Ransomware bypasses India, almost

Though the ‘WannaCry’ worm global attack that locks computers and demands a $300 ransom sowed chaos across nations, India was largely safe from the vicious cyber attack, but for minor isolated episodes in Kerala, Andhra Pradesh and West Bengal.
The most disruptive cyber attack in decades that started on Friday and locked up 200,000 computers in more than 150 countries was largely contained by Monday, as counter-measures taken by countries across the globe have largely thwarted a predicted second spike of attacks.

Cyber attack: infra Agencies step up vigil

Critical infrastructure agencies including banks, airports, telecom networks and stock markets have been asked to take precautions to shield themselves against the crippling global ransomware attack WannaCry. Over the weekend, the ransomware hit systems in over 100 countries, in one of the biggest cyber attacks in history.

Massive IT job losses seen

Executive search firm Head Hunters India said the IT sector will see job losses of between 1.75 lakh and 2 lakh annually for the next three years because of employees’ under-preparedness in adapting to newer technologies.

Hiring to dip in e-comm this year; jobs become more temp in nature

Consolidation, reduced funding and slower growth in the e-commerce industry is telling on hiring as well. Incremental hiring in the sector is expected to come down this year. E-commerce firms have also become more prudent by hiring only for the peak sales period.
For the past few years, e-commerce has been among the fastest job generators in India. The sector, which has seen a growth of 60 to 65 per cent in hiring in past few years, will slowdown at least by 10 to 15 per cent this year, find industry experts.

Three MDs to collectively decide on LIC investments

Life Insurance Corporation, which manages Rs 25 lakh crore assets, has divided its investment portfolio among three managing directors to arrive at balanced investment decisions. The move comes in the backdrop of questions being raised in some quarters about the corporation’s investment decisions.
For the past many years, the insurance behemoth had been working with one or two MDs, but from fiscal 2015, only one person, Usha Sangwan, has been holding that position.
LIC’s top management now consists of chairman, four MDs and 40 executive directors below them.

Ransomware keeps world on tenterhooks

Technical staff scrambled on Sunday to patch computers and restore infected ones, amid fears that the ransomware worm that stopped car factories, hospitals, shops and schools could wreak fresh havoc on Monday when employees log back on.
Cybersecurity experts said the spread of the virus dubbed WannaCry — ‘ransomware’, which locked up more than 200,000 computers — had slowed, but the respite might only be brief.
New versions of the worm are expected, they said, and the extent of the damage from Friday's attack remains unclear.

E-tailers plan big sales to woo customers

Before its own possible sale to rival Flipkart, e-commerce firm Snapdeal has announced its ‘Unbox Dhamaka Sale’ offering customers huge discounts and attractive deals. In its two-day mega sale on May 11–12, Snapdeal will offer up to 70 per cent discount on categories including home, fashion and electronics.
The announcement comes at a time when the market is abuzz with reports of Snapdeal being sold to larger rival, Flipkart.

Inconsistent rating agencies draw CEA flak

Chief economic adviser Arvind Subramanian (in pic) on Thursday slammed global rating agencies, saying they are following different standards for rating India and China. This comes after Fitch recently stuck to its guns, ignoring the finance ministry’s strong sales pitch for rating upgrade.

E-commerce sees consolidation growing in phases

Consolidation and growth has been going hand in hand in the Indian e-commerce space. The consolidation initially saw the bigger players buying out smaller ones, vertical players or start-ups that provide support services. However, in recent times we have seen sizeable players conceding to the competitive pressure in the industry.