Inflation top worry for G20 countries: Survey
Although central banks across the globe have embarked on an aggressive policy tightening path their efforts to tame inflation run the risk of tipping the global economy into a recession.
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Although central banks across the globe have embarked on an aggressive policy tightening path their efforts to tame inflation run the risk of tipping the global economy into a recession.
PayPal has ditched passwords at least for its Apple accounts as they offer a simple and secure way to log in to their accounts based on technology that is resistant to phishing and designed so that there is no shared passkey data between platforms
Cyber risk has become one of the top concerns of financial services firms, and the level of concern seems to be growing day by day. With organisations seeking to create new digital customer experiences, applying sophisticated data analytics, and investing in a wealth of other technology innovations, cyber risk management clearly requires governance at the highest levels. In taking a more holistic view of the underlying processes, BFSI can streamline business and technology architecture to support a better customer experience, improved risk decision-making, and greater cost efficiencies. This panel discussion revolves around how financial institutions can secure themselves and their customers against cyber attacks in an increasingly complex world.Moderator: Sneha Jha, Deputy Editor, ETCIO; Rajesh Thapar, CISO, Axis Bank; Manoj Sarangi, SVP & CISO, NSDL; Kiran Belsekar, SVP, CISO & IT Governance, Aegon Life Insurance; Sovon Lal Mukherjee, SVP & CISO, Fincare Small Finance Bank.
While Bajaj Allianz General Insurance has witnessed a 30 percent increase in the number of corporate cyber policies since 2018, Tata AIG General Insurance is seeing the commercial cyber insurance vertical growing by double digit since the product was launched in 2014. For ICICI Lombard, corporate cyber liability insurance is one of the most sought after products during the pandemic time due to the spike in the number of cyber-attacks in India and globally.
One in four (26%) respondents in India experienced a ransomware attack in the last year, higher than the global figure of 21%, finds the survey.
Dominance of a few players may not be in the best interest and there is a need to raise competition, says Dilip Asbe.
Cyber attacks have had only a limited effect on bank ratings to date but can trigger more rating actions in the future as cyber incidents become more frequent and complex.
According to a joint study conducted by Marsh, insurance broker and risk adviser, and RIMS, the risk management society, the top concerns for Indian businesses were identified as: new pandemic or continued fallout of COVID-19, cyber-attacks, data fraud or theft, failure of critical infrastructure, fiscal crises, and extreme weather events.