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Reputational risks from cyberattacks on rise as episodes become public: Moody’s

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New Delhi, Sep 11 : The reputational risk from cyberattacks is rising for many companies globally, as episodes have become more publicised, Moody’s Investors Service said on Friday.

These episodes pose varying degrees of credit risks depending on the sector, size of the company and its relationship with the customers.

“Companies whose customers can easily switch to a competitor or whose business activities rely more heavily on trust are more exposed to reputational risk stemming from cyberattacks,” Moody’s said in a report.

“These risks are growing because of increased disclosure of attacks, both from cybercriminals, who are increasingly identifying the organisations they attack, and from more stringent disclosure requirements put in place around cyber events. Cyber resiliency planning and crisis management actions are essential components to mitigate the risks,” it said.

According to the report, increased disclosure is contributing to rising reputational concerns.

“In the past, many companies avoided disclosing cyber incidents, fearing such disclosures could invite further attacks or damage their reputation. However, cybercriminals are now publicly identifying the companies they attack, and new laws and regulations are requiring companies to notify the customers and stakeholders whenever data is compromised,” the report said.

“The increased disclosure is allowing customers to learn more about a company’s cyber track record and to factor cybersecurity into their business decisions,” it added.

As per the report, reputational damage brings higher costs and can weaken revenue.

“Damaged reputations can result in increases in the cost of capital, regulatory costs and additional costs for attracting and hiring talent. Companies with damaged reputations may also lose the support of customers, investors and other counterparties, causing a reduction in revenue,” the report elaborated.

Besides, the report cited that companies with lower customer bargaining power or confidence-sensitive business models have more exposure to cyber-related reputational risks.

“The effects vary, with acute financial consequences for some companies and little or no impact for others. Companies can employ various strategies to reduce customer churn and limit reputational harm, although these strategies can be expensive or frustrate customers,” the report suggested.

“Healthcare and financial institutions are particularly at risk because of the sensitive data customers entrust to them, and the relative ease in switching providers,” it said.

The report said the biggest cause of increased disclosures in recent months is a change in criminal behaviour.

“In particular, cyberattackers have become more targeted when launching ransomware attacks, as we discussed in our January report on cyber risk trends. Ransomware gangs previously only named entities that refused to pay the ransom,” the report disclosed.

“However, a new tactic to coerce payment is to name all entities that have been attacked and release private data of those who do not pay the ransom. Many companies have taken the attitude that they have no choice but to acknowledge the ransomware attack once attackers identify them publicly,” it said.

Notably, the number of reported ransomware attacks against companies jumped in the first half of this year, many of which would have gone unreported but for the cyberattackers’ disclosures.

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Starlink project takes Musk’s SpaceX valuation to $100 billion

A Morgan Stanley research note said that “the pieces are coming together for SpaceX to create an economic and technology flywheel”.

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elon musk

San Francisco, Oct 25 : Driven by its ambitious Starlink project, Elon Musk-run SpaceX has received a &100 billion valuation by US-based investment bank Morgan Stanley — from $52 billion just three months ago.

The bank’s “bull case” which is the absolute best-case scenario — puts the rocket company at a value above $200 billion, report Forbes.

The bank has raised the estimated value of Starlink to $81 billion.

While SpaceX’s launch business is valued at $12 billion, its point-to-point space travel is valued at $9 billion, describing Musk’s space business as “mission control” for the “emerging space economy.”

A Morgan Stanley research note said that “the pieces are coming together for SpaceX to create an economic and technology flywheel”.

“Investors just valued SpaceX in August, when the company raised $1.9 billion in funding — at a valuation of $46 billion” then.

Last week, SpaceX launched 60 more Starlink satellites aboard Falcon 9 rocket to be deployed in low-Earth orbit, bringing the constellation to 788 as the company gears up for a public beta of the affordable satellite broadband service.

SpaceX recently presented the Federal Communications Commission (FCC) Starlink internet performance tests, showing it was capable of download speeds of between 102Mbps to 103Mbps, upload speeds of 40.5Mbps to not quite 42Mbps, and a latency of 18 milliseconds to 19 milliseconds.

“Once these satellites reach their target position, we will be able to roll out a fairly wide public beta in the northern US and hopefully southern Canada,” SpaceX CEO Elon Musk said in a tweet earlier this month.

“Other countries to follow as soon as we receive regulatory approval,” he added.

It is expected that there will be gigabit speeds on offer, meaning up to 1Gbps Internet speeds, with a fairly low latency of up to 25ms.

Starlink plans to offer these Internet services for around $80 per month, which is priced at par if not lower than similar speed broadband plans in most countries, including India.

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World becoming fan of our local products: PM Modi

He added that previously there were massive fairs (melas) on the occasion of Dussehra…but in present times, they took on a different form.

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Narendra Modi

New Delhi, Oct 25 : Prime Minister Narendra Modi on Sunday said that since India is opting for ‘vocal for local’, many of the local Indian products have the potential of becoming globally popular and are attracting a lot of attention.

“World is becoming a fan of our local products. One such example is Khadi. Our Khadi is being known as nature friendly fabric plus its becoming a fashion statement,” said Prime Minister Narendra Modi while addressing the Mann Ki Baat programme.

The Prime Minister also said that Khadi has since a long time been a statement of “simplicity”. He added that the fabric has health benefits as its body-friendly and is also an all-weather fabric.

He said that on Gandhi Jayanti, the Khadi store in National capital’s Connaught Place witnessed a massive sale of Rs 1 crore.

The Prime Minister also asked the citizens to opt for local products while going out for shopping during the festive times. “When you go out to buy something during these festive times, remember the vocal for local,” he said.

“During the lockdown, we closely came to know about those members of society, without whom our lives would be miserable. Sanitation workers, brothers and sisters working as domestic helps, local vegetable vendors, milkmen, security guards….we have now felt the significance of their roles in our lives in a better way,” the PM said.

The PM said that during this crisis, these people were with us, now during the festivities, we shall make these people a part of our celebrations.

“I earnestly urge you to ensure, in whatever way, in making them a part of your celebrations. Treat them as members of your own family…you will see for yourself how your joy rises by leaps and bounds,” PM Modi said.

The Prime Minister also wished the nation on the occasion of Vijay Dashmi or Dusshera. “On this auspicious occasion, heartiest greetings to all of you. The festival of Dussehra is one of the triumph of truth over untruth. But, simultaneously, it is also the festival of victory of patience over crises,” he said.

“Today, all of you are carrying on with immense patience, celebrating the festival with restraint…and hence, in our ongoing fight, our victory too is assured, he said.

He added that previously there were massive fairs (melas) on the occasion of Dussehra…but in present times, they took on a different form.

The festival of Ramleela too was one of its major attractions….but now, that too has been restricted to some extent. Earlier during Navratra, the notes of Garba of Gujarat would reverberate all over….this time all grand events have been curtailed. Many more festivals are on the way in the days to come, he said.

The Prime Minister also asked the Indian citizens to think of the braveheart soldiers who are firmly stationed on our borders in line of duty. “Even during these festive time, all in service, security of Mother India. We have to light a lamp at home in honour of these brave sons, daughters of Mother India,” he said.

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Tata Motors reaches 4 mn passenger vehicle production milestone

As of today, its ‘New Forever BS6’ range consists of the Tiago, Tigor, Nexon, Harrier and the Altroz.

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Ratan Tata

Mumbai: Automobile major Tata Motors has achieved the production milestone of 4 million passenger vehicles in India since its inception.

“Over the years, Tata Motors has produced legendary vehicles like the Indica, Sierra, Sumo, Safari and the Nano that have played a pivotal role in the shaping the country in its post-economic liberalisation era,” the company said in a statement on Saturday.

“These iconic vehicles have broken barriers across categories in the Indian automobile sector. With the launch of the Tata Safari, the company pioneered the concept of a ‘lifestyle SUV’ to the industry, thereby creating the most aspirational four-wheeler for its customers.”

The company had also introduced the first ever MPV in Tata Sumo.

In the more recent past, Tata Motors launched the entry level car and the compact SUV segment with the rollout of the Tiago and the Nexon, respectively.

“Tata Motors is also India’s largest EV manufacturer with 67 per cent market share and leading the way on electric vehicle adoption in India,” the statement said.

“The company had achieved the 1 million production mark for passenger vehicles in 2005-06, 3 million in 2015 and the 4 million production milestone was achieved this month.”

As of today, its ‘New Forever BS6’ range consists of the Tiago, Tigor, Nexon, Harrier and the Altroz.

Besides, Tata Motors has been India’s first car manufacturer to have received a 5-star Global NCAP rating for its model, the Nexon.

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