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Govt announces to remove angel tax on startups for all classes of investors
While previously the angel tax -- a tax levied on capital received...
Without backup plans, global IT outages will happen again
“I’m sure the regulators globally are looking at this. There is...
Further rate hardening expected,cyber insurance market to surpass $ 7bn in 2020:Munich Re
Recent experiences following the lockdown of public life and the business world in many countries have been a wake-up call regarding the staggering potential for systemic risks to result in losses that subsequently trigger many different repercussions. Yet it is by definition impossible to insure risks that lead to losses everywhere at the same time, thus violating the fundamental criterion of insurability, said Munich Re.
Interest rates have dropped to record lows once again in 2020. Against the backdrop of the coronavirus crisis, it is increasingly likely that the current interest-rate environment will continue to affect low-risk investments for the foreseeable future. These circumstances mean that sustained profits, in long-tail business and elsewhere, will only be possible if prices match the assumed risks, explained Munich Re..
Cruise, GM to seek U.S. okay for self-driving vehicle without pedal, steering wheel
Under current law, companies can seek an exemption from motor vehicle safety standards for up to 2,500 vehicles for up to two years that do not meet existing federal rules.
The exemptions are for U.S. vehicle safety rules largely written decades ago that assumed human drivers would be in control of a vehicle.
Microsoft, Elon Musk’s SpaceX tie up to woo space customers
The partnership with SpaceX Starlink will provide high-speed satellite broadband for Microsoft’s cloud computing data centers, the company said here in a blog post.
Cloud companies have seen a surge in demand this year as more businesses use their services for switching to work from home due to the COVID-19 pandemic
U.S. says Google breakup may be needed to end violations of antitrust law
The federal government’s complaint against Alphabet Inc’s GOOGL.O, which alleges that Google acted unlawfully to maintain its position in search and search advertising on the internet, was joined by 11 states.
The government said Google has nearly 90% of all general search engine queries in the United States and almost 95% of searches on mobile.
The lawsuit marks the first time the U.S. has cracked down on a major tech company since it sued Microsoft Corp MSFT.O for anti-competitive practices in 1998.
The European Union fined Google $1.7 billion in 2019 for stopping websites from using Google’s rivals to find advertisers, $2.6 billion in 2017 for favoring its own shopping business in search, and $4.9 billion in 2018 for blocking rivals on its wireless Android operating system.
IRDA forms panel to examine the need for a standard cyber liability cover for Indian market
The General Liability policies available currently in the Indian market do not cover cyber risks and cyber insurance policies currently available are highly customized for clients in a new and quickly growing market. Hence, it is felt that a basic standard product structure is required to provide insurance cover for individuals and establishments to manage their cyber risks, said the IRDAI.
British Airways hit with UK data watchdog’s biggest-ever fine
Other major cyber incidents in the recent past include another London-listed airline, easyJet EZJ.L, which earlier this year said hackers had accessed the email and travel details of around 9 million customers.
U.S. hotel operator Marriott International MAR.O in March suffered its second data incident in less than two years, with information of about 5.2 million its hotel guests suffering a breach.
Driverless race steps up with Cruise allowed to drive empty in San Francisco
Cruise is the fifth company to receive the driverless permit in California. Alphabet’s Waymo was the first in late 2018 to receive it for about three dozen test vehicles with speeds of up to 65 miles per hour. This year SoftBank-backed Nuro, whose vehicle has no steering wheel or pedals, was also approved and has delivered medical supplies for temporary COVID-19 hospitals.
Chinese startup AutoX and Amazon.com Inc’s AMZN.O Zoox also got their permits in recent months. The four previous permits are for cities in Silicon Valley that are easier to navigate.Under its permit, Cruise cars can go anywhere on San Francisco streets at a maximum speed of 30 miles per hour, and can drive both day and night.
Haldiram’s crucial data stolen; hackers demand ₹7.50 lakh to release information
According to the FIR lodged at Sector 58 police station, the cyber attack took place on the intervening night of October 12 and 13 and the hackers may have stolen “entire or substantial data” of the company which runs several restaurants and outlets.
TCS launches 10 cyber threat management centres globally
These are located in Bloomington, US, Manchester, UK, Madrid, Spain, as well as at major Indian cities in the last four months, the statement said, adding that TCS plans to open more such centres in other regions.
These centres will focus on providing cyber security solutions and services, including managed detection and response services, incident management and breach support, on-demand cyber vigilance services, digital forensics and regulatory compliance.
G7 officials vow to fight ransomware attacks; say stablecoin needs regulation
“The G7 continues to maintain that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards,” the statement said.
Stablecoins are tied to a traditional currency or basket of assets, and used for payments or for storing value.