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DPDP Act 2023: Insuring fines and penalties
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Global chip supply chain increasingly vulnerable to massive disruption: Study
The report comes amid a global chip shortage that started with overbooked factories in Taiwan late last year, but has since been exacerbated by a fire at a plant in Japan, a freeze that knocked out electricity in the U.S. state of Texas and a worsening drought in Taiwan this year. The shortage has idled some production lines at automobile factories in the United States, Europe and Asia.
US looks to keep critical sectors safe from cyberattacks
“Our aim is to ensure that control systems serving 50,000 or more Americans have the core technology to detect and block malicious cyber activity,” Anne Neuberger, deputy national security adviserShe said the administration has identified five specific modernization efforts as a result of its review of how the SolarWinds hack happened, including using technology that continuously monitors for malicious activity and requiring greater use of multi-factor authentication so systems can’t be accessed with a stolen password alone.
That threat to critical infrastructure was laid bare in February after a hacker’s botched attempt to poison the water supply of a small Florida city raised alarms about how vulnerable the nation’s utilities may be to attacks by more sophisticated intruders.
Apr 1 Renewals: Reinsurers slash rates, pay higher commissions to Indian cedants
“The overall drop in the rates during the Apr 1 renewals have been used by the cedants to take larger cover for their portfolios. For reinsurers like us, it is a case of double whammy, as rates have dropped and commissions paid to the cedants have flared up,” said sources.
RBI orders MobiKwik to probe alleged data leak: source
“The RBI has given MobiKwik an ultimatum and ordered them to retain an external auditor to conduct a forensic audit,” said the person, adding the RBI could also impose fines if the breach is proven.
Investigation begins into how ship got stuck on Suez Canal
Suez Canal Authority (SCA) Chairman Osama Rabie has suggested weather conditions, including high winds, and human error could have played a role in the grounding on March 23.
“Such grave accidents may not be caused by a single factor, part of it could be the wind, another part could be the human element, and another part could be technical,” Rabie told a news conference Monday night after the vessel was freed.
The investigation will include examining the seaworthiness of the ship and its captain’s actions to help determine the causes, Rabie advisor Captain Sayed Sheasha told Reuters.
Skyrocketing liability insurance rates for SPACs
. Coverage of about $10 million to indemnify a blank-check company’s directors and officers now costs more than $1 million on average, according to a lawyer who works on SPAC deals. That’s up from $250,000 to $300,000 a year ago.
Suez Canal to seek over $1bn compensation for losses caused by stuck ship
The SCA chairman explained that the compensation demanded by the authority is not only for the financial losses caused by six-day navigation suspension, but includes the expenses of using dredgers and tugboats and the physical damage caused during the salvage process.
Egypt resumed navigation in the canal several hours after the Ever Given was freed and re-floated on Monday, after which many of the 422 ships that have been kept waiting started to cross the waterway.
52% of Indian firms report cyber attack in last 12 months
“Cyberbreaches are a reality that we cannot afford to ignore. Within an organisation, there will always be multiple threats that can exploit various vulnerabilities and launch full blown cyberattacks,” Sunil Sharma, Managing Director — sales, Sophos India and Saarc, said in a statement.
“The only way to stop these threats is to actively hunt for them and neutralize them. This makes threat hunting an important function to mitigate the damage caused by cyberattacks.”
French pharma firm guilty of fraud, manslaughter over weight loss pill: court
The drug Mediator was on the market for 33 years and used by about five million people before being pulled in 2009 over fears it could cause serious heart problems — more than a decade after such concerns had first been raised.
Suez Canal works to clear backlog as shipping convoys resume
The Ever Given’s grounding across a southern section of the canal forced a halt to all traffic, leading to a build-up of 422 ships at either end of the canal and along its course.