlight of what is going on in the world or what has been since January of this year. And I'm going to talk, perhaps you know, anecdotally, but it'll give you a reflection of the types of attacks that are going on, so they never stopped cyberattacks. Cybercriminals never stop throughout this entire. Corona situation that we're facing ourselves with, so in particular they have been very busy creating new malware, new emails to trick us. And they focused around the pandemic, so there have been. False websites with malware in emails. Trying to get trying to get us to click. Um coronavirus Mount that look like the Johns Hopkins University. Well known Corona map. They've also been very. Diligent in pursuing medical facilities, the Paris Hospital Authority was attacked in March. Champaign Urbana Public Health District was attacked last week. They're real Atlas. They've attacked hospitals in Spain, they disrupted actual operating rooms to take advantage of really the situation in their demanding ransomware from medical facilities. While some cybercriminals had said we won't attack medical facilities, not all had stayed true to that. As many of us had moved our workers really from the workplace to home, this distraction has provided really ample opportunity for criminals to take advantage. Homeland Security issue to release 2 weeks ago. Advising consumers to be aware of. Ads that are peddling medical supplies. It's estimated between January and April of this year. There are 45,000 new websites. That have Corona or coded in their name. Not all of these websites are malicious, but many of them are. There have been a doubling of. Consumer compliance. With the US government 7000 coronavirus related reportes today, so it gives you some sense of the type of activity activity that is underway. And again this week the US Treasury issued a warning regarding the financial cares package and the two trillion trophy. That many cybercriminals are lining up and targeting. One last note of how coronavirus and how cyber activity very much and very quickly drifts into the physical world. Something you probably don't read about, but coronavirus is also reshaping terrorist attacks. And this is an hypothetical. Last week the FBI stopped a man. Who was planning the bomb on Missouri hospital, treating Colvin patients? So the good news is that our law enforcement is very diligent. They haven't taken their eye off cyber threats. The bad news is that there are still very bad actors seeking the prey on you. So against this backdrop, the advice I'm going to give you is very similar. Two advice I would give you in any situation. Be on the lookout for phishing emails. Phishing emails from the most unlikely place. Whether it's an organization you're familiar with could be your local community could be your local health care provider. Be very careful in reading these emails, especially be very careful and clicking on anything. The. Other item is be very careful about how you manage your emails. I was visiting with a client two nights ago who believed his email account was hacked. And he was using Office 365, which is a very common email solution. But together we work to put better authentication on his access to email. So we use multi factor authentication as opposed to just a password. You hear a lot about. Good hygiene and mostly it relates to Health Hygiene, but good cyber hygiene is very important as well. Make sure your devices and one of the most overlooked devices is your Internet router. The way that you distribute Internet access in your home. Make sure that device is up to date. If you have an old router, you know something three years. Plus, consider upgrading with a new. Internet router that actually updates itself with better data protection and Anti malware. And consider looking at Anti malware on all your devices including your phones. Many of our clients don't know that you can have anti malware on your phone. It is now the number one most targeted device in the world. And Lastly, I'm going to leave you with secure Wi-Fi. Please use secure Wi-Fi and I know a lot of us are not traveling right now, but if we are out, I really advise not using public Wi-Fi unless you can verify the owner and I very much encourage you to stay on a secure encrypted Wi-Fi solution. And Lastly, if you need assistance, we are here for you. We have a tremendous prod anti broadcast capability and we continue to publish very up-to-date information about cyber protection on our website, including cyber protection in the time of Cove it. Katie. Gosh thanks bill. I mean always. But now particularly, it feels like a an important time to revisit our cyber security policies and processes. And to really think truly think hard about them. You know everyone wants to help right now. What we're hearing from our clients is just a deep desire to to help in any way possible. And clearly there are some bad actors out there who are poised to take advantage of our our best impulses. But I think your bottom line here is so important and that is that. We are the first line of Defense and I've heard you many many, many, many times talk to our clients about not clicking and I heard you say just stop clicking on things and you know I think that's a really important message because there are some things that we can all do to improve our cyber hygiene as you said and you've given us some great tips if you want to remind all the listeners if you have any questions for bill, please do submit them to kewene widget or contact northern at northerntrust.com. In the meantime though, I want to transition. Oh my goodness Cortana bomber chief economist at we have no shortage of things to cover up. We, you and I were chatting before the call started about the fact that we didn't have any visuals for our listeners to look at, because as soon as the ink dries on on some of the charts and graphs that we typically used during during calls like this, as soon as the ink dries these charts and graphs are are sorely outdated. So stands are moving very quickly. It would love to get your perspective on on what's going on in the economy. And what we should be looking for? Well, good morning Katie and good morning guests. I have to say that I always enjoy participating in briefings with with Bill Borawski Becausr. He's one of the only people in the bank that is scarier than iron. Just joking, bills, just joking and I hope that the economic briefing that I'll provide this morning isn't overly scary. But I think we are beginning to see some of the evidence of the interruption ucommerce that has been created by the coronavirus. I want to note everybody that some of the things that we're seeing are not altogether unexpected. They are are large, they are in some cases historic. But when you take the necessary public health steps. To limit the spread of this virus and to preserve the precious capacity of our medical professionals, there is a price that is paid at least in the short term. And there is a feeling. And it's, uh, it's obviously deeply debated in Washington that the cost is worth the price in the long term. Becausw of the potential of the outbreak to rage out of control if we did not take the steps that we are taking. Nonetheless, as many of us hunker down and try and stay safe, we are not doing the things that we normally do. We're not going out to eat. We're not traveling, were not. Even in my case Katy, it's a good thing this is not a video call because the haircut is definitely in my future. But many of us are are holding off on even simple things like that. And behind all of those things that we do, our business is some large and some small who are reliant on our activity for their revenues an their profits and also the employment levels which sustain the incomes of so many American households with our interruptions. There are many of those businesses who are at risk. And of course the employees that work. Those businesses are also. In a tenuous situation, really. The key Katie and they over the next few months for both the markets and the global economy is how fast polisy can step in and try and keep pace with the pandemic. Some of the relief that is being offered to keep businesses open. Some of the support that is being offered so that households don't end up defaulting on their debt or not being able to make critical payments is absolutely essential. And while the amounts involved are immense. An eye popping. There is a reality setting in that in some cases more might be needed in order to head off a worst case outcome. Now many of you have seen some of the recent numbers on the jobs market, the United States, and we got the most recent installment this morning. It interrupted a 113 month winning streak of new job gains, and so the decline of 700,000, which was large, it still has to be put into the context of the labor market in which. We have about 160 million people, all but about four and a half percent of those who are working. So we are not in the worst position, but I do want to warn you that more is to come given the filings that we've had for unemployment insurance. In order to make sure that this doesn't spread. The Cares Act, which was passed earlier this month, includes a number of protections for consumers which include incentives for businesses to keep them on the payroll and earning wages, and then for those who are temporarily displaced, unemployment insurance benefits have been enhanced and extended, and hopefully that will be enough to avoid more permanent damage to the economy. I will say that I have been frustrated at the relatively slow pace of trying to get some of this aid out to the intended recipients. And granted administratively it is not easy to cut as many checks as the government is thinking of doing, but I've been reading that some of the initial payments to households may not reach them for four months, by which time they could be significantly delinquent on the rent. In addition, the Small Business Administration is guaranteeing a backstop program for businesses, especially small ones. It is likely to be dramatically oversubscribed and so there may be some small businesses that. Are still going to be very much at risk, and I think we'll need to really seriously consider whether the scale of the program matches the challenge that we have. Katie, I've been asked frequently what are the things that we should be looking for for signs that the economy is going to reach a bottom. Obviously the main thing is the progress of the virus itself. These things do have predictable patterns. First growing rapidly than slowing, then eventually declining of. Unfortunately, in the United States, we are still at that point in the trajectory where infections are still increasing and there are parts of the country that heretofore had not really been affected very much that are beginning to see their first taste of what's ahead. When those decisions come, I would note that businesses and public health officials, rightly so. We're going to remain a little cautious about having us all get back into large gatherings, whether it be at the work place at a stadium, or in restaurants and consumers may have their own hesitations, having been taught now for several weeks to be cautious about interactions. They may be a little bit careful even after public health officials get more comfortable in doing the normal things we do. For example, getting back onto airplanes. And that's why economic forecasts during this time have been undergoing very rapid Jai reassessments, be cause of the contagion curve as we call it, is hard to predict and every new piece of information gives us a sense of what that might look like. And while we published our own forecast earlier this week This suspicion I have is that the next time we revisit it will probably need to push out that date of full economic recovery a little bit, and hopefully it doesn't get pushed out so far that we have again a permanent Los of economic activity that is difficult to recoup and also a series of businesses and households that take a long time to recover from what's happening. Finally, I do sense that the magnitude of what's happening is inspiring. Policymakers on both the fiscal side, but more importantly on the monetary side where the Federal Reserve among other central banks, Katie, as we've discussed, is breaking new ground using the foundations that they put down during the crisis. Revisiting old concepts but doing them to a much larger and wider degree. And so while they may have gotten a slow start, and recognizing what was happening, I think at least on that side, we've seen a rapid and comprehensive response. And let's all hope that that's enough to anchor both our economy and market performance. And that's the view from here. Great Carl, thank you so much. I mean I I started the call talking about volatility and uncertainty and the fact that as investors we we're bracing ourselves for more volatility and I think you just reinforce that with your comments around the uncertain uncertainties related to the outlook. The quickly shifting sands of the massive shock and all policy responses that are aimed precisely in in targeted directly at the areas that need the most help. And what I like to call the need for speed, which is perhaps the most important thing which is getting getting the help into the hands of those who need it as quickly as possible. and I know we're going to have a lot of questions on why that's so important, but before we get to questions, I want to tell our listeners that they will see a survey on the side of the screen. This survey is so important. It helps to guide our future events and we would really appreciate your feedback on today's events. We have gotten already. A number of questions, not surprisingly. However, if you do have questions for our speakers, please submit them through the QA widget or someone directly to contact northern at Northern Trust. Com. So bill, I'm going to send the first question to you and is not surprising we have clients and friends listening to the call and what they would like to know from you is what are we doing at Northern Trust to take extra precautions around our client data and around our cyber security. Great question so. Northern actually went into an alert status or our cyber defense teams in December. And it had nothing to do with the the advent of the virus that had to do more so with the. Uh, kinetic disagreement. the US was having with the wrong and so when we go into an elevated status we have teams that are located around the world and their on duty 24/7. But we put in enhance monitoring in our networks. We also deployed at our perimeter. We have different capabilities that we put in place last year to better defend our networks against automated attacks. And so we've been in Annaville elevated state, which brings its own challenges but hasn't really had any chronic wear and tear on our staff. We've also. Enhanced our prod alerting and we've upgraded a tool set there. So defensively we feel very good. One last thing, Katie is we had two very carefully look at control sets as we move people out of the buildings and into their homes. One challenge your teams. Your staff yourself will have is a convenience factor where you either adopt new technologies or new ways to communicate and perhaps aren't using the same rigor in your control sets, but we feel very good about our capabilities. We do see increased activity targeting our clients and so we do have. Increased engagements, especially on attempted fraud, so that is a quick overview of our status. The actual related question that came in, and I think this is such an important, very important question. So gosh, I hope I hope we can help. This this listener the question is I submitted an application through the sba.gov website for assistance, but I'm concerned that I was scam. They requested the Social Security IN and my bank account number and routing number. I was very distracted aside from changing my bank account, what else should I do like bank account number? What else should I do? OK, so you got a terrific. So first thing is that you're doing is absolutely right is. Um? Come to either your account number or changing your password. Because that information is so critical to your identity there a couple other steps that I'd recommend. If you have other financial relationships, things you might not normally think would be in the mainstream. I would also change those passwords, not necessarily at this point the account information, since it wasn't disclosed. But I would do a refresh of your, you know, high value accounts. Additionally, if you think your identity has been compromised than we have a Step 2 process. Obviously you would issue a report a fraud report. You need to have a local police report. Most people don't realize that and you need to report that up to the FTC. And that said, Identitytheft.gov. I'd also consider if you don't have this today is a prod alert or credit freeze across the four credit bureaus. Most people don't realize there actually for credit bureaus. And then remain very vigilant as to the activity on all of your accounts, perhaps review? Your banking or your financial firm activity on a more frequent basis then you're doing today. That's great bill. So you mentioned freezing your credit report. Is that something people should more broadly consider doing? Should clients have LifeLock title fraud protection? Are any of these things particularly helping right now? So you might imagine that I'm a belt and suspenders person, so I use everything. So a credit freeze and with the credit reporting agencies different than. A credit protection like LifeLock. So think of them as layers. The credit freeze is absolute. And if you do this, it's in place until you need to remove it. Say to add a new credit card, and then it's instantaneous. They can restore it within minutes, so it's fairly painless process today. But spending the money, I think it's about $100 a year for one of those credit protection services. It's another layer, and they provide enhanced protection beyond a credit freeze. It's an individual decision. It's one. Certainly that I use, but you're not going to get a lot of alerts from those credit protection perms, but when you do, it's generally genuinely something pretty serious. Alright, great though. Thank you so much. That's such good practical guidance. Now Carl, I'm going to pivot to you for a couple of questions here. We've gotten quite a number. One of 'em is in response to, I think, a couple of comments that you made in your formal remarks related to the SBA program being over subscribed. I know it's a first come first serve. Kind of a program which always makes me a little bit nervous. So the question is if it's oversubscribed, it's clearly not enough. How much support do small businesses need? In what form and how does the Fed's Main Street program feed into your your analysis here? All good questions. I have some answers, but not all because the Treasury Department has been modifying terms of the program almost interactively. In fact, everyone, it just a bit of background. By the way, the Small Business Administration, which is an arm of the government, is guaranteeing these loans, but there being made by your traditional banks and directly to the small businesses affected. The guarantee is that if the small business agrees to hold their payrolls constant and produces documentation to that effect, the loan actually becomes a grant and is essentially work down during the course of the next six months. The challenge is that in order to get the money out quickly, the terms for qualifying were kept very loose. I understand that the application form Katie is only a couple of pages long. Now. Normally when you're passing out that kind of money, you'd want to be, you know, a little bit more discriminating. But as you've mentioned, speed is important here and I would hold on almost inevitable that some of the money is probably going to go to some businesses that might not need it as much as others in the name of trying to get it out there quickly. Now, not all businesses are created equal, and so you know as we think about extending the program, I do think there should be a little bit more effort in trying to identify either industry sectors or scales that could help narrow down the program to those who are most aggrieved. That, of course, is not the easiest thing to do, and of course lobbying. I think I get the strong sense of lobbying is is paying a strong role in the allocation of of the funds. I did read a report. Katie's the last thought that the applications for these funds could be three or four times as high as the amounts allocated, so it probably gives the government a pretty good sense that while they've done a lot so far, that more is probably needed. So call a related question I guess is you know we talk about the support directly to households which you reference quite rightly and I heard this morning as well that the last checks may not go out until September. Uhm, some potential blockages with getting the small business support out, but we know how important it is to build this bridge to recovery. This question is actually beyond the bridge an is aimed at. What will the recovery look like in? What in your model? How in your model are you forecasting changes in consumer behavior? Post COVID-19, for example, are people going to save more? Will they be more reluctant for a longer time to go back to the old habits and knowing how important the consumer is to the US economy? How does that work into the forecast? Katie the questioner is very generous and assuming that we have a robust model that can handle all of these various environments, I've often said everyone that the skill in using models is knowing when to turn them off. And while we do use a model and it is instructive when you have extreme events, you have to rely a little bit on your own intuition. And one of the benefits, and I'm sure bill would agree of being, shall we say more experienced, is that I've seen a few recessions and you begin to recognize certain developments in patterns that are familiar to you, and one of the things that I think you'd agree with Katie is that. As you put it, the the elevator goes down in the staircase, goes back up, so you recovery usually is slower than the dissent and so the pattern that we're looking at and everybody is trying to come up with their favorite alphabet letter to describe it is not a V for sure. It's not necessarily a you that's going to look a little bit like an L on its side will probably hit a bottom fairly quickly, probably in the second quarter, and then begin making our way back with the slope of the recovery, again dependent alot. On how federal assistance and government assistance steps in. Now the Fed is you mentioned. I didn't didn't really answer that effectively, so the Fed also has a program that is going to allow it to buy a whole series of assets. the Treasury Department is providing the kind of a seed capital that the Fed is then going to leverage with its balance sheet that is positioned to buy a wide range of assets from corporate bonds to direct purchase of loans to exchange traded funds. And that's also intended to try and get relief more directly into the hands of sectors. That people have concerns about as we move through the next recovery. And again, I think that the aid has to be calibrated with the understanding is the question or highlights that for a little while, after even the all clear is sounded, things may not seem a very very normal. And as we build in that into our expectations, I think it really creates a trajectory that's a little bit different that we've seen in the past and will require probably a little bit more patience. Indeed, crawl well, let me drive a lot more questions here for you, but I'm going to pivot quickly to build for some very practical questions. Uhm, one is in. This is something we chatted about before the call. Do you have any concerns about household using tools like zoom, Google Hangouts, Facebook live? If we're all struggling to maintain social distancing but connectivity. So these are these are terrific products that allow. You just still experience some human interaction and. One you didn't mention his FaceTime. You know one of the older ones, but you know part of the challenge with using new tools is depends what audience is using them. So I'm I'm gonna suspect that most on the call would approach using a new technology with the same suspect control mindedness, but not all demographics do that. And then particular children. Are at a higher risk for you know there there quicker to adopt the new technology, but they are also seemingly unaware of the risk with the technology. And for example you know the case with the SBA. Possible fraud scam and I'm hoping it wasn't, but. Children and younger people accept iems, instant messages, videos from people they don't know. And they'll click on links without even verifying at the instant message or the person behind. It is a known entity. And so it's the technology is generally never the problem. It's how you use. And put the controls in place to make it functional. So my advice is for all of these. And I am a recent Google Hangout user. As I read, I read the directions. I put in place the right control so there wasn't any. Automatic file transfer acceptance, which would put you at a much higher risk, so very usable. Katie there's some bad press about privacy investigations with zoom this week. No, the functionality is technology works. It's how you control it. Graybill so very quickly, here's another practical question for you. Do you recommend any system generated Pat? Do you recommend accepting system generated passwords? What do you recommend for keeping track of all of them? I'd actually like to know the answer to this question myself. It's one of the biggest challenges for all of us, so in order I'm going to. This is my my best advice. If there was any single thing that you did to improve your cyber. Defensive capabilities is turn on. Multi factor on your financial websites whether their financial or high value websites. All I can tell you is turn it on. And by doing that you take away any weaknesses that might be present in passwords. So it's a second step. Many of you are familiar. You'll get a text on your phone, or perhaps use a separate application that's generating a one time password. It it takes away the inherent weaknesses of passwords and. Notwithstanding that that would be my best advice, the 2nd. Best thing for managing passwords is consider using an on line password manager. It'll work across your devices. There probably 10 or more out there. It'll take away the ability for you needing to remember a password. It will automatically generate a strong one. And increasingly, it'll tell you if you're duplicating a password. It will also tell you if your password has been compromised and is known on the dark web. So many tools available. The technology actually now works in your favor. That's Great Bill and you know I'm going to answer the next question we've gotten 'cause we've actually got a number of questions about private passport and dual authentication, and what many may not know is that we do challenge with jewel authentication. Any logins when the login session is something outside of the clients, normal behavior, device, or location. We always challenge with dual authentication when when a client does a protected activity, like moving money outside of the bank, and I hope you all know that we are currently working on a project to allow clients to set the preference. That bill just referenced. To always challenge and so stay tuned. Stay tuned for that now Carl. I'm going to give it to you when we got a lot of questions. Not surprisingly, I know you're ready for this about the consequences of all of this fiscal and monetary largess. Any limit on how much debt the US can take on? When will it become an issue and how do you feel about your inflation forecast with all of the stimulus? Katie, you and I in calmer times. It talked a little bit about what the policy response might look like if we ever got back into a recession. With interest rates still relatively low for the Fed, we recognized that they didn't have the same amount of traditional dry powder to fight a downturn. And we speculated that the coordination of fiscal and monetary policy would have to increase during the next downturn in order to bring about a satisfactory turn around. Now, I didn't think we, we suspected it would come so soon. I also didn't think we suspect that it would be this large. But that's functionally what's happening. The boundaries between fiscal and monetary policy have blurred, as I mentioned earlier, the Treasury is providing seed funding for a very broad fed lending program that's designed to make sure that markets remain orderly and that financial conditions don't get too tight. And by the same token, the Federal Reserve has already increased its balance sheet by a trillion dollars just in the last few weeks. I as it absorbs. Some, not all, but some of the new Treasury paper that's being issued in order to pay for some of the measures in the cares act. At the moment, Katie. This does not look inflationary to Maine. In fact, with the decline that we're seeing in consumption, I'm sure that they concern within the Fed is actually quite the opposite. When you add the steep decline in gasoline prices, that's occured because crude oil has been slumping. You certainly could see some inflation releases that are either very low or on an overall basis negative, and the Fed, among others, does not want to see that descend into the expectations of deflation. Now the question are clearly has read their economic history and knows that printing a lot of money, which is essentially what the Fed is doing by buying the bonds cannon along run, be inflationary. And that's something that will have to keep an eye on but not today when you're looking at the depth of potential correction, that's more proximate problem and then down the road the Fed will have to make hopefully soon to make some tough conditions, decisions about how long it wants to keep its balance sheet that large. Finally, a bit of a history lesson. Katie the Fed for the first half of its history was a very active participant in the Treasury market San. Also making direct loans, especially during the war years. It was only in the early 50s that essentially the Fed divorce itself meaningfully from the Treasury Department and began the independent policy that we take for granted today. So what they're doing now is not altogether unprecedented or on warranted during times of stress. But what will be key? and I hope we get to that day sooner rather than later will be when the Fed. Tries to divorce itself from the Treasury once again as conditions improve. So crawl just a quick follow on is is this? You know, maybe a distinction without a difference, but is is what we're seeing right now. Modern monetary theory in practice. So whatever you call it, you do have coordinated monetary and fiscal policy, and as a traditionalist, I am suspicious of it. But given the circumstances, I understand it and I am not sure what else we would do in order to combat the economic consequences of the coronavirus. Right, extraordinary times extraordinary measures. So let me turn back to you again. A very practical question, and one that I would also like the answer to. We are all social distancing and we are working from home or in our houses, our children, our grandchildren are on line learning right now. What is the best advice or best tips you have for keeping our children or grandchildren safe from cyber crimes? So that there are a number of good techniques and it's going to depend on the Age. So everything from you know, there's filtering software that will start. On your router, and so there is filtering from your service provider on. Acceptable sites to visit. There's also similar software that can be placed on a mobile device. I would say is the age increases the. The less likely they are to take critical advice from an adult, but there is wonderful online advice and certainly others can explain to them that the challenges of accepting messages emails from strangers if there on social media sites and many of them are. This is long been an area of concern for both, you know, virtual protection cyber as well as physical protection. But there are a number of ways to filter access to the right sites and then there are a number of ways just to have a candid conversation of do's and don'ts either with Contacts or sites to visit. The other thing is again encouraging them on their devices, or if they're sharing a device with you, is to set up a separate account on your device so there activity doesn't pollute or carryover into any account. Where you might be doing financial transaction. So you want to avoid them unwittingly, either through gaming or something else. Katie, downloading malware that would then threaten you, know the financial resources at the home. So bill that is wonderful advice, um, particularly setting up the separate account because I know that a lot of folks are in the position of having to allow their children or grandchildren to use their laptop there. Desktop as the children are trying to go about their trying to as normally as possible continue, continue with school. So thank you very much and I'm surprised you didn't mention the most important thing, which you always say, which is tell them not to click on anything. We know that's the best. That's the best defense and I hear your voice every time I every time I do click on something I want to and I'm sorry that we've we've run out of time. We've covered so much great ground today an I want to really thank bill in Carl for their insights. I do encourage you if you have any questions to connect with your relationship manager. And also again we got a lot of questions which we will consolidate into some major themes and we will answer them and distribute them via email to all of our clients. So stay tuned. If you didn't get your question answered. Most likely you will get it answered in a subsequent notice from us. Also, if you missed any part of today's remarks, you may access the replay beginning tomorrow, April 4th at northerntrust.com. Backslash financial market. Updates for any further information on anything that you heard discussed at today's webinar again, please contact your relationship manager. I want to thank you so much for joining us today. We so appreciate your participation in your great questions. Are next insight school from Northern Trust will be held. On Monday, April 6th again 10:00 AM Central time I'll be the host again and I'm going to be joined by some of our wealth planning experts to discuss the recently enacted cares act and how it may impact your family, your business, and your wealth plan. We hope you will join us again and I thank you and wish you a wonderful weekend. _1596973679656
Title:Insights From Northern Trust
Date: Friday, April 03, 2020
Time: 10 AM CT
Duration: 45 Minutes
Our experts will discuss the latest developments in the global economic response to coronavirus and ways to strengthen your cyber defenses during this period heightened cybercrime.