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<ul class="summary-list"><li>Many companies don't have cyber insurance because of costs, but the market is growing.</li><li>Cyber insurance can help companies recover financially from cyberattacks and data breaches.</li></ul><a target="_blank" href="https://www.businessinsider.com/guides/tech/what-is-a-cyber-attack">Cyberattacks happen every day</a>, and any company that relies on technology to conduct business is at risk. But one way leaders can minimize the impact of <a target="_blank" class="" href="https://www.businessinsider.com/how-companies-can-respond-to-cybersecurity-risks-after-layoffs-2024-9">losses from a cybersecurity incident</a> is by getting cyber insurance."All companies can benefit from having cyber insurance," said Shruti Engstrom, the senior vice president of errors and omissions/cyber at the risk-mitigation company Aon. "This is a risk that's here to stay."Cyber insurance helps organizations recover the costs of a cybersecurity incident, the global average of which IBM estimates is about <a target="_blank" href="https://www.ibm.com/reports/data-breach">$4.9 million</a>. Engstrom told Business Insider that these expenses might include shutting down production lines, computer systems, or other operations, as well as the fallout of customer information being released."If something bad happens — there's a data breach or ransomware attack — and it costs you a lot of money, you have coverage to help with that," <a target="_blank" href="https://fletcher.tufts.edu/people/faculty/josephine-wolff">Josephine Wolff</a>, an associate professor of cybersecurity policy at Tufts University, said.The cyber-insurance <a target="_blank" href="https://content.naic.org/sites/default/files/inline-files/Final%202023%20Cyber%20Report.pdf">market is growing</a>, Wolff said, but many companies still lack coverage. Here's what business leaders should know about cyber insurance.<h2 id="e78eaf2c-45e6-4e54-9e2e-14bdcdc2b1ad">The benefits of cyber insurance</h2>Cyber insurance can minimize the financial blow of a cyberattack, but it's not just about the money, said <a target="_blank" href="https://www.bitsight.com/about/our-team/stephen-boyer">Stephen Boyer</a>, a cofounder and the chief innovation officer at Bitsight, a cyber-risk-management company. Insurance also gives companies access to incident-response expertise, such as cybersecurity tools, legal assistance, and ransomware negotiation."If a company experiences a cybersecurity incident and has insurance, it can tap into a world of expertise that it may not otherwise know existed," Engstrom said.Cyber insurance is available as a stand-alone policy or incorporated into other business coverage. When a company purchases the insurance, it undergoes an application and <a target="_blank" href="https://www.usatoday.com/money/blueprint/insurance/what-is-insurance-underwriting/">underwriting process</a>, which helps leaders assess the health of their cybersecurity measures and ability to protect their firm from bad actors, Engstrom said.A better understanding of a company's risk is an important benefit of cyber insurance, Boyer said. But not enough companies, especially smaller ones, are getting the insurance, he added.One reason is the cost: The <a target="_blank" href="https://cyberreadinessinstitute.org/resources/cyber-insurance-faqs-for-small-and-medium-business/">Cyber Readiness Institute</a> estimates that cyber insurance can cost businesses $500 to $5,000 a year. But cyberattacks can be much more costly to an organization's bottom line and its reputation, Boyer said.<h2 id="c6454cb6-2ed4-4a3e-8923-2f759517c2ba">What cyber insurance does and doesn't cover</h2>Many policies offer first- and third-party coverage, and most companies need both, Engstrom said.While all policies are different, first-party insurance typically covers losses incurred because of a cyberattack. According to the <a target="_blank" href="https://www.ftc.gov/business-guidance/small-businesses/cybersecurity/cyber-insurance">Federal Trade Commission</a>, it can also cover costs such as legal counsel, forensic-investigation services, recovery of stolen data, communication with customers, fees and penalties to regulatory bodies, crisis management, public relations, and lost income.Some policies also cover ransomware negotiation and payments to hackers. However, Wolff said this is a controversial aspect of cyber insurance, as many believe it incentivizes criminals to continue launching attacks.Engstrom said third-party insurance covers legal fees and settlement costs when a customer, a vendor, or another third party seeks legal damages as a result of a cybersecurity incident."Companies that are at risk of a cybersecurity incident are almost always at risk of a related third-party conflict," she added.Boyer told BI that cyber insurance usually doesn't cover losses related to intellectual property or preexisting cybersecurity incidents. Acts of war or attacks related to terrorism, which typically affect high-level companies and organizations, are also not covered, Wolff said.Additionally, according to <a target="_blank" href="https://www.ibm.com/topics/cyber-insurance">IBM</a>, attacks caused by network failures, negligent or malicious employees, or social engineering, such as phishing scams, might not be covered.Engstrom said the policies also typically don't cover the cost of hiring more security or IT staff or upgrading cybersecurity systems to prevent attacks."Many don't realize that these long-term structural and preventative improvements are not covered under most cybersecurity-insurance policies," she added.<h2 id="3ec2bff8-ffa8-4c28-9e6a-8cdb3b73a14a">What to look for in a cyber-insurance policy</h2>Policies differ depending on the insurer, Wolff said, and companies can sometimes negotiate their coverage. So it's crucial to ask a lot of questions before signing on."One really important thing to go through with your carrier is the specific exclusions in your policy," she added. "The more you can get into the specifics of that, the less likely you are to be taken by surprise when you're trying to file a claim."Basically, make sure the policy adequately covers your level of risk, Engstrom said.Wolff suggested discussing how pricing is determined and which cybersecurity measures insurers require companies to have — some might offer lower pricing for companies with upgraded cybersecurity infrastructure.Some insurance companies also offer training or support to educate an organization's staff on cybersecurity best practices, Engstrom added.She said to also find out about the claims process: "If a company experiences a cybersecurity incident, they must understand how their insurer steps in and what kind of support is provided. Leaders need to know that their insurance company is there for them every step of the way."Ultimately, companies should understand their cyber risks and know what protection they need when purchasing insurance, Boyer said."What are you trying to protect, and what's the risk transfer?" he said. "It obviously depends on your business — some businesses are just more exposed to this sort of risk and could really have some sort of payout."

Companies without cyber insurance could be making a costly mistake

Melbourne, Jul 24 (The Conversation): The internet, a vast and indispensable resource for modern society, has a darker side where malicious activities thrive. From identity theft to sophisticated <keyword id="20928831" type="General" weightage="20" keywordseo="malware-attacks" source="keywords">malware attacks</keyword>, <keyword id="20053150" type="General" weightage="20" keywordseo="cyber-criminals" source="keywords">cyber criminals</keyword> keep coming up with new scam methods. Widely available generative artificial intelligence (AI) tools have now added a new layer of complexity to the <keyword id="20080676" type="General" weightage="20" keywordseo="cyber-security" source="keywords">cyber security</keyword> landscape, through the rise of <keyword id="22423935" type="General" weightage="100" keywordseo="dark-AI" source="Orion">dark AI</keyword>. Staying on top of your online security is more important than ever. <cmsannotation type="cmsannotation" annotationid="The rise of dark LLMs" comment="subhead" text="The rise of dark LLMs">The rise of <keyword id="22527261" type="General" weightage="20" keywordseo="dark-LLMs" source="keywords">dark LLMs</keyword></cmsannotation> One of the most sinister adaptations of current AI is the creation of "dark LLMs" (large language models). These uncensored versions of everyday AI systems like ChatGPT are re-engineered for criminal activities. They operate without ethical constraints and with alarming precision and speed. Cyber criminals deploy dark LLMs to automate and enhance <keyword id="20592444" type="General" weightage="20" keywordseo="phishing-campaigns" source="keywords">phishing campaigns</keyword>, create sophisticated malware and generate scam content. To achieve this, they engage in LLM "jailbreaking" - using prompts to get the model to bypass its built-in safeguards and filters. For instance, <keyword id="20479124" type="General" weightage="20" keywordseo="FraudGPT" source="keywords">FraudGPT</keyword> writes malicious code, creates phishing pages and generates undetectable malware. It offers tools for orchestrating diverse cybercrimes, from credit card fraud to digital impersonation. FraudGPT is advertised on the dark web and the encrypted messaging app Telegram. Its creator openly markets its capabilities, emphasising the model's criminal focus. Another version, <keyword id="18039708" type="General" weightage="20" keywordseo="WormGPT" source="Orion">WormGPT</keyword>, produces persuasive phishing emails that can trick even vigilant users. Based on the GPT-J model, WormGPT is also used for creating malware and launching "business email compromise" attacks - targeted phishing of specific organisations. <cmsannotation type="cmsannotation" annotationid="What can we do to protect ourselves?" comment="subhead" text="What can we do to protect ourselves?">What can we do to protect ourselves?</cmsannotation> Despite the looming threats, there is a silver lining. As the challenges have advanced, so have the ways we can defend against them. AI-based threat detection tools can monitor malware and respond to cyber attacks more effectively. However, humans need to stay in the mix to keep an eye on how these tools respond, what actions they take, and whether there are vulnerabilities to fix. You may have heard keeping your software up to date is crucial for security. It might feel like a chore, but it really is a critical defence strategy. Updates patch up the vulnerabilities that cyber criminals try to exploit. Are your files and data regularly backed up? It's not just about preserving files in case of a system failure. Regular backups are a fundamental protection strategy. You can reclaim your digital life without caving to extortion if you are targeted by a ransomware attack - when criminals lock up your data and demand a ransom payment before they release it. Cyber criminals who send phishing messages can leave clues like poor grammar, generic greetings, suspicious email addresses, overly urgent requests or suspicious links. Developing an eye for these signs is as essential as locking your door at night. If you don't already use strong, unique passwords and multi-factor authentication, it's time to do so. This combination multiplies your security, making it dramatically more difficult for criminals to access your accounts. <cmsannotation type="cmsannotation" annotationid="What can we expect in the future?" comment="subhead" text="What can we expect in the future?">What can we expect in the future?</cmsannotation> Our online existence will continue to intertwine with emerging technologies like AI. We can expect more sophisticated cyber crime tools to emerge, too. Malicious AI will enhance phishing, create sophisticated malware and improve data mining for targeted attacks. AI-driven hacking tools will become widely available and customisable. In response, cyber security will have to adapt, too. We can expect automated threat hunting, quantum-resistant encryption, AI tools that help to preserve privacy, stricter regulations and international cooperation. <cmsannotation type="cmsannotation" annotationid="The role of government regulations" comment="subhead" text="The role of government regulations">The role of government regulations</cmsannotation> Stricter government regulations on AI are one way to counter these advanced threats. This would involve mandating the ethical development and deployment of AI technologies, ensuring they are equipped with robust security features and adhere to stringent standards. In addition to tighter regulations, we also need to improve how organisations respond to cyber incidents and what mechanisms there are for mandatory reporting and public disclosure. By requiring companies to promptly report cyber incidents, authorities can act swiftly. They can mobilise resources to address breaches before they escalate into major crises. This proactive approach can significantly mitigate the impact of cyber attacks, preserving both public trust and corporate integrity. Furthermore, cyber crime knows no borders. In the era of AI-powered cyber crime, international collaboration is essential. Effective global cooperation can streamline how authorities track and prosecute cyber criminals, creating a unified front against cyber threats. As AI-powered malware proliferates, we're at a critical junction in the global tech journey: we need to balance innovation (new AI tools, new features, more data) with security and privacy. Overall, it's best to be proactive about your own online security. That way you can stay one step ahead in the ever-evolving cyber battleground.

Rise of dark AI: Malicious LLMs like FraudGPT, WormGPT the new frontier of online threats! How can we stay safe?

On Thursday evening, a significant <keyword id="22471557" type="General" weightage="20" keywordseo="global-cyber-outage" source="keywords">global cyber outage</keyword> began, causing a massive disruption to Microsoft Windows users around the world. This event impacted users in countries including India, Australia, Germany, the United States, and the UK, with affected systems displaying the dreaded <keyword id="22469490" type="General" weightage="20" keywordseo="Blue-Screen-of-Death" source="keywords">Blue Screen of Death</keyword> (BSOD). This malfunction led to automatic system restarts or shutdowns, severely hampering productivity and operations across various sectors. The root cause, as identified by companies like Dell Technologies, was linked to a recent update from the <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword> firm <keyword id="20424191" type="General" weightage="20" keywordseo="CrowdStrike" source="keywords" meta.keywordsubtype="org" meta.entityname="CrowdStrike" meta.hostid="261" meta.entityid="CrowdStrike">CrowdStrike</keyword>. The outage had far-reaching consequences, particularly for essential systems used by several airlines. In the US, carriers such as American Airlines, Frontier Airlines, Allegiant, and Sun Country experienced operational disruptions. Similarly, in India, IndiGo and other airlines were affected. Beyond the aviation industry, the outage also disrupted banks, supermarkets, media outlets, and other businesses who are extensively reliant on Microsoft's cloud services. <h2>What is CrowdStrike?</h2>CrowdStrike is a leading cybersecurity company known for its advanced security solutions designed to protect against <keyword id="19973480" type="General" weightage="20" keywordseo="data-breaches" source="keywords">data breaches</keyword>, <keyword id="19955190" type="General" weightage="20" keywordseo="ransomware" source="keywords">ransomware</keyword>, and <keyword id="19945689" type="General" weightage="20" keywordseo="cyber-attacks" source="keywords">cyber attacks</keyword>. Founded in 2012 by former McAfee employee George Kurtz, CrowdStrike has become a critical player in the cybersecurity landscape, serving a diverse clientele that includes global investment banks, universities, and major corporations. <div type="Article" hostid="261" msid="111858142" title="Global cyber outage: Microsoft users report &amp;#39;blue screen of death&amp;#39;; flights cancelled" mstype="2" mssubtype="0"></div>At the heart of CrowdStrike's offerings is the <keyword id="21411329" type="General" weightage="20" keywordseo="Falcon-platform" source="keywords">Falcon platform</keyword>. This comprehensive cybersecurity solution uses a single sensor and a unified threat interface to provide real-time indicators of attacks, hyper-accurate detection, and automated protection. The platform is designed to correlate attacks across endpoints, workloads, and identities, effectively stopping identity-driven breaches in real time. The recent issues stemmed from an update to CrowdStrike’s Falcon sensor. This update reportedly caused the sensor to malfunction, leading to conflicts with Windows systems and resulting in the widespread blue screen errors. CrowdStrike acknowledged the error and has since been actively working on a resolution. The company assured users that there was no need to open a support ticket and promised to provide updates as they become available. <h2>CrowdStrike, Sony, and <keyword id="19910206" type="General" weightage="20" keywordseo="North-Korea" source="keywords">North Korea</keyword></h2>CrowdStrike is no stranger to the spotlight, having been involved in several high-profile cyber investigations. One notable case is the 2014 Sony Pictures hack, where a group called the Guardians of Peace, believed to be affiliated with North Korea, hacked into Sony Pictures Entertainment. <div type="Article" hostid="261" msid="111856595" title="Microsoft outage – London Stock Exchange, banks and airlines across the world affected" mstype="2" mssubtype="0"></div>GoP stole vast amounts of information and threatened acts of terrorism against movie theatres unless Sony cancelled the release of "The Interview," a comedy about the assassination of North Korean leader Kim Jong Un. In this investigation, CrowdStrike discovered evidence that seemed to definitively connect North Korean players to the Sony hacking. <h2>The “Blue Screen of Death” explained</h2>The Blue Screen of Death (BSOD) is a critical error screen displayed on Windows operating systems when a severe system issue occurs, preventing safe operation. This error forces the computer to restart unexpectedly, often resulting in data loss. In the recent incident, the BSOD error message indicated that the PC ran into a problem and needed to restart, leaving users frustrated and businesses scrambling for solutions. While Microsoft has confirmed that the Azure outage has been resolved, the incident has brought a spotlight to the potential risks associated with heavy reliance on cloud services. Meanwhile, CrowdStrike has offered solutions on its members-only platform and continues to address the fallout from the outage.

Global Cyber Outage: What is CrowdStrike? How is it linked to the global Microsoft outage?

Indian cryptocurrency exchange <keyword id="20481939" type="General" weightage="100" keywordseo="WazirX" source="keywords" meta.keywordsubtype="org" meta.entityname="WazirX" meta.hostid="261" meta.entityid="WazirX">WazirX</keyword> today announced a reward of around $23 million, along with a comprehensive <keyword id="22495520" type="General" weightage="20" keywordseo="bounty-program" source="keywords">bounty program</keyword> to recover over $230 million worth of funds which were stolen from the exchange on July 18, 2023. Per its recent release, the exchange invited <keyword id="21888492" type="General" weightage="20" keywordseo="ethical-hackers" source="keywords">ethical hackers</keyword> and experts to provide actionable intelligence and insights that could help in freezing and stalling further usage or transfer of stolen funds. Those who are able to offer such "successful intelligence" shall be rewarded with up to $10,000 worth of <keyword id="22495522" type="General" weightage="20" keywordseo="usdts" source="keywords">USDTs</keyword>, the release noted. In case the participant is unable to freeze the funds on their own accord, they will be required to collaborate with the crypto platform. WazirX also announced a white hat recovery bounty, inviting the expertise of blockchain forensics and cybersecurity professionals in getting the funds back. While initially, the reward was set at 5% of the recovered amount, it was ultimately raised to 10% of the money recovered, which could mean up to $23 million for those who are able to successfully recover the stolen money, and verify the same. Per the exchange, this was one of the largest bounties to ever be offered in the history of crypto hacks. The offer is open for the hacker who has taken control 0f funds in the first place, provided they returned the entire sum to a specified ERC20 wallet. The bounty program will be active for three months, starting from the date of this announcement i.e. July 21st, but an extension or reduction of the time frame would be considered, depending on how the recovery was panning out. According to the release, "interested individuals should email bounty@wazirx.com with their intent to participate along with their contact details. Additionally, it should also include detailed submissions of the addresses, transactions, and methodologies to be used for tracking and recovery". The crypto platform witnessed a staggering 217% rise in its trading volumes, and a massive 12% rise in signups during October 2023 and March 2024, with the last month of the FY24 registering trading volumes worth over $400 million. As revealed in its proof of reserves report for June 2024, as of June 10th, the total holdings of the crypto exchange stood at Rs 4,203.88 crore, or about USDT 503.64 million. Nischal Shetty, Founder – WazirX noted that their foremost goal is to recover the stolen funds. "This bounty program is designed to tap into the expertise of the community to achieve this critical objective. We remain committed to transparency and collaboration, reinforcing our dedication to a secure and resilient digital finance ecosystem", he continued.

WazirX announced reward of $23 million to recover stolen funds

<ul class="summary-list"><li>More CEOs expect hybrid work setups will go away in the next few years.</li><li>A KPMG US survey found that 79% of big-company CEOs expect a full-time <a target="_blank" class="" href="https://www.businessinsider.com/the-resilient-office-how-workplaces-evolving-after-pandemic-2024-3">return to the office</a>.</li></ul>The bosses of big US companies are over <a target="_blank" href="https://www.businessinsider.com/hybrid-work-flexibility-not-rto-may-help-companies-boost-sales-2024-9">hybrid work</a>.This week, Amazon CEO Andy Jassy announced that most of the company's corporate workers must be <a target="_blank" href="https://www.businessinsider.com/amazon-return-to-office-mandate-bosses-morale-productivity-2024-9">back in the office</a> five days a week starting in 2025.Adding to the anti-remote vibes: a new snapshot of CEO sentiment that shows Jassy isn't alone in saying "so long, hybrid."Nearly eight in 10 CEOs expect corporate workers will be back in the office full time within the next three years, according to a recent survey of 400 chiefs of large US companies by KPMG US.The 79% of CEOs who see an eventual return to cubicle life for most workers is a big swing from a prior KPMG US survey earlier this year — when only 34% of corporate heads said they expected their teams would be back IRL five days a week.It's another sign that the <a target="_blank" href="https://www.businessinsider.com/economic-fears-job-cuts-employers-less-flexible-with-workers-2024-8">RTO fights</a> aren't over and that some pandemic-era work norms might prove as ephemeral as social distancing and mask mandates on planes.Paul Knopp, chair and CEO at KPMG US, said the survey results indicate that CEOs believe they can speed the development and mentoring of their employees when people are face to face more often.Yet he also told Business Insider — before Amazon's RTO announcement — that while the survey showed a clear swing in sentiment, that hasn't necessarily translated into widespread action. Even if offices begin to look more like they once did, Knopp said, many workers will enjoy more autonomy than they had in the before times."There's still likely to be a lot of flexibility," he said. That might look like working fewer evening hours, showing up a little later in the morning, or not at all on weekends, Knopp said.<h2 id="6d1ac96f-f135-40dd-a159-3a87960cf709">Most CEOs expect hybrid will fade</h2>In the survey, which was conducted between mid-July and late August, 17% of chiefs predicted their people would work in hybrid setups in the next few years, and only 3% said they expected their workers to be fully remote."There's definitely a strong sentiment to want more in-person interaction — more human connection — with the notion that that can help both employees and employers," Knopp said.One challenge around splitting time between home and work is that, unlike being in the office or remote full time, there's not one agreed-upon setup, he commented."The most complicated or complex working environment to actually orchestrate or pull off is hybrid," he said.Young people at the start of their careers might want to be <a target="_blank" href="https://www.businessinsider.com/gen-z-workers-want-flexibility-fair-pay-survey-2024-5">in the office</a>, as some surveys have shown. But working parents, for example, might want more time at home, Knopp said.He said those types of concerns could lead to attrition."If I have people back in the office more, do I take a risk that I'm not going to be able to attract and retain the talent that I want?" Knopp said. "We're trying to calibrate all these risks constantly."If an organization starts to lose key people, he said, leaders might walk back RTO demands.Attrition is one concern that Stanford economist Nicholas Bloom previously shared with BI. His <a target="_blank" class="" href="https://www.businessinsider.com/amazon-return-to-office-mandate-bosses-morale-productivity-2024-9">research found</a> that demanding employees show up more could drive away some workers.In a study involving <a target="_blank" href="http://Trip.com">Trip.com</a>, Bloom and his collaborators found that when the travel company cut its in-office requirement to three days a week from five, the rate of workers quitting dropped by about one-third. That can be good news for companies because many times, the ones who leave are the ones bosses are sorry to see go, he said."Often the best employees leave as they have the best outside options," Bloom said.<h2 id="a9918096-80f4-4df9-ac91-502bee0300da">GenAI will require that workers add skills</h2>The KPMG US findings also highlighted that many bosses are worried about the aging workforce and the risks that brings to recruiting, keeping employees, and overall culture. About one in three CEOs said retirements and a lack of skilled replacements would have a big effect on their company.The results come in a year in which Gen Z has <a target="_blank" href="https://www.glassdoor.com/blog/workplace-trends-2024/">overtaken baby boomers</a> among full-time US workers.CEOs also said the rise of technologies like generative artificial intelligence will necessitate that workers get training. Eight in 10 chiefs agreed that companies should invest in skills development and "lifelong learning" in communities to maintain access to talent in the future.About seven in 10 CEOs said GenAI wouldn't have a big impact on the number of employees at their company — contrary to concerns that the technology will be a <a target="_blank" href="https://www.businessinsider.com/ai-threaten-jobs-of-coders-who-dont-shift-their-focus-2024-9">job-killer</a>. In fact, 27% of top bosses said GenAI would create more jobs than it destroys.Knopp said AI is already taking over some routine tasks and freeing workers to do other things. It can also help compensate for what's lost when workers retire."You want to mitigate it through technology," he said. "We're going to mitigate it through upskilling, reskilling."<h2 id="b272c792-3f37-4216-9eb4-5a92a8c342ea">More reasons to invest in tech</h2>The survey found that those in charge have big hopes for GenAI. CEOs are looking to the technology to boost efficiency and productivity by automating routine tasks, helping train workers, and promoting innovation.Nearly seven in 10 leaders said GenAI is a top investment priority, especially in IT, sales and marketing, and finance and accounting.Other investments around the tech are likely to be more defensive. Only 54% of CEOs reported that their companies were "well-prepared" for a cyber attack. Just more than one in three said they weren't sure whether their company's cyber defenses could keep pace with AI. About seven in 10 said they were increasing spending on cybersecurity to help fend off AI threats.Given all the changes leaders expect AI will bring, it makes sense for workers to become proficient with it, Knopp said."The people that have generative AI and AI skills are going to have a big advantage in the marketplace over those that don't," he said.

CEOs of big US companies are souring on hybrid work

New Zealand skipper <keyword id="19915394" type="General" weightage="20" keywordseo="Tom-Latham" source="keywords">Tom Latham</keyword> remained considerate even after the historic 3-0 <keyword id="23845267" type="General" weightage="20" keywordseo="Test-series-clean-sweep" source="keywords">Test series clean sweep</keyword> against India recently, asserting that Rohit Sharma's "quality" side has the ability to make a resounding comeback soon. The Kiwis, under Latham, became the first visiting side to whitewash India in a three-match home series, winning the Bengaluru, Pune and Mumbai Tests. "Indian cricket in general is really special. We've played against them a lot. The guys play with them at the IPL. They were certainly gracious in defeat and they're still a quality side," Latham said after arriving here from India. "They certainly don't become a bad team overnight and I'm sure they'll turn things around in time," he added. Latham said the series victory became much sweeter because New Zealand suffered 0-2 defeat against Sri Lanka before landing in India. "When we were in Sri Lanka a few weeks, where things didn't necessarily go our way, so, I think it makes these times extra special when you're able to achieve something that hasn't been achieved before. "It is just about enjoying everyone's company, celebrating together. We had a couple of extra days to recover over there, so that was great," he said. New Zealand will now face England in a three-match series at home, and Latham said fronting up to the 'Bazball' brand of cricket will offer his team a vastly different challenge. "I think it's an exciting one. I guess you look at the Test matches in the past against England, whether it be home or away, they've always tended to be reasonably exciting. So, I'm sure this series will be no different. "They've got an attacking brand that they like to play and I'm sure it will be no different in terms of how they like to approach it. So, yeah, we're looking forward to it. Yeah, it'll be a great challenge," said Latham. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/skoda-kylaq-suv-launched-in-india-starting-at-7-89-lakh/articleshow/115013668.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/skoda-kylaq-suv-launched-in-india-starting-at-7-89-lakh/articleshow/115013668.cms" target="_blank">Skoda Kylaq SUV launched in India starting at ₹7.89 lakh</a><a href="https://www.businessinsider.in/stock-market/webstories/swiggy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115004939.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/swiggy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115004939.cms" target="_blank">Swiggy IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-6500mah-battery-to-launch-in-india-on-november-26/articleshow/114945858.cms" target="_blank"></a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms" target="_blank">Reliance Jio IPO – India’s biggest telco to go public in 2025, retail IPO further away</a>

India haven't become a bad team, they will turn things around: Tom Latham

<ul class="summary-list"><li>The European Union wants to sanction three Chinese companies for supporting Russia, according to reports.</li><li>It's also sizing up firms based in Hong Kong, India, Serbia, and Turkey, per Bloomberg and the FT.</li></ul>The European Union wants to sanction three Chinese companies due to their ties to Russia, according to reports by <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-12/eu-proposes-curbs-on-three-chinese-firms-for-aiding-russia">Bloomberg</a> and <a target="_blank" href="https://www.ft.com/content/183af737-ef65-4cea-9b27-06c384a5accd">the Financial Times</a>.It’s also sizing up a business based in India and firms from Hong Kong, Kazakhstan, Serbia, Sri Lanka, Turkey, and Thailand, the outlets said, citing a draft proposal that hasn’t been made public yet.The EU reportedly wants to ban companies from doing business with the listed parties, which it believes could be aiding the Kremlin in its war in Ukraine.Member states voting through the plan would mark the first time that the trading bloc has imposed restrictions on Chinese and Indian businesses since Russia invaded its neighbor in February 2022.In the aftermath of that attack, the EU, the US, and other Western countries rushed to sanction Moscow, by cutting Russia’s banks out of <a target="_blank" href="https://www.businessinsider.com/what-is-swift-sanctions-russia-ukraine-invasion-global-banking-system-2022-2">the SWIFT payments system</a> and <a target="_blank" href="https://www.businessinsider.com/researchers-say-oil-price-cap-imposed-russia-didnt-exactly-work-2023-2">capping oil prices</a>. The EU alone has imposed 12 sanctions packages over the past two years.Meanwhile, China and India are yet to roll out similar restrictions and have instead stepped up their <a target="_blank" href="https://markets.businessinsider.com/news/commodities/china-india-russian-oil-crude-moscow-war-ukraine-volumes-kpler-2023-4">purchases of Russian crude</a>.In April 2023, European Commission president Ursula von der Leyen <a target="_blank" href="https://www.eeas.europa.eu/delegations/china/president-european-commission-ursula-von-der-leyen-visits-china_en?s=166">traveled to Beijing</a> to warn China’s leader Xi Jinping not to support Russia’s war efforts."This visit is taking place in a challenging and increasingly volatile context, in particular because of Russia's war of aggression against Ukraine," she said in a <a target="_blank" href="https://ec.europa.eu/commission/presscorner/detail/en/statement_23_2147">press conference</a>. "China's position on this is crucial for the European Union.""We also count on China not to provide any military equipment, directly or indirectly, to Russia. Because we all know, arming the aggressor would be against international law. And it would significantly harm our relationship," von der Leyen added.

Chinese and Indian companies are about to be hit by sanctions because of their ties to Russia, reports say

<ul class="summary-list"><li>A food and travel influencer was shocked by the comments she started receiving from a company.</li><li>She emailed the CEO of ParchmentPaper.com to inform him of what was happening.</li></ul>A paper entrepreneur has faced backlash and seen his <a target="_blank" href="https://www.businessinsider.com/yelp-businesses-list-vaccine-required-policies-get-negative-review-bombings-2021-8">company's reviews tank</a> after he left critical comments on an influencer's Instagram page using his official business account.<a target="_blank" href="https://www.businessinsider.com/cook-chef-manager-amusement-parks-gen-z-attendant-experience-economy2023-11">Food and travel</a> influencer Rupica Sudan posted a TikTok at the end of January, describing what she felt was an odd experience with ParchmentPaper.com.Sudan said she'd posted a video of her and her dad cooking together and seen a comment that she felt was unwarranted."Must be a tough life living life on easy mode," it said.Not knowing if it was a joke, Sudan replied, saying she was lucky she had parents who made her life possible."Ya we get it," another comment shot back. "You have no skills and family money."Sudan was shocked because the comments came from the official company Instagram page for the website ParchmentPaper.com.She then assumed it had been hacked, so she emailed the company's CEO, Brandon Howard, to let him know."I'm like hey, I think somebody's on your business account leaving cyber-bullying comments," she said. "And then I get an email from the CEO." According to Sudan, Howard responded to her email, but not in the way she expected. He doubled down.He said he didn't consider stating "factual information" as cyberbullying, and if Sudan was offended, she should "call the cyberbullying police", Sunday said."Delete the comment and move on. Cheers."The email, which was seen by Business Insider, ended with Howard's signature and phone number.<h2>Shocked by the 'crazy' response</h2>Sudan told BI that she was "in shock" at the response, after assuming she had been doing the company a favor."I remember reading that and just being like, wait, what?" she said.She told BI she asked Howard why he thought she was "this spoiled trust fund kid," but that just led him to "triple down" on his attack.Howard, she said, left another comment on her Instagram, ridiculing her for emailing him, saying it was "hilarious.""Enjoy frolicking through life and leave the rest up to us adults who create actual economic value without a trust fund," he wrote, according to Sudan.Sudan said she didn't know whether to laugh or be angry.<h2>The internet had its say</h2>This incident shows just how quickly comments and arguments on social media can spiral out of control, inflicting reputational and economic damage.Company leaders misbehaving on social media has become more common in recent years, with <a target="_blank" href="https://www.businessinsider.com/hbo-casey-bloys-admits-fake-accounts-troll-critics-negative-reviews-2023-11">HBO's CEO ordering employees to troll TV critics</a> who gave the network's shows poor reviews and the head of an AI app laying off most of his staff <a target="_blank" href="https://finance.yahoo.com/news/ceo-slammed-replacing-90-company-105528265.html">then bragging about it</a>.This latest incident, however, has struck a chord with viewers. Sudan's video amassed 2.3 million views and generated thousands of comments where people expressed disbelief."That email is WILD from a CEO," one person wrote. Another asked: "Who hurt this man?""Are they are publicly listed company?" one commenter asked. "If I was an investor and my CEO acted like this, I would be calling for a vote of no confidence.""Why is a parchment paper company picking fights online?" another asked.Some viewers also brought their concerns to TrustPilot, and left negative reviews, causing the company's rating to tank to one star.The page is currently locked and new reviews cannot be added.The top review is titled "Very disturbing customer service," and cites Howard's need for a PR representative."His obtuse grasp on customer service, public relations, and optics is frightening," it says. "Absolutely disgusting and concerning behavior."Sudan provided an update a few days later, saying she had received more emails from Howard, this time asking her to take her video down, and threatening legal action."I don't believe it's defamatory," Sudan said. "Because I have proof of your name saying all of those things."Sudan later posted another update, sharing a screenshot of another email telling her to remove her videos. "Thank you for your understanding and cooperation in this critical situation," it read."If you choose to not publicly make a statement instructing your followers and fan base to SEIZE AND DESIST 100% from their attacks against our staff and company, every day we have to exhaust time and resources to, is just making our case against you further solidified."Sudan noted multiple typos in the emails, and the use of "seize" instead of "cease" in the demand for her to stop."Who's doing your spellcheck?" she asked.In a further TikTok, Sudan said someone had used her work email to sign up for pornography sites. She didn't have proof that Howard was behind this, but the IP address of the sign-up came from California, where he is based.Sudan told BI since her final video, Howard has tried to remediate the situation through her own workplace by reaching out to her boss."It was very inappropriate," she said. "They think because it involved their company, they had to involve mine." ParchmentPaper.com's Instagram account is currently unavailable. But after Sudan posted her videos, several stories referenced the situation.In some, the posts further mocked people "with no life skills."But others referenced the barrage of messages the company had received and claimed to have collected the IP addresses of anyone who sent them.One post said this information would be included in a defamation lawsuit, "so get your daddy's checkbook ready."Sudan said the way Howard has handled everything has been "unfortunate."She also gave advice to anyone thinking about leaving heated comments on a stranger's page."Do it from a troll account," she said. "Don't do it from your company's account."In a statement to BI, Howard said: "The fact that because somebody didn't 'like' a smirky sarcastic comment on IG, gives them no right to incite an entire hate mob fueled by cancel culture enthusiasts. "Anything outside of the original comments regarding skills and money, were not me and were more than likely manufactured by the mob to further push their agenda as I guess there was a tiktok etc made to look like us that actually made additional screenshots or something, which I've never even had a tiktok or even have the app on my phone." Howard denied that his comments were abusive or aggressive, and said they weren't enough to justify receiving thousands of phone calls, emails, texts, spam signups, and death threats. "I've already apologized for the original comment but it just seems like it's a huge joke for these 'influencers" who have no idea what it's like to actually create economic value yet throw a huge negative media storm to make somebody elses' life worse," he added. "Never would I set out to negatively impact the ability for somebody else to feed their family, pay bills or damage something they have worked years and years towards not to mention the several hundred thousand dollars being risked."

A CEO is facing backlash after an influencer said he used his company's Instagram account to attack her

<ul><li>Data breaches have impacted one in four companies in the last three years.</li><li>Amid an increase in cyber issues, over 80% of Indian executives predict an increase in <keyword id="6361948" type="General" weightage="100" keywordseo="cybersecurity" source="Orion">cybersecurity</keyword> budgets in 2023.</li><li>Over 89% of Indian executives claimed their organization detected a cyber threat.</li></ul>Data breaches and cybersecurity attacks have become quite common, with companies reporting increased attacks compared to earlier years. A <keyword id="66728" type="General" weightage="80" keywordseo="pricewaterhousecoopers" source="Orion">PricewaterhouseCoopers</keyword> (PwC) survey revealed that one in four companies, globally, was a victim of a data breach in the past three years. The data breaches reportedly cost companies anywhere between $1-20 million. According to PwC’s annual Global Digital Trust Insights India edition report, India has fared better than its global counterparts in mitigating cybersecurity risks. Globally, less than 40% of the executives said they have fully mitigated cybersecurity risk in critical areas. In India, more than half the respondents are confident that they have successfully mitigated the risks caused due to measures taken since 2020, including enabling remote and hybrid work, cloud adoption, digitization of supply chains and back-office operations. <cmsannotation type="cmsannotation" annotationid="Organizations to increase cybersecurity budgets in 2023" comment="subhead" text="Organizations to increase cybersecurity budgets in 2023">Organizations to increase cybersecurity budgets in 2023</cmsannotation> Amid an increase in cybersecurity threats, 82% of Indian executives predict an increase in cyber security budgets in 2023. In 2022, 69% of the executives said that their <keyword id="2077314" type="General" weightage="20" keywordseo="cybersecurity-budget" source="Orion">cybersecurity budget</keyword> was increased. Globally, 65% of executives plan on spending more on cybersecurity. The top threat actors for Indian organizations include cybercriminals, insiders, hackers, competitors, and nation-states. “The digitalisation of business demands that corporates and boards invest in becoming more cyber resilient. This needs to be across the spectrum – in technology, people, processes and engineering capabilities,” said <keyword id="2235930" type="General" weightage="80" keywordseo="sivarama-krishnan" source="Orion">Sivarama Krishnan</keyword>, partner and APAC cybersecurity leader, PWC. “Our survey clearly reveals that organisations that have made cybersecurity a strategic priority have witnessed less disruption to business. Cyber resilience is not only key to survival of businesses but also a key driver of public trust,” Krishnan added. <cmsannotation type="cmsannotation" annotationid="Increased threats" comment="subhead" text="Increased threats">Increased threats</cmsannotation> The PwC survey has revealed that 89% of Indian business executives have claimed that their organization’s cybersecurity team detected and prevented significant cyber threats to their business. In India, cloud-based pathways (59%) and the internet of things (58%) are the top areas of concern, followed by mobile devices and software supply chains (54%), according to the report. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-avatar-what-is-it-and-how-to-create-your-avatar/articleshow/95394882.cms">WhatsApp Avatar: What is it, and how to create your Avatar?</a> <a href="https://www.businessinsider.in/business/auto/news/best-festive-auto-sales-in-the-last-4-years-but-sales-may-decline-says-fada-report/articleshow/95354054.cms">Best festive auto sales in the last 4 years, but sales may decline says FADA report</a> <a href="https://www.businessinsider.in/business/startups/news/health-tech-startup-curebay-raises-50-crore-in-series-a-funding-led-by-elevar-equity/articleshow/95397581.cms">Health-tech startup CureBay raises ₹50 crore in Series A funding led by Elevar Equity</a>

Four out of five Indian business execs believe that their cybersecurity budgets will rise in 2023

New Delhi: The <keyword id="21833060" type="General" weightage="20" keywordseo="Fintech-ecosystem" source="keywords">Fintech ecosystem</keyword> of the country now cumulatively valued at over USD 100 billion, is at a pivotal stage of evolution, with the potential to create two to three times its current value over the next decade, as per a report by <keyword id="20058186" type="General" weightage="20" keywordseo="BCG" source="keywords" meta.keywordsubtype="org" meta.entityname="BCG" meta.hostid="269" meta.entityid="BCG">BCG</keyword> and Z47. The report highlighted that India remains one of the top three global Fintech destinations, with the ecosystem witnessing exponential growth across all levels. It added that over the past four years, the number of <keyword id="22974213" type="General" weightage="20" keywordseo="Minicorns" source="keywords">Minicorns</keyword> (valuation at least USD 1 million but less than USD 1 billion) in the country has increased by 3.5 times, while the number of <keyword id="19944451" type="General" weightage="100" keywordseo="Unicorns" source="keywords">Unicorns</keyword> and Soonicorns (startup that is growing quickly and has the potential to become a "unicorn" valued at USD 1 billion) has tripled. The report noted that in 2023, the country's Fintech market achieved a revenue size of USD 25 billion, marking a 56 per cent year-on-year growth which is a remarkable contrast to the global Fintech growth rate of just 13 per cent during the same period. However, the report also added that despite generating over USD 100 billion in value within the last decade, Indian Fintechs are still considered to be in the "middle" phase of their development, especially when compared to traditional incumbents who have created USD 600 billion+ in value over 30 to 50 years. The report mentioned that now the growth and the further expansion of the fintech ecosystem in the country is expected to come from the Tier 2 cities where majority of the Indian population resides. "With 63 per cent of the Indian population outside the top cities, huge opportunity exists to serve Bharat with next wave of penetration expected to come from Tier 2 cities" the report added. As Fintechs mature, profitability has become a central focus across the sector, with over 40 per cent of founders and CXOs (Chief Experience Officers) prioritizing unit economics alongside market expansion. Those preparing for or currently undergoing the IPO process are increasingly emphasizing governance, investment in infrastructure, and security. The report noted that in a recent survey of over 60 executives from top Fintechs, the majority cited market share expansion and growth as key priorities, especially for early and growth-stage companies. Post-IPO stage Fintechs, however, are placing greater emphasis on profitability and investments in technology, infrastructure, and security. "Mature Fintechs preparing for or in the IPO journey are emphasizing governance, investment in infrastructure, security Across survey of 60+ Executives of top Fintechs, market share expansion &amp; growth emerged as priorities for early and growth stage" added the report. Notably, the report stated that the profitability outlooks are improving year-on-year across all segments, with Neobank and InsurTech showing the most significant positive shifts since 2022. However, the industry is not without its challenges, particularly in the realm of cybersecurity. Over the past two decades, more than USD 20 billion has been lost to cyber and digital attacks.

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