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The <keyword id="20018890" type="General" weightage="20" keywordseo="digital-infrastructure" source="keywords">digital infrastructure</keyword> has made the <keyword id="20572901" type="General" weightage="20" keywordseo="loan-sanctioning" source="keywords">loan sanctioning</keyword> system adopt an online mode, but the <keyword id="21614839" type="General" weightage="20" keywordseo="loan-recovery" source="keywords">loan recovery</keyword> still requires a 'feet on the street' approach, says <keyword id="20506781" type="General" weightage="20" keywordseo="swaminathan-j" source="keywords">Swaminathan J</keyword>, Deputy Governor of Reserve Bank of India (RBI). Speaking at a media event in Mumbai, the deputy Governor of RBI noted that with the digital infrastructure at place, many <keyword id="22721545" type="General" weightage="20" keywordseo="fintech-players" source="keywords">fintech players</keyword> are giving loans to customers with poor credit profiles, and up on default, use aggressive recovery tactics. "While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending <keyword id="22791879" type="General" weightage="20" keywordseo="small-value-loans" source="keywords">small-value loans</keyword> to customers who often have a poor credit profiles" said the deputy governor. He emphasized that the business model of many fintech platforms involves offering small-value loans to customers who often have poor credit profiles. This has led to the adoption of aggressive recovery strategies, which on many occasions also crosses ethical boundaries. He also highlighted one particularly concerning practice that involves the invasion of customers' privacy, where recovery agents access the personal data and contacts of borrowers and use that as a threat practice. Swaminathan cautioned that such tactics not only infringe on individuals right to privacy, but also risk damaging the reputation of regulated lenders associated with these fintech platforms. He also highlighted RBI's regulations on outsourcing, that even though regulated financial entities delegate certain activities to third parties, they remain ultimately accountable for the actions of their outsourced agents. The deputy governor also noted that the digitisation allows banks and NBFCs to leverage data for greater insights into their customers' requirements and behaviour, which can be used for developing bespoke products apart from facilitating better risk management and compliance. He stated that the role of RBI as a regulator is to establish guardrails or a balanced framework that encourages innovation while ensuring that risks are managed prudently. The deputy governor also indicated the primary goal of RBI is to ensure the stability and integrity of the financial system and not to hinder business operations.

Loan sanctioning has gone digital, but recovery still needs a 'feet on the street' approach, says RBI Deputy Governor

<ul><li>Equity benchmark indices tumbled nearly 1.5% on Monday due to heavy selling in large stocks.</li><li><keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> and <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> recorded heavy selling.</li><li>The BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> tumbled 1,272.07 points or 1.49% to settle at 84,299.78.</li></ul>Equity benchmark indices tumbled nearly 1.5% on Monday due to heavy selling in frontline stocks Reliance Industries, ICICI Bank and HDFC Bank amid rising geopolitical risks in the Middle East and weakness in Japanese markets. Besides, profit-taking after a record-breaking rally and foreign fund outflows added to the gloom, analysts said. The BSE Sensex tumbled 1,272.07 points or 1.49% to settle at 84,299.78. The NSE <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> tanked 368.10 points or 1.41% to 25,810.85. Among the 30 Sensex firms, Reliance Industries and Axis Bank declined over 3% each. ICICI Bank, Nestle, Tech Mahindra, Mahindra &amp; Mahindra, Maruti, Bajaj Finserv, State Bank of India and Tata Motors were the other major laggards. In contrast, JSW Steel, NTPC, Tata Steel, Titan and Asian Paints were the gainers. "Global markets turned topsy-turvy under the threat of rising geopolitical risk in the Middle-East and plausible increase in Yen interest rate which can reduce cross country investments in equity. On the contrary, the Chinese market had a resurgence due to a large stimulus package and cheap valuation. India also weakened under the global pressure and premium valuation while metals are expected to outperform in the near-term," said Vinod Nair, Head of Research, Geojit Financial Services. “The domestic benchmark indices opened negatively, aligning with weak Asian cues. Nifty started the day with a gap down, remained under pressure throughout the session, and ultimately closed on a negative note at 25,811. The volatility index, INDIA VIX, surged by 6.89%, settling at 12.79, indicating a rise in market volatility,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates. Japan's benchmark Nikkei 225 index tanked nearly 5% on Monday. The Shanghai Composite index surged 8% amid fresh stimulus measures announcement. European markets were trading lower. The US markets ended on a mixed note on Friday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,209.10 crore on Friday, according to exchange data. Global oil benchmark Brent crude declined 0.19% to USD 71.84 a barrel. The BSE benchmark Sensex declined 264.27 points or 0.31% to settle at 85,571.85 on Friday. During the day, it climbed 142.13 points or 0.16% to reach a new record intra-day peak of 85,978.25. The Nifty dipped 37.10 points or 0.14% to 26,178.95 after rising 61.3 points or 0.23% to an all-time intra-day peak of 26,277.35 during the session. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms">Upcoming cars launching in India in October 2024</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms">Upcoming smartphones launching in India in October 2024</a> <a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms">KRN Heat Exchanger IPO allotment – Check allotment status, GMP, listing date and more</a>

Sensex, Nifty tumble nearly 1.5% as bank stocks slump on weak Japanese markets

India's economic engine is roaring, and the job market reflects that optimism. The latest <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-2024 paints a picture of a growing economy brimming with opportunities, but also cautions of potential roadblocks on the road to success. <h2>Cause for celebration</h2>The good news is plentiful, if the recent Economic Survey tabled by <keyword id="20426375" type="General" weightage="20" keywordseo="Union-Finance-Minister-Nirmala-Sitharaman" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister Nirmala Sitharaman" meta.hostid="261" meta.entityid="Union Finance Minister Nirmala Sitharaman">Union Finance Minister Nirmala Sitharaman</keyword> is to be believed. The <keyword id="20054242" type="General" weightage="20" keywordseo="unemployment-rate" source="keywords">unemployment rate</keyword> has dipped to an impressive 3.2% in 2022-23, signifying a more vibrant job market. Increased participation of young people and women in the workforce presents a golden opportunity to leverage India's demographic dividend and achieve greater gender equality. Additionally, a surge in net payroll additions under the Employees' Provident Fund Organisation (EPFO) indicates a healthy rise in formal jobs, offering much-needed security for workers. The government's "Skill India" initiative is gaining traction, with a significant rise in the number of people undergoing skill development programs, the Economic Survey highlighted. This is crucial, as India's burgeoning tech scene, with its skyrocketing number of startups, is creating a wealth of new opportunities that demand a skilled workforce. <div type="Article" hostid="261" msid="111920956" title="FM Nirmala Sitharaman tables Economic Survey 2023-24 in Lok Sabha" mstype="2" mssubtype="0"></div> <h2>Challenges on the horizon </h2>However, amidst the optimism, there are challenges to navigate. While <keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">Artificial Intelligence</keyword> (AI) promises to revolutionise industries, it also poses a threat to some existing jobs. The Economic Survey emphasises the need to use technology for collective benefit, advocating against over-reliance on automation. Another significant hurdle is the widening <keyword id="21466653" type="General" weightage="20" keywordseo="skills-gap" source="keywords">skills gap</keyword>. The rapid transformation of the <keyword id="20001119" type="General" weightage="20" keywordseo="services-sector" source="keywords">services sector</keyword>, marked by the rise of domestic service delivery powered by technology (think online food delivery and home automation) and the diversification of India's services exports beyond traditional sectors like IT, demands a workforce equipped with specialised skills. Areas like Blockchain, Machine Learning, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">Cybersecurity</keyword>, <keyword id="19960489" type="General" weightage="20" keywordseo="cloud-computing" source="keywords">Cloud Computing</keyword>, and Web and Mobile Development are becoming increasingly important. Outdated regulations, particularly those related to land use and restrictions on women's working hours, are further hindering job creation and female labour force participation. Deregulation in these areas is crucial to unlock India's full growth potential, according to the Economic Survey. The report also highlights the need for industry to take the lead in fostering innovation and skill development. Collaboration with academia and revamped vocational education programs are key to bridge the current skill gap. <div type="Article" hostid="261" msid="111922453" title="AI casts huge pall of uncertainty over impact on workers across skill levels: Economic Survey" mstype="2" mssubtype="0"></div> <h2>Opportunities beyond tech</h2>The Economic Survey identifies promising sectors with the potential to create a significant number of jobs: <ul><li>Agro-processing: This sector can be a major job generator, especially in rural areas.</li><li>Care Economy: The growing demand for elder care and childcare services presents an opportunity for skilled professionals.</li><li>Tourism: While AI might moderate India's services export growth, the report emphasises the importance of the <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, which is relatively less skill-dependent, for employment generation. To capitalise on this opportunity, public policy should focus on enhancing the tourism sector's infrastructure and services.</li></ul><h2>Upskilling for the future</h2>India's job market is on an exciting trajectory. But addressing the skills gap, adapting to technological advancements and promoting innovation is crucial. By upskilling the workforce through government and industry collaboration, India can become a high-value partner in areas like cybersecurity and enterprise management. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div>

Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development

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?

Over the last three years, <keyword id="1398660" type="General" weightage="20" keywordseo="cybersecurity-jobs" source="Orion">cybersecurity jobs</keyword> have shown consistency in its growth trajectory, according to the report by job portal Indeed. However, there has been a 25.7 per cent drop in job postings from September 2022 to September this year, indicative of stricter regulations, frameworks and controls. However, this shift did not reflect in jobseekers interest, as job clicks witnessed a 6 per cent increase during the same period, highlighting sustained interest in cybersecurity roles, said the report. "The current dip in job postings is a transient phase, and it highlights the industry's ability to adapt and evolve. The cybersecurity sector remains a cornerstone of technological advancement. Our data also reinforces that the future holds tremendous potential," said Sashi Kumar, Head of Sales for Indeed <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>. India saw an increase of 81 per cent in job postings for cybersecurity from 2019 to 2022, as various threats emerged in the wake of the Covid-19 pandemic, a new report said on Friday. Between September 2022 and September 2023, a talent mismatch of 29.9 per cent has been observed, indicating a shift in the skill sets sought by employers in the dynamic cybersecurity sector. The term "talent mismatch" represents the gap between the skills employers currently require and the available workforce's skill set. Bengaluru leads India's cybersecurity job market with a 23.11 per cent share, driven by its status as the nation's primary IT hub. "This dominance can also be attributed to the city's dense tech landscape, with numerous IT firms and startups, increasing the potential for cyber threats and attacks," the report mentioned. According to IT industry's apex body <keyword id="6372077" type="General" weightage="80" keywordseo="nasscom" source="Orion">Nasscom</keyword>, the Indian cybersecurity market is expected to grow to $35 billion by 2025, creating over 1 million job opportunities.

India saw 81% surge in cybersecurity job postings from 2019-2022: Indeed

The State Bank of India (<keyword id="19898108" type="General" weightage="20" keywordseo="sbi" source="keywords">SBI</keyword>) in its latest report has asked for <keyword id="20213295" type="General" weightage="20" keywordseo="tax-reforms" source="keywords">tax reforms</keyword> after concerns were flagged over the recent decline in <keyword id="20202062" type="General" weightage="100" keywordseo="bank-deposits" source="keywords">bank deposits</keyword>. The report says tax Reforms for Deposits can accentuate the banking system's stability and resilience to the next level. SBI attributed the fall in deposits to the varied rates of return offered by different <keyword id="20139443" type="General" weightage="20" keywordseo="investment-options" source="keywords">investment options</keyword> for similar time frames and different tax rates on <keyword id="22837794" type="General" weightage="20" keywordseo="returns-on-deposits" source="keywords">returns on deposits</keyword>. The <keyword id="20352499" type="General" weightage="20" keywordseo="SBI-report" source="keywords">SBI report</keyword> said that "<keyword id="20658792" type="General" weightage="20" keywordseo="tax-treatment" source="keywords">Tax treatment</keyword> of bank and non-bank channels are non-uniform, even as bank deposits have a wider and denser pass-through effect across the populace sensitivity of Deposits on Tax is as much as 7 per cent" The report noted that a bank deposit of Rs 10 lac in a Savings Bank (SB) account at an investment return of 3 per cent would generate Rs 30,000 in returns and after accounting for taxes and exemptions, the <keyword id="22837795" type="General" weightage="20" keywordseo="net-return" source="keywords">net return</keyword> would be Rs 16,000. The report adds that the net returns vary significantly if deposits are made in different instruments like <keyword id="21041176" type="General" weightage="20" keywordseo="term-deposits" source="keywords">term deposits</keyword>, short and long-term investments in debt funds, liquid funds or bonds. The tax rates on these deposits also favour saving banks or term deposits. The report illustrates a term deposit of up to one year with the same principal amount of Rs 10 lac at a yield of 6.25 per cent would result in a net return of Rs 50,000 after taxes. But for term deposits exceeding one year the interest rate is higher and with an interest rate of 7.25 per cent, the gross return would be Rs 72,500. After taxes, the net return would be Rs 58,000. The data highlights that similar type of investments for the same period generates significantly different returns because of different tax treatment by the government. Similar variations are observed in other <keyword id="20105084" type="General" weightage="20" keywordseo="investment-plans" source="keywords">investment plans</keyword> as well. For instance, investments in equity and mutual funds with a 2 per cent dividend income of Rs 10,00,000 generate Rs 20,000, which after taxes the net return is Rs 16,000. However, Short-term investments of less than one year in equity and mutual funds, offering an 11 per cent return generate Rs 1,10,000, with a net return of Rs 88,000 after taxes. This investment if made in Long-term investments of more than one year the return increases to 15% on Rs 10,00,000 and generates Rs 1,50,000 annually. With a lower tax bracket of 12.5 per cent tax on long-term investments and applicable exemptions, the net return is Rs 1,43,750. These variations in returns across different deposits and investment options highlight the complexity and thus investors are choosing the higher return options over the bank deposits which in turn poses a threat to the deposit growth in the banking sector.

Decline in bank deposits because of non-uniform tax treatment on various investment options: SBI report

Big banks promised to protect the planet. Now they're doing an about-face.

Just 24 per cent of organisations surveyed in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> have the 'mature' level of readiness needed to be resilient against modern <keyword id="6361948" type="General" weightage="100" keywordseo="cybersecurity" source="Orion">cybersecurity</keyword> risks, according to a new <keyword id="6390344" type="General" weightage="80" keywordseo="cisco" source="Orion">Cisco</keyword> study released on Tuesday. Cisco, in a separate announcement, said it aims to train 500,000 cybersecurity professionals over 3 years across India. Cisco's first-ever Cybersecurity Readiness Index highlighted where businesses are doing well and where cybersecurity readiness gaps will widen if global business and security leaders don't take action. Underlining that readiness is critical, the Cisco study revealed that 90 per cent of respondents said they expect a cybersecurity incident to disrupt their business in the next 12 to 24 months. India scored high in the global chart in terms of maturity (24 per cent), performing above the global average of 15 per cent on cybersecurity readiness. About 38 per cent of companies in India fall into the beginner or formative stages. Conducted by an independent third party, the survey asked 6,700 private sector cybersecurity leaders across 27 markets to indicate which of the solutions they had deployed and the stage of deployment. Companies were then classified into four stages of increasing readiness -- beginner, formative, progressive and mature. While beginner (overall score of less than 10 star) implies the initial stages of deployment of solutions, formative (score between 11 - 44) have some level of deployment but performing below average on cybersecurity readiness. In the index, progressive (score between 45 - 75) meant considerable level of deployment and performing above average on cybersecurity readiness, whereas mature (score of 76 and higher) have achieved advanced stages of deployment and are most ready to address security risks. While organisations in India are faring better than the global average, the number is still very low, given the risks. According to Cisco, this readiness gap is telling, not least because 90 per cent of respondents said they expect a cybersecurity incident to disrupt their business in the next 12 to 24 months. The cost of being unprepared can be substantial as 80 per cent of respondents said they had a cybersecurity incident in the last 12 months, and 53 per cent of those affected said it cost them at least USD 500,000. "Cybersecurity is a top priority for businesses as they continue their digitisation journey. With hybrid work becoming mainstay and services being application-driven, it is critical that organisations close the security readiness gap," <keyword id="16888928" type="General" weightage="50" keywordseo="samir-mishra" source="Orion">Samir Mishra</keyword>, Director, <keyword id="16888929" type="General" weightage="50" keywordseo="security-business-group" source="Orion">Security Business Group</keyword>, Cisco India and SAARC, said. Business leaders must establish a baseline of 'readiness' across the five security pillars to build secure and resilient organisations. This need is especially critical given that 95 per cent of the respondents plan to increase their security budgets by at least 10 per cent over the next 12 months. By establishing a base, organisations can build on their strengths and prioritise the areas where they need more maturity and improve their resilience. The five key pillars are identity, devices, network security, application workloads, and data. Meanwhile, Cisco announced its goal to train 500,000 people across India with cybersecurity skills over the next 3 years. This goal is part of Cisco's 10-year ambition to empower 25 million people with digital skills worldwide through Cisco's Networking Academy. The flagship programme is celebrating its 25th anniversary this year. During this time, the programme has reached 17.5 million students across 190 countries. Since starting operations in India, it has trained 1.2 million students through 718 partnerships with educational institutions and organisations offering Networking Academy courses. The two announcements were made at the Cisco India Summit (CIS) 2023 in Jaipur. Cisco said the future of India's growth and global competitiveness depends on building a strong digital economy which in turn relies on a digitally-skilled workforce. "With the speed and scale of digitisation across the country, there will be an increased demand for skilled cybersecurity professionals as organisations look to defend themselves against an evolving and complex threat landscape," Cisco said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/noida-navi-mumbai-airports-to-get-operational-by-next-year/articleshow/98858834.cms">Noida, Navi Mumbai Airports to get operational by next year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/hyundai-drives-in-new-verna-starting-at-10-89-lakh-hots-up-competition-in-mid-size-sedan-segment/articleshow/98858654.cms">Hyundai drives in new Verna starting at ₹10.89 lakh; hots up competition in mid-size sedan segment</a>

Just 24% Indian companies ready to defend cybersecurity threats: Cisco study

<ul><li>A global <keyword id="1571551" type="General" weightage="100" keywordseo="Microsoft-outage" source="Orion">Microsoft outage</keyword> has impacted airlines, banks and other services.</li><li>The outage has resulted in disruption of flights from Indigo, SpiceJet and other airlines.</li><li>Here’s everything we know so far about the <keyword id="10387" type="General" weightage="20" keywordseo="microsoft" source="Orion">Microsoft</keyword> outage.</li></ul> In what is emerging as one of the biggest tech outages, Microsoft’s services across the world have been impacted by Blue Screen of Death (BSOD) errors. This has impacted the London Stock Exchange, halted banking services, and grounded several airlines such as Indigo, SpiceJet, and more. The global outage has affected various Microsoft services such as Azure, Microsoft 365 and more. Amazon Web Services has also recorded some reports of outages. “We're investigating an issue impacting users ability to access various Microsoft 365 apps and services,” Microsoft said in a statement. "Crowdstrike is actively working with customers impacted by a defect found in a single content update for Windows hosts. Mac and Linux hosts are not impacted. This is not a security incident or cyberattack. The issue has been identified, isolated and a fix has been deployed,” said George Kurtz, CEO, Crowdstrike. <div type="twitter" handle="IndiGo6E" handlename="IndiGo6E" favoritecount="0" retweetcount="0" id="1814200437756641734"></div> <div type="twitter" handle="flyspicejet" handlename="flyspicejet" favoritecount="0" retweetcount="0" id="1814194223052144749"></div> Air India has issued an advisory on X, saying “Our digital systems have been impacted temporarily due to the current Microsoft outage resulting in delays. We regret the inconvenience caused and request our guests to plan their travel accordingly.” The London Stock Exchange on Friday said that its news services were experiencing a global technical issue which prevented news from being published on its platform. The stock exchange was also experiencing technical problems publishing its spot and forward prices for currencies. A traveller in Hyderabad, flying through Indio posted on X that he had received a hand-written boarding pass. <div type="twitter" handle="akothari" handlename="akothari" favoritecount="0" retweetcount="0" id="181420206853155266"></div> Delhi Airport, in a post on X, said that some of the services at the airport were impacted due to the outage. <div type="twitter" handle="DelhiAirport" handlename="DelhiAirport" favoritecount="0" retweetcount="0" id="1814203660186120407"></div> According to reports, a faulty update from CrowdStrike, a cybersecurity provider is forcing affected PCs and servers offline, resulting in a recovery boot loop. “We have widespread reports of BSODs on Windows hosts, occurring on multiple sensor versions,” CrowdStrike said in a support page. "We are aware of issue affecting a subset of customers. We acknowledge the impact this can have on customers, and we are working to restore services for those still experiencing disruptions as quickly as possible,” Mic UK broadcaster Sky News was unable to broadcast, forcing it off the air. American low-cost airline Frontier has cancelled some flights in the US due to the outage. Ryanair, a major European airline reported “third-party” IT issues, which were impacting its flight departures. Microsoft revealed that the outage started around 6 pm ET on Thursday, with some of its customers experiencing issues with Azure services in the Central US. Frontier on Thursday cancelled 147 flights and delayed 212 flights. Berlin airport has warned users of travel delays due to “technical issues.” It’s not just business, several 911 emergency call centres in Alaska have also reported an outage. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-suspends-withdrawals-after-230-million-worth-of-cryptos-stolen-in-a-hack/articleshow/111853401.cms">WazirX suspends withdrawals after $230 million worth of cryptos stolen in a hack</a> <a href="https://www.businessinsider.in/tech/mobile/news/honor-200-and-honor-200-pro-launched-in-india-starting-at-34999/articleshow/111830855.cms">Honor 200 and Honor 200 Pro launched in India starting at ₹34,999</a> <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-prime-day-2024-to-begin-on-july-20-in-india-everything-you-need-to-know-about-amazons-biggest-sale/articleshow/111838068.cms">Amazon Prime Day 2024 to begin on July 20 in India – everything you need to know about Amazon’s biggest sale</a>

Microsoft outage – London Stock Exchange, banks and airlines across the world affected

<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s unalloyed dominance at home over the last 12 years will be put through its most unique examination till date when <keyword id="13937" type="General" weightage="20" keywordseo="rohit-sharma" source="Orion">Rohit Sharma</keyword>'s side faces a trend-defying <keyword id="19903600" type="General" weightage="20" keywordseo="england" source="keywords">England</keyword> in the first match of what promises to be a stirring five-Test series from Thursday. No team has been as invincible as India at home since their 1-2 defeat against the Three Lions led by Alastair Cook in 2012, stitching together a bull run of 16 successive series wins, including seven series sweeps. If one further breaks down the stats, India have lost just three Tests out of 44 they played in their own backyard in this phase, and this is a power walk even beyond the all-conquering West Indies in the '80s or Australia of the turn of the century. Several factors have contributed to this astonishing run over the last decade, including favourable pitches, bowlers who knew how to exploit those tracks and batters who churned out runs like popcorn from a vending machine. But two players have stood head and shoulders above the rest in these conquests -- off-spinner Ravichandran Ashwin and left-arm spinner Ravindra Jadeja. From Thursday, the Ash-Jaddu duet will be on show here at the RGI Stadium, where the pitch is expected to turn and grip as the match moves towards its conclusion. England already have a taste of what these two can do from their past visits here, and they will be worried, particularly about Ashwin. The 37-year-old still retains the burning zest of a 17-year-old to keep improving his craft and since 2012, Ashwin has grabbed 283 wickets from 46 Tests averaging a shade over 19. Jadeja might often get viewed as a supporting act to Ashwin, but in his own right, the Saurashtra man is a potent threat, and his deliveries that dart on straight could confuse the batters on a turner. Jadeja has taken 191 wickets from 39 Tests in the period where Ashwin kicked up a bedlam in opposition ranks to ensure that they don't get breathing space from both the ends. Together, they have bagged 500 wickets at an average of 21. In all likelihood, India will also include a third spinner to the combination in the form of either Axar Patel or Kuldeep Yadav, with the former having a better chance at the moment. England will be aware that no amount of preparation involving scruffing up pitches some 1600 miles away in Abu Dhabi will be enough to tackle this real menace, and in that sense, they will also need to tame the demons inside their own minds. What could work for them is that India will not have the presence and solidity of Virat Kohli at No. 4, as he has skipped the opening two Tests owing to personal reasons. He is a towering presence against England in <keyword id="9400" type="General" weightage="20" keywordseo="test-cricket" source="Orion">Test cricket</keyword>. The star batter has made 1991 runs against them from 28 matches with five hundreds, but more than the numbers, his ability to master grand occasions will be missed. Middle-order batter Rajat Patidar is expected to join the squad as a replacement for Kohli for the Hyderabad and Visakhapatnam matches, though India's No.4 and 5 will be Shreyas Iyer and KL Rahul with KS Bharat doing the wicket-keeping duties. Despite their talisman's absence, India is still a tall hurdle for the 'Bazball-ing' England to cross over. Of course, they have won a Test series in Pakistan 3-0 in late 2022 but a set of proven match-winners offer the visitors a far tougher challenge here. The whole furor over the return of young off-spinner Shoaib Bashir after the delay in processing his Indian visa too might have disturbed them ahead of an important fixture. Skipper <keyword id="6369580" type="General" weightage="20" keywordseo="ben-stokes" source="Orion">Ben Stokes</keyword> has already stated that he is "devastated" for the 20-year-old rookie. But this is not to say that England are totally incapable of pulling off a miracle. Under Stokes and coach Brendon McCullum, they have been able to dish out a really fascinating brand of cricket. Notwithstanding that, the visitors need more than one element to come together for a meaningful fight -- big runs from veteran Joe Root and Stokes, a few wickets upfront from the ever-green James Anderson and their spinners who have no significant experience in these conditions. On the periphery, it is asking for too much. But Test cricket is a strange and unpredictable beast and it has the history of producing some truly extraordinary spectacles. Will Hyderabad offer one or will it be an all too familiar Indian romp? The wait is on. Teams India: Rohit Sharma (Captain), Shubman Gill, Yashasvi Jaiswal, Shreyas Iyer, KL Rahul, KS Bharat (WK), Dhruv Jurel (WK), Ravichandran Ashwin, Ravindra Jadeja, Axar Patel, Kuldeep Yadav, Mohd. Siraj, Mukesh Kumar, Jasprit Bumrah (VC), Avesh Khan. England: Ben Stokes (Captain), Rehan Ahmed, James Anderson, Gus Atkinson, Jonny Bairstow, Dan Lawrence, Zak Crawley, Ben Duckett, Ben Foakes, Tom Hartley, Jack Leach, Ollie Pope, Ollie Robinson, Joe Root, Mark Wood. Match starts at 9.30 AM.

India's Spinball vs England's Bazball: Rohit's men bank on turn for first strike

<ul class="summary-list"><li>A mass IT outage is affecting flights, banks, and other organizations around the world.</li><li>A "defect" in an update for Windows caused the issue, the cybersecurity firm CrowdStrike said.</li></ul>Major airlines, banks, and supermarkets are experiencing widespread disruptions connected to a defective update issued by the cybersecurity firm CrowdStrike.<a target="_blank" rel="" class="" href="https://www.businessinsider.com/american-vs-delta-airlines-domestic-basic-economy-review-2024-6">American Airlines</a> and United Airlines <a target="_blank" class="" href="https://www.businessinsider.com/united-american-warn-pilots-of-communication-issues-amid-grounding-2024-7">issued advisories to airborne flights</a> early Friday morning. The carriers said communication was intermittent because of issues with systems that send messages to planes, often from air-traffic control or airline operations.Some passengers were being issued handwritten boarding passes at airports because of the disruption. At London's Heathrow Airport, travelers were advised to check their gate numbers on Google as information screens were not working.<a target="_blank" class="" href="https://www.businessinsider.com/mass-it-outage-companies-operations-airlines-affected-microsoft-crowdstrike-2024-7">Broadcasters and 911 lines</a> are affected, as are grocery stores, <a target="_blank" class="" href="https://www.businessinsider.com/supermarkets-fast-food-chains-retailers-disrupted-global-it-outage-2024-7">retailers, and fast-food giants</a> whose in-store cash registers malfunctioned.As commuters woke up in New York City, they were told train-arrival information for <a target="_blank" class="" href="https://x.com/NYCTSubway/status/1814244403222868014">the subway</a> would not be available, though service was unaffected."The world grinding to a halt because of a global IT meltdown shows the dark side to technology and that relying on computers doesn't always make life easier," Dan Coatsworth, an investment analyst at AJ Bell, said.CrowdStrike CEO George Kurtz said on X the company was "actively working with customers impacted by a defect found in a single content update for Windows hosts," adding: "The issue has been identified, isolated and a fix has been deployed."In an interview with NBC's "Today," Kurtz apologized for the outage: "We're deeply sorry for the impact that we've caused to customers, to travelers, to anyone affected by this." He added that it "could be some time" for systems to recover.Microsoft acknowledged the issue in an <a target="_blank" class="" href="https://x.com/MSFT365Status/status/1814181228196835622">X update</a>: "Our services are still seeing continuous improvements while we continue to take mitigation actions."One cybersecurity expert told Business Insider <a target="_blank" class="" href="https://www.businessinsider.com/fix-windows-computer-blue-screen-death-what-to-try-2024-7">there was no automatic or remote solution to the problem</a>, meaning "every computer affected has to have some manual interaction."The UK government was due to hold an emergency meeting to discuss the outage later on Friday.<h2 id="e6d4cd41-26e9-4fd3-ba4c-bc0d7d7ef1e9">Disruption and delays</h2>Singapore's Changi Airport said it was manually checking in some passengers, and <a target="_blank" href="https://www.channelnewsasia.com/world/it-outage-microsoft-crowdstrike-airports-flights-businesses-4490741">local media reports</a> showed long lines at check-in counters.A spokesperson told BI: "Due to a global outage affecting IT systems of many organizations, the check-in process for some airlines at Changi Airport is being managed manually."<div type="image" title="Long lines of people waiting in Singapore's Changi Airport" height="3024" width="4032" msid="111860916" hostid="261"></div>At London's Luton Airport, Nick Xydias said he was stuck waiting for a Wizz Air flight to Larnaca, Cyprus."It's my birthday, and we'd booked a romantic trip with my wife. She'd got a new dress and everything," he told BI from a long line of frustrated passengers. "All the flights are grounded."His flight was later canceled.He also shared these photos:<div type="image" title="Long lines at Luton Airport, near London, on July 19, 2024, as airlines and other companies reeled from a mass IT outage." height="1536" width="2048" msid="111861943" hostid="261"></div><div type="image" title="Long lines at Luton Airport, near London, on July 19, 2024, as airlines and other companies reeled from a mass IT outage involving Microsoft and Crowdstrike." height="1536" width="2048" msid="111861946" hostid="261"></div>In Australia, Melbourne Airport <a target="_blank" class="" href="https://x.com/Melair/status/1814187188029894969">said</a> it was experiencing a "global technology" issue affecting check-in procedures for some airlines. <a target="_blank" href="https://www.sydneyairport.com.au/outage">Sydney Airport</a> also reported a global outage for airline operations and terminal services, though flights were still operating.Delhi Airport in India also said it was affected. A passenger at Rajiv Gandhi International Airport <a target="_blank" class="" href="https://x.com/akothari/status/1814202068531552666">wrote</a> on X that he had been issued a handwritten boarding pass.Edinburgh Airport in the UK and Berlin Airport in Germany also warned of delays.Ryanair, Europe's largest airline, said there was "disruption across the network due to a Global 3rd party IT outage which is out of our control" and advised passengers to head to airports early.<h2 id="75896c98-625e-4585-b790-e51f8979d345">CrowdStrike issues</h2>Many of the affected Windows devices displayed an error message — colloquially called the "<a target="_blank" class="" href="https://www.businessinsider.com/fix-windows-computer-blue-screen-death-what-to-try-2024-7">blue screen of death</a>" — that locked users out of their computers.CrowdStrike said a <a target="_blank" class="" href="https://www.businessinsider.com/crowdstrike-global-it-outage-not-caused-by-cyberattack-2024-7">defective update</a> caused the issue.The outage is "one of the most significant of cyber issues of 2024," Omer Grossman of the cybersecurity company CyberArk said in a statement to BI. "The damage to business processes at the global level is dramatic."Correction: July 19, 2024 — An earlier version of this story gave the wrong destination airport for a passenger. Nick Xydias was trying to reach Larnaca, Cyprus, not Monaco.

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