 Officials and others during the launching programme of UraCab Kiphire Branch at Medical Ward, Kiphire on November 4. Kiphire, (MExN): The launching programme of UraCab Kiphire Branch was held at Medical Ward, Kiphire on November 4. Atouzo Metha, Assistant Fleet Manager, was the Chairperson. The programme began with an invocation prayer by Nancy Sangtam, Associate Secretary of Christian Education, USBLA Sub-Centre. In his welcome address, Keneilezo Rutsa, General Manager of UraCab, shared that UraCab has registered more than 200+ drivers, 4000+ users and completed more than 1500+ rides and counting. He mentioned that UraCab started its journey in 2022 and was formally inaugurated by the Chief Minister of Nagaland in November 2024. Longdiba L Sangtam, NCS, Additional Deputy Commissioner Kiphire, launched UraCab branch in Kiphire. He remarked that the introduction of an online taxi service is a great step forward for Kiphire. Despite the challenges in road connectivity, he said the service will benefit both locals and visitors traveling to Kiphire. He encouraged the UraCab team, especially Manager Longtili C Sangtam, to remain committed and not give up easily. He also mentioned that the administration is always ready to support innovative and entrepreneurial ventures, emphasizing that success comes through hard work and consistency.Delivering the closing remarks, Longtili C Sangtam, Manager of UraCab Kiphire, expressed his gratitude to ADC Kiphire, Nancy Sangtam, Associate Secretary Children Education USBLA Sub-center Kiphire, Executive Chairman USSC, Local Taxi Union, All Nagaland Taxi Association Kiphire Unit, Two-Wheeler Taxi Association Kiphire, Chairman Medical Ward, and the UraCab team for their support in making the programme a success. He added that the launch would not only improve travel facilities but also boost the local economy and promote tourism in Kiphire in a sustainable way. Online Taxi Service UraCab expands to Kiphire district | MorungExpress | morungexpress.com |
Dia Mirza highlights India’s vision for circular economy through deep-tech recycling initiative (2025-10-15T13:33:00+05:30)
 (Mumbai, (IANS) Bollywood actress Dia Mirza took to social media to celebrate a breakthrough in sustainable innovation. In her post, the ‘Sanju’ actress mentioned how the startup transforms up to five tons of unrecyclable plastic waste per month into high-quality circular materials while providing waste workers with higher wages, health benefits, and dignity, reflecting a vision of inclusive innovation. Dia emphasizes that this is more than just technological innovation — it’s inclusive innovation. The plant not only tackles plastic waste but also benefits the people involved in the recycling process, offering 2–3 times higher salaries. Sharing a series of her photos, the ‘Rehnaa Hai Terre Dil Mein’ actress wrote, “A milestone for people and planet Thrilled to back Without®, an impact-first deep-tech material science enterprise, as they launch their pioneering FOAK Demonstration Plant in Pune — capable of transforming up to 5 tons/month of “unrecyclable” plastic waste into high-quality, circular materials. This isn’t just innovation — it’s inclusive innovation. Cutting-edge recycling technology that gives waste workers 2–3x the salary, health insurance, paid leave, and above all, dignity and respect. At its heart lies systemic thinking and a vision of India leading the world in circular solutions.” “The launch comes at the heels of a $1.9 million Seed Funding round, supported by truly patient impact capital. I’m proud to join this journey as strategic advisor, investor, and advocate alongside partners who believe that science, justice, and sustainability can — and must — go hand in hand.” “A powerful reminder that real circularity includes people, not just materials. Here’s to scaling this vision across India and beyond. Because when innovation meets inclusion, hope becomes action,” she added. As an environmental advocate, Dia Mirza often shares posts to raise awareness about conservation and sustainability.On the professional front, Dia was recently seen in the Netflix film “Nadaaniyan,” directed by Shauna Gautam. The movie introduced a fresh lineup of actors, including Saif Ali Khan’s son Ibrahim Ali Khan and Khushi Kapoor, alongside veteran performers Mahima Chaudhry, Suniel Shetty, and Jugal Hansraj. Dia portrayed Nandini, the mother of Ibrahim’s character, Arjun. Dia Mirza highlights India’s vision for circular economy through deep-tech recycling initiative | MorungExpress | morungexpress.com |
Armenia to enable online car sales from September 1 (2025-09-08T10:51:00+05:30)
.jpg) 02/09/2025, Starting September 1, Armenians will be able to buy and sell vehicles online without visiting registration offices. The Interior Ministry says the new service will cut queues, save time and money, and eliminate paperwork. Sellers must initiate the transaction, buyers need a valid driver’s license and both sides must verify their identity through the EsEm system. Taxes and fees will be calculated automatically. Digital driver’s licenses and registration certificates will also be introduced the same day, available via users’ personal pages on Roadpolice.am.The service can be accessed through Roadpolice.am or Hartak.am. Source Article |
India may well become OpenAI’s largest market: CEO Sam Altman (2025-08-13T13:30:00+05:30)
 New Delhi: Union Minister Ashwini Vaishnaw and OpenAI CEO Sam Altman during a meeting in New Delhi on Wednesday, February 5, 2025. (Photo: IANS) 13 August 2025, New Delhi, August 8 (IANS) India is OpenAI’s second-largest market in the world after the US, and it may well become its biggest market in the near future, according to its CEO Sam Altman. OpenAI sees India as a rapidly growing market, with plans to enhance AI accessibility and affordability, he added. “It’s incredibly fast-growing, but what users are doing with AI, what citizens of India are doing with AI, is really quite remarkable,” Altman said while launching GPT-5, the latest version of the artificial intelligence system that powers ChatGPT. He further stated that the company was working with local partners to make its products more effective and affordable for Indian users, and he plans to visit the country in September. In June, OpenAI, in partnership with the government’s IndiaAI mission, on Thursday launched the first international expansion of its education platform, that will help expand access to AI skills training across the country. The initiative, called ‘OpenAI Academy India’, aims to broaden access to AI education and tools, tapping into India’s fast-growing developer community, digital infrastructure, and network of startups and innovators. It will support the IndiaAI Mission’s 'FutureSkills' pillar by expanding access to AI skills training for a wide range of learners — students, developers, educators, civil servants, nonprofit leaders, and small business owners. “India is one of the most dynamic countries in the world for AI development, with adoption and innovation accelerating at remarkable speed,” said Jason Kwon, Chief Strategy Officer, OpenAI. GPT-5 brings together the best of ChatGPT into one unified experience that’s designed to get the users best answer, every time. “We are introducing GPT‑5, our best AI system yet. GPT‑5 is a significant leap in intelligence over all our previous models, featuring state-of-the-art performance across coding, math, writing, health, visual perception, and more. It is a unified system that knows when to respond quickly and when to think longer to provide expert-level responses,” according to the company. GPT‑5 is available to all users, with Plus subscribers getting more usage, and Pro subscribers getting access to GPT‑5 pro, a version with extended reasoning for even more comprehensive and accurate answers.“GPT‑5 is a unified system with a smart, efficient model that answers most questions, a deeper reasoning model (GPT‑5 thinking) for harder problems, and a real‑time router that quickly decides which to use based on conversation type, complexity, tool needs, and your explicit intent,” the company noted. India may well become OpenAI’s largest market: CEO Sam Altman | MorungExpress | morungexpress.com |
India's growing importance as digital hub highlighted at Wavelength Forum (2025-07-31T12:30:00+05:30)
 New Delhi, (IANS): India's growing importance as a digital hub was highlighted by the Quad partners, government officials, and industry leaders who participated in the Wavelength Forum in New Delhi on Wednesday to strengthen subsea cable connectivity and resilience across the Indo-Pacific region. Organised under the US Department of State's 'CABLES' programme, the forum highlighted the critical role of subsea cables in supporting the global digital economy and the importance of using trusted vendors for construction, maintenance, and repair. "India accounts for 20 per cent of global internet traffic and needs more subsea cables connected to its shores. More than 70 participants explored strategies to expand India's cable infrastructure, including regulatory reforms, streamlined permitting processes, and enhanced maintenance and repair capacity," read a statement issued by the US Embassy in India. It mentioned that the participants also exchanged views on protecting subsea cable systems from emerging threats, including cyberattacks and sabotage, underscoring the importance of collective action to safeguard global connectivity. "The event also showcased the Quad Partnership for Cable Connectivity and Resilience, reaffirming commitments made during the July 1 Quad Foreign Ministers’ Meeting. Related discussions centered on the urgent need for resilient and secure cable networks to meet growing demand driven by 5G, AI, and the Internet of Things," the statement added. Addressing the Forum, US Charge d’Affaires Jorgan Andrews highlighted the importance of cooperation between the United States and India in the sphere. "The Wavelength Forum underscores the strong US-India partnership on regional infrastructure and highlighted the Quad’s shared commitment on protecting and expanding trusted partners. Together, we are working to enhance secure connectivity and support innovation and economic growth across the Indo-Pacific region," he stated. As the participants reaffirmed their commitment to building secure, resilient digital ecosystems through continued US-India and Quad partnerships, the forum also celebrated collaboration efforts and progress in advancing shared objectives as outlined in the 2025 Quad Foreign Ministers' Meeting. India's growing importance as digital hub highlighted at Wavelength Forum | MorungExpress | morungexpress.com |
‘Buy Canadian’ Social Media Post Becomes Secret Ingredient to Help Save City’s Condiment Business (2025-07-23T12:16:00+05:30)
 Shenul Williams and a selection of her products – credit Aliza Welch, family photoThanks to a little love in a ‘Buy Canadian’ Reddit room, a small condiment business thinks they’ve found the secret ingredient to success: patriotism. Aki’s Fine Foods has been manufacturing Indo-African sauces and chutneys out of Pickering, Ontario, for 38 years, but owner Shenul Williams says she’s never seen anything like the sales numbers being put up this year. After the province’s lockdown orders during the Pandemic sent many of Williams’ key grocery store buyers out of business, it seemed like she was going to follow suit, and the company started originally by her parents wouldn’t make it to the third generation. Realizing that her mother could lose her business if something didn’t happen, Willams’ daughter Aliza Welch posted a call for help in a Reddit room called Buy Canadian. “My mom owns a Canadian-made Indo-African sauce company that has been in business for 38 years. It is truly amazing and has been struggling since COVID,” Welch wrote. “With so much interest in buying from small Canadian companies, I figured I would share her products as an alternative. Your support would change her life. All products have a maple leaf!” That ‘support’ saw sales on Aki’s Fine Foods‘ website increase 4,000%. Williams said the impact is “saving my business.” “I can’t believe it,” she said. “I can remember one little note. This lady said, ‘Keep it up.’ You know, make Canadian. ‘We want Canadian.'” Gary Sands, senior vice president of public policy and advocacy for the Canadian Federation of Independent Grocers, said “he’s never seen anything” like the reorganization of Canadian producers and vendors toward buying, sourcing, and selling local in the wake of US President Trump’s newly imposed 25% import tariffs.Speaking with CBC, Sands said that Williams’ newfound success is just one manifestation of this all-consuming and rapid business trend sweeping the Great White North. ‘Buy Canadian’ Social Media Post Becomes Secret Ingredient to Help Save City’s Condiment Business |
‘Buy Canadian’ Social Media Post Becomes Secret Ingredient to Help Save City’s Condiment Business (2025-06-30T11:12:00+05:30)
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Shenul Williams and a selection of her products – credit Aliza Welch, family photo Thanks to a little love in a ‘Buy Canadian’ Reddit room, a small condiment business thinks they’ve found the secret ingredient to success: patriotism. Aki’s Fine Foods has been manufacturing Indo-African sauces and chutneys out of Pickering, Ontario, for 38 years, but owner Shenul Williams says she’s never seen anything like the sales numbers being put up this year. After the province’s lockdown orders during the Pandemic sent many of Williams’ key grocery store buyers out of business, it seemed like she was going to follow suit, and the company started originally by her parents wouldn’t make it to the third generation. Realizing that her mother could lose her business if something didn’t happen, Willams’ daughter Aliza Welch posted a call for help in a Reddit room called Buy Canadian. “My mom owns a Canadian-made Indo-African sauce company that has been in business for 38 years. It is truly amazing and has been struggling since COVID,” Welch wrote. “With so much interest in buying from small Canadian companies, I figured I would share her products as an alternative. Your support would change her life. All products have a maple leaf!” That ‘support’ saw sales on Aki’s Fine Foods‘ website increase 4,000%. Williams said the impact is “saving my business.” “I can’t believe it,” she said. “I can remember one little note. This lady said, ‘Keep it up.’ You know, make Canadian. ‘We want Canadian.'” Gary Sands, senior vice president of public policy and advocacy for the Canadian Federation of Independent Grocers, said “he’s never seen anything” like the reorganization of Canadian producers and vendors toward buying, sourcing, and selling local in the wake of US President Trump’s newly imposed 25% import tariffs.Speaking with CBC, Sands said that Williams’ newfound success is just one manifestation of this all-consuming and rapid business trend sweeping the Great White North. ‘Buy Canadian’ Social Media Post Becomes Secret Ingredient to Help Save City’s Condiment Business |
India’s AI market to triple to $17 billion with 1.25 million professionals by 2027 (2025-06-18T12:17:00+05:30)
 Bengaluru, (IANS): India’s artificial intelligence (AI) market is projected to triple to $17 billion by 2027, emerging as one of the fastest-growing AI economies globally, a report showed on Wednesday. Artificial Intelligence (AI) is no longer confined to pilots and proof-of-concepts—it is redefining how Indian businesses compete and scale. India already accounts for 16 per cent of the global AI talent pool, second only to the United States. The report by Boston Consulting Group (BCG) explored how Indian enterprises across sectors are moving from experimentation to measurable value creation. “India’s domestic AI market is backed by a thriving ecosystem of 600,000 professionals today, expected to grow to 1.25 million by 2027,” the findings showed. Public digital infrastructure — including Aadhaar, UPI, and ONDC, combined with rising enterprise investment — has created fertile ground for scalable AI innovation. Key enablers to this include data scale with over 700 million internet users, infrastructure growth, and a surge of AI startups with 2,000 launched in past three years. The report also outlined a clear roadmap for companies looking to scale AI. “AI is no longer an option but a business necessity. Indian companies are using it to leapfrog traditional growth curves and compete confidently on the global stage,” said Mandeep Kohli, Managing Director and Partner, BCG India. While the hurdle rate for successful deployment is high, the rewards are even higher, and the results speak for themselves. “What separates the leaders is not just the tech, but how they manage change, build talent, and embed AI into the fabric of their organisation,” said Kohli."AI is not a side project — it’s the next growth engine. Those who act boldly, invest in scalable data and talent foundations, and partner across the ecosystem will define the next decade of growth—for their companies and for India," the report noted. India’s AI market to triple to $17 billion with 1.25 million professionals by 2027 | MorungExpress | morungexpress.com |
Chinese shopping app Temu suspended in Vietnam: state media (2025-06-14T12:25:00+05:30)
 HANOI - Chinese shopping app Temu has been forced to suspend its services in Vietnam after it failed to register with authorities, state media said on Thursday. Goods ordered on Temu were no longer being cleared through customs in Vietnam, state media reported, after the company missed an end-of-November deadline to register with the ministry of industry and trade. It was not clear when or if Temu would be able to resume business. On Temu's app, Vietnamese has been removed as an interface language. Users now have the option to select from English, Chinese and French. The announcement comes after the ministry raised concerns in October over the stunningly low prices on the online marketplace and their impact on Vietnamese producers. A spokesperson for Temu told AFP that they were working with Vietnamese authorities to register their business. "We have submitted all required documents for the registration," the spokesperson said. Temu has sucked in consumers across the world with its low prices and all-powerful algorithms. Since it began operations in Vietnam in October, it has caught the eye of Vietnamese consumers with discounts of up to 90 percent and free shipping, according to state media. But the month of its launch, the ministry raised concerns about the "unusually low prices of its goods, which may impact domestically produced products", according to the official Vietnam News Agency. "It is unclear whether they (the goods) are authentic," VNA cited the ministry as saying. Temu is also one of the fastest-growing apps in Europe, but the EU has hit the shopping platform with a probe over concerns the site is doing too little to stop the sale of illegal products.In April, regulators in South Korea opened an investigation into Temu on suspicion of unfair practices including false advertising and poor product quality. Chinese shopping app Temu suspended in Vietnam: state media
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Two-thirds of UK businesses still failing on cyber security (2025-06-14T11:05:00+05:30)
 More than two-thirds of UK businesses face an unnecessarily high risk of having their data, including commercially sensitive and personal information, intercepted by hackers because they are not following best practices for securing data on their networks, according to a report from Beaming, an internet service provider for businesses. Beaming’s report, Network Transformation – A Guide for IT Directors, draws on a survey of UK businesses conducted by research consultancy Censuswide. It shows that 69 per cent of UK businesses, the equivalent of 3.6 million companies nationwide, have made their IT infrastructure and networks more vulnerable to attack by failing to encrypt data flowing over their networks, failing to isolate this traffic from the public internet infrastructure, and failing to monitor those networks for malicious activity. These businesses are, for the most part, micro businesses employing fewer than ten people. However, Beaming’s research also suggests they include more than 7,000 medium-sized businesses and almost 1,000 large organisations, which are more likely to have multiple business locations and will be moving much larger volumes of commercially sensitive and personal information around. More than half a million companies have insufficient bandwidth Beaming’s report also reveals that another one in ten UK businesses face an unnecessarily high risk of lost productivity, customer service interruptions and vulnerability to cyber threats due to their reliance on internet connectivity that is unlikely to provide sufficient bandwidth for their needs. Ten per cent of businesses surveyed admitted to Beaming’s researchers that they were using connectivity that is unlikely to deliver the speed and bandwidth they will need to keep pace with increasing data and communications traffic. This is the equivalent of 560,000 businesses across the UK and includes over 370,000 SMEs still using standard broadband services on the analogue telephone network. Beaming’s research shows that demand for network capacity from UK businesses would be 30 per cent higher at the end of 2024 than at the start of last year due to the extra data and communications traffic from digital transformation efforts. The challenge of handling this traffic is greatest for businesses with over ten employees: leaders of large companies (250+ people) anticipated generating 95% more network traffic this year, on average, while SMEs with 10 – 250 people expected around 75% more traffic. Sonia Blizzard, Managing Director of Beaming, said: “With more and more business activity taking place outside of the traditional boundaries of the company HQ, the network that connects stakeholder groups wherever they may be is the key cornerstone of most organisations.“Today’s corporate networks are far more than data pipelines; they’re essential assets that drive every aspect of business, enabling operations to function smoothly, securely, and efficiently. Our research suggests, however, that too many businesses still don’t recognise the importance of their networks and just how vulnerable they are to cyberattacks and traffic bottlenecks as their data flows between locations.”Two-thirds of UK businesses still failing on cyber security |
Indian startups raise $102.93 million in funding over the week (2025-06-14T11:04:00+05:30)
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Mumbai, (IANS): Indian startups raised approximately $102.93 million across 25 deals, with strong contributions from early-stage and growth-stage companies this week. Bengaluru and Delhi-NCR-based startups led the funding race, with seven deals each, followed by Mumbai and Chennai. The funding came from various sectors, including cleantech, cybersecurity, edtech, and healthtech, signalling a continued interest in innovation and technology in India. Healthtech startups took the top spot with four deals, followed closely by e-commerce and foodtech companies, with each securing three deals. Other sectors, such as media and entertainment, proptech, edtech, Software as a Service (SaaS), and more, also saw multiple funding rounds. Leading the charge in growth-stage funding was Metafin, a cleantech-focused NBFC, which successfully raised $10 million in its Series A round. Other growth-stage startups that attracted attention include QNu Labs, a cybersecurity firm, which secured $7 million, and Kaleidofin, a neobanking startup, which garnered $5 million. Additionally, CollegeDekho, an edtech platform, and Sadhav Offshore, a marine services company, also raised significant funding. In early-stage funding, Kult, a beauty tech and discovery platform, stood out with a $20 million raise, making it the largest early-stage funding deal of the week. Fuze, a SaaS startup, followed with a $12.2 million round. Other notable early-stage startups that secured funding include HexaHealth, a healthtech platform, and Anveshan, a foodtech company. Also among the funding recipients were Stimuler, an AI-driven English learning platform, Mugafi, a content creation platform, and others. Additionally, ekincare, a healthtech startup, and Jamm, an offline social networking platform, raised undisclosed amounts. These deals reflect the strong investor interest across various sectors in India's growing startup ecosystem.Meanwhile, in the previous week, 22 Indian startups secured approximately $112.35 million in funding. The deals included six growth-stage investments and 12 early-stage rounds, while six startups chose not to disclose the details of their funding. Indian startups raise $102.93 million in funding over the week | MorungExpress | morungexpress.com |
What if the companies that profit from your data had to pay you? (2025-06-05T13:10:00+05:30)
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When it comes to digital privacy, there are plenty of organisations making money out of using your data – Google and Facebook are just two examples. But what if you were the one making the money? What if those organisations profiting from your data had to pay you a share of that earning? This idea – raised in a recent article in Quartz – is gaining ground. American author and law professor Eric Posner says data creation is labour, pointing out that in the largest technology companies, the share of income going to labour is only about 5-15%. That’s way below the estimated 80% share that Walmart, for example, pays for labour. So if you accept Posner’s theory that data is labour, then companies who make money from marketing your data are essentially getting labour for free. And it’s not only your personal data they exploit. It’s also the many hours of labour it takes to create social media content in the first place – and the hours we spend viewing and responding to the content made by others. Working out what your data is worthDespite the personal data industry generating some US$200 billion in revenue every year, data brokers give little, if any, money back to the providers of this asset. Admittedly, valuing personal data isn’t easy. Let’s take Facebook, for example. If we divide its revenue (US$40.7 billion in 2017) by the number of monthly active users (2.196 billion), then each user is worth US$18.53 on average. You could think of this figure as the amount that your Facebook data is worth. Of course, this is a very simplistic calculation. Even without using your data to target you with ads, Facebook’s size means it could still make money from advertising – just like any other media outlet. But it’s the targeting that helps Facebook dominate the digital advertising market. Indeed, concerns about Facebook’s ability to continue to exploit personal data have likely contributed to Facebook’s recent drop in share price. If you combine your Facebook data with the rest of your digital footprint, some estimate that an average US consumer could make up to US$240 per year. This amount could be much higher if you include other valuable data, such as your purchase history, location, and financial information. So our data could make us money. Some companies already pay for itMarket research companies have been paying people for their data for decades. Nowadays, YouTube pays creators for posts via AdSense. Opinion Outpost pays you for voicing your opinion. Swagbucks pays you to do everyday things on the internet. And Small Business Knowledge Center even pays you for your junk mail. So if some companies are already paying for personal data, why isn’t everyone paying for it? There are two main reasons for this. First, our data are dispersed, fragmented and inaccessible. People who use ad blockers, “do not track” tools, and high privacy settings erode the quality of data that can be gathered about them. So each company with which they interact has only a small portion of their data, which can lead to errors in targeted marketing. The holy grail of data integrity is when your data comes directly from you. This means it’s 100% accurate, comprehensive, and handed over with explicit consent. Second, unlike other possessions, it’s hard for individuals to trade data. If data can’t be easily sold at the owner’s will, it’s difficult to extract value from it. Companies such as the UK startup digi.me allow users to upload and store their data in a single app where they have control over it. Others, such as the European Union-based Wibson, Singapore non-profit Ocean, and the US startup Datacoup, promise users the ability to trade their data with interested parties for money or credit. The beginning of the ‘Internet of Me’ revolutionThis philosophy of placing power over data back in the hands of the people it belongs to is embodied in the concept of the “Internet of Me”. While still small, these startups represent a significant step in correcting the exploitation currently seen in personal data markets. More accurate data should allow for better targeted advertising, more accurate credit scoring, improved market research, important training of AI systems, and even more personalised health care. Finally we might have fairer option when it comes to dealing with our digital data. Vincent Mitchell, Professor of Marketing, University of Sydney This article is republished from The Conversation under a Creative Commons license. Read the original article. |
Cryptocurrency has an impact on economies. That’s why some are afraid of it – and some welcome it (2025-02-10T12:51:00+05:30)
Kelsie Nabben, RMIT UniversityOne month into 2022 and the debate on cryptocurrency is already heating up, with calls for regulation causing a rift between jurisdictions that are “crypto friendly” and those that aren’t. Which will determine the future of the market? Russian Deputy Prime Minister Dmitry Chernyshenko has reportedly signed a roadmap to regulate crypto operations in Russia. The news comes after Russia’s central bank published a consultation paper that proposed a blanket ban on crypto-related activity in the country. The paper, titled Cryptocurrencies: Trends, Risks, and Regulation, states “a wider adoption of cryptocurrencies creates significant risks for the Russian financial market”. It says non-state-based currencies pose a threat to citizens’ well-being, through loss of investments as a result of market volatility, scams and cyber attacks. Jurisdictions have grappled with the idea decentralised digital currencies provide an alternative to sovereign currency – and thus pose a threat to central banks’ power over monetary policy. Although Russia has stopped short of completely stifling operations inside its borders, the latest events follow a broader trend of nations struggling to embrace cryptocurrency. Future bans or regulations will determine the future of the industry. Crypto ban or crypto friendly?China has banned cryptocurrency trading multiple times. An outright ban on crypto mining last year was a massive loss to the industry, as most crypto mining happened in China. Mining involves running software on computer servers to solve cryptographic algorithms. This process validates transactions and maintains a shared record of transactions across the blockchain network. People who participate, the “miners” are automatically rewarded in cryptocurrency. Mining is an international industry, and large capital outlay goes towards the land, power and infrastructure needed to set up mining warehouses. The mining ban in China drove miners to sell or ship their equipment overseas and invest capital in friendlier jurisdictions, particularly the United States. One consequence was the strengthening of the network, as mining operations were diversified. As such, future bans may have less of an effect on the market.  Currently, most Bitcoin mining occurs in the US, Kazakhstan, Russia, Canada, Malaysia and Iran. Some networks face great challenges. In Kazakhstan, for instance, power has reportedly been rationed away from miners to conserve energy during electricity shortages, forcing miners to leave the country. Reports estimate this will cost Kazakhstan’s economy US$1.5 billion (or A$2.14 billion) over the next five years, including US$300 million in tax revenue. Crypto isn’t entirely ‘anonymous’
Crypto has come a long way since Bitcoin’s anonymous launch in 2009. There are now thousands of cryptocurrencies, with an estimated total market cap of US$1.66 trillion (about A$2.36 trillion). It’s often stated, including in the recent report from Russia’s central bank, that the anonymity of cryptocurrencies enables illegal activity such as money laundering, terrorism financing and drug trade. This isn’t entirely true. In fact transaction history on public blockchains, such as Bitcoin and Ethereum (the largest by market capitalisation), is public. Many governments (including those of Australia and the US) collaborate with large private blockchain analytics firms to monitor citizens’ crypto wallet addresses and transactions. They do this to mitigate risks of money laundering and tax evasion. Contrary to popular belief, most cryptocurrencies aren’t anonymous; they are pseudonymous. If a person’s identity is linked to their wallet address via a central touch point, such as a cryptocurrency exchange or an email, that wallet is traceable to the individual. Research (commissioned by Zcash but carried out by the Rand corporation) found there isn’t widespread illicit use of “privacy coins” preserving users’ anonymity. Policy will determine future directionsCryptocurrency continues to become increasingly mainstream as an investment asset class, technological infrastructure and a social experiment in non-state-based infrastructure. With this, crypto communities hold growing influence in public policy debates. For example, crypto advocates were able to slow down a major federal government infrastructure bill in the US last year. Yet jurisdictions are choosing different pathways regarding policy and regulation. Some such as China and Russia view it as a fiscal and ideological challenge to sovereign monies. Others view it as an opportunity for innovation, investment and economic growth. As different approaches emerge, 2022 may be a defining year for both the crypto industry and those competing to either ban or welcome it. Past examples suggest countries that welcome crypto networks reap economic benefits through innovation, investment, jobs and taxes. Business benefits of adopting crypto as a digital asset include access to new demographics and technological efficiencies in treasury management. At the same time, the effects of policy and regulation on the industry demonstrates cryptocurrency isn’t a completely decentralised thing that exists only on the blockchain. Australia’s positionIn the competition to limit but benefit from cryptocurrency, Australia has emerged as a potential destination of “crypto friendliness”. A report published in October by the Senate Select Committee on Australia as a Technology and Financial Centre looks favourably on cryptocurrencies. It proposes market licensing for crypto exchanges, streamlined taxation arrangements and a regulatory structure for “decentralised autonomous organisations”, or DAOs. These function using the same philosophy of self-governance as decentralised cryptocurrency networks, using blockchain technology and cryptocurrency tokens to manage participation and enforce rules. Australia’s choice is to capture the enormous economic potential of decentralised digital assets. How this will impact the national economy remains to be seen. But if history is a lesson to be learned from, we can expect policy to shape outcomes. Kelsie Nabben, Researcher / PhD Candidate, RMIT Blockchain Innovation Hub / Centre for Automated Decision Making & Society / Digital Ethnography Research Centre, RMIT University This article is republished from The Conversation under a Creative Commons license. Read the original article. |
Just 25% of businesses are insured against cyber attacks. Here’s why (2025-01-31T13:54:00+05:30)
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In the past financial year, the Australian Cyber Security Centre received 76,000 cyber-crime reports – on average, one every seven minutes. The year before, it was a report every eight minutes. The year before that, every ten minutes. The growth of cyber crime means it is now arguably the top risk facing any business with an online presence. One successful cyber attack is all it takes to ruin an organisation’s reputation and bottom line. The estimated cost to the Australian economy in 2021 was $42 billion. To protect itself (and its customers), a business has three main options. It can limit the amount of sensitive data it stores. It can take greater care to protect the data it does store. And it can insure itself against the consequences of a cyber attack. Cyber-insurance is a broad term for insurance policies that address losses as a result of a computer-based attack or malfunction of a firm’s information technology systems. This can include costs associated with business interruptions, responding to the incident and paying relevant fines and penalties. The global cyber-insurance market is now worth an estimated US$9 billion (A$13.9 billion). It is tipped to grow to US$22 billion by 2025. But a big part of this growth reflects escalating premium costs – in Australia they increased more than 80% in 2021 – rather than more business taking up insurance. So coverage rates are growing slowly, with about 75% of all businesses in Australia having no cyber-insurance, according to 2021 figures from the Insurance Council of Australia. Challenges in pricing cyber-insuranceWith cyber-insurance still in its infancy, insurers face significant complexities in quantifying cyber risk pricing premiums accordingly – high enough for the insurers not to lose money, but as competitive as possible to encourage greater uptake. A 2018 assessment of the cyber-insurance market by the US Cybersecurity and Infrastructure Security Agency identified three major challenges: lack of data, methodological limitations, and lack of information sharing. Lack of historical loss data means insurers are hampered in accurately predicting risks and costs. Because of the relative newness of cyber crime, many insurers use risk-assessment methodologies derived from more established insurance markets such as for car, house and contents. These markets, however, are not analogous to cyber crime. Companies may be hesitant to disclose information about cyber incidents, unless required to do so. Insurance carriers are reluctant to share data pertaining to damage and claims. This makes it hard to create effective risk models that can calculate and predict the likelihood and cost of future incidents. So what needs to be done?Deakin University’s Centre for Cyber Security Research and Innovation has been working with insurance companies to understand what must be done to improve premium and risks models pertaining to cyber insurance. Here is what we have found so far. First, greater transparency is needed around cyber-related incidents and insurance to help remedy the lack of data and information sharing. The federal government has taken two steps in the right direction on this. One is the Consumer Data Right, which provides guidelines on how service providers must share data about customers. This came into effect in mid-2021. The other is the government’s proposal to amend privacy legislation to increase penalties for breaches and give the Privacy Commissioner new powers. Second, insurers must find better ways to measure the financial value and worth of the data that organisations hold. The primary asset covered by cyber insurance is the data itself. But there is no concrete measure of how that data is worth. The recent Optus and Medibank Private data breaches provide clear examples. The Optus event affected millions more people than the Medibank Private hack, but the Medibank Private data includes sensitive medical data that, in principle, is worth far more than data regarding just your personal identity. Without an accurate way to measure the financial value of data, it is difficult to determine the appropriate premium costs and coverage. Cyber insurance is a new, specialised market with significant uncertainty. Given the ever-increasing risks to individuals, organisations and society, it is imperative that insurers develop robust and reliable risk-based models as soon as possible. This will require a consolidated effort between cyber-security experts, accountants and actuaries, insurance professionals and policymakers. Jongkil Jay Jeong, CyberCRC Senior Research Fellow, Centre for Cyber Security Research and Innovation (CSRI), Deakin University and Robin Doss, Director, Centre for Cyber Security Research and Innovation (CSRI), Deakin University This article is republished from The Conversation under a Creative Commons license. Read the original article. |
Cryptocurrency surges as Musk changes Twitter logo to 'meme dog' (2024-10-23T14:31:00+05:30)
 NEW YORK - A meme-inspired cryptocurrency's price jumped on Tuesday after Elon Musk changed the bluebird logo of Twitter to a dog associated with the digital token, despite the mogul being sued over his previous promotion of the coin. Musk bought Twitter in October last year for $44 billion and has since slashed the workforce, introduced paid-for accounts and reinstated banned users including former president Donald Trump. His decision to change the logo to a Shiba Inu dog, whether permanent or another short-lived joke, caused the price of dogecoin to surge by more than 25 percent, from below $0.08 to more than $0.10. The Twitter chief has 133 million followers and has long used the platform for self-promotion and humour, occasionally also promoting dogecoin, a highly volatile cryptocurrency initially created as a joke. Musk has said he is committed to crypto, with a substantial portion of his fortune held in bitcoin. Musk has also floated dogecoin as the basis for e-commerce payments, with observers wondering if the tycoon will use his purchase of Twitter to build an "everything app", similar to China's WeChat, that offers a wide range of services. The SpaceX owner's embrace of dogecoin has landed him in legal trouble where he is being sued for $258 billion by an investor who claims he lost massive amounts of money because of Musk's activities, though the billionaire has dismissed those claims. In a filing to a New York court on Friday, Musk's legal team called the suit "a fanciful work of fiction" that "must be dismissed in its entirety with prejudice." "There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency," the filing added. The Shiba Inu dog became a popular meme in 2013 when posters on forums like Reddit and 4chan began using pictures of the Japanese dog breed alongside messages written in broken English. The cryptocurrency was launched as a joke later that year and remained largely without value for years -- like thousands of other coins. However, in May 2021 its value briefly spiked to a then record $0.73 after Musk suggested his auto firm Tesla could begin to accept it as payment. The value quickly slumped and investors have accused Musk of manipulating the value of the token to make a quick profit, known as a "pump and dump". The logo change prompted a slew of messages featuring the meme dog -- not least from Musk, who tweeted out a conversation with a follower from last year where he had promised to buy Twitter and make the Shiba Inu its logo. However, some users were more cynical."Why do I get the feeling the Doge icon was added so when you search 'Elon' and 'Doge' the story of his racketeering lawsuit will be buried," tweeted comedian Jesse McLaren. Cryptocurrency surges as Musk changes Twitter logo to 'meme dog
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