Stark executive Chanin faces 6 charges

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PUBLISHED: 25 Jun 2024 at 04: 00

Stark executive Chanin faces 6 charges
On Monday, survivors of the Stark embezzlement incident gathered in front of the Office of the Attorney General to see past Stark CEO Chanin Yensudchai. Officers Photo

The Department of Special Investigation ( DSI) has pressed charges against Chanin Yensudchai, former CEO of the Stark Corporation, including money laundering and forging documents.

DSI acting director Yutthana Praedam said that the other charges are negligence, fraud, embezzlement and violating the Securities and Exchange Act, BE 2535 ( 1992 ).

Mr Chanin denies the claims thus much, said Pol Maj Yutthana.

The DSI may function with the Anti-Money Laundering Office on any exchanges Mr. Chanin made while escaping the arrest warrant outside, with the DSI concentrating on the criminal cases and Amlo concentrating on the legal ones, according to Pol Maj Yutthana.

Those who accept Mr Chanin’s wealth and possessions will be accused of wealth trafficking, said Pol Maj Yutthana.

Wirun Chanthananan, chairman- standard of the Office of the Attorney General’s Department of Special Litigation, said that a attorney submitted his situation to the Criminal Court on Monday.

Mr Chanin is the latest to become accused in the Stark situation, joining 11 people, including five firms, according to Mr Wirun.

No single showed up on Monday to help him out of jail.

Mr Chanin was detained at Bangkok Remand Prison, a resource said.

According to the cause, the situation severely damaged both the nation’s economic system and individuals.

One of the biggest corporate frauds in recent years is the accounting and embezzlement scandal at SET-listed Stark, which cost at least 4, 000 investors and estimated$ 14.7 billion in damage.

About 50 incident victims gathered in front of the Attorney General’s Office on Monday to observe Mr. Chanin.

However, they did n’t get to him because the police were worried about his safety, so officers brought him right to the court.

Mr. Chanin, who had fled Thailand for more than eight times, arrived on Sunday and was immediately taken by DSI officials to its office.

Pol Lt Col Chakkrit Wisetkhetkan, chairman of the DS I’s Bureau of Financial- Banking Crimes and Money Laundering, said that Mr Chanin’s investigation was done within two days after his arrival at the DS I’s company.

According to him, the questioning process mostly followed the Securities and Exchange Commission’s recommendations for the case investigation, with the focus being on the Money Laundering Control Act and the Securities and Exchange Act, BE 2542 ( 1999 ).

He added that Mr Chanin’s attorney, Ruangsak Suksiangsri, had sent related files to the authorities prior to the conference.

After external auditors noticed disparities between reported numbers and real economic performance, the scandal was made public at the beginning of next year.

Eventually, it was discovered that Stark executives had planned a plan to give investors and stakeholders a false economic outlook.

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Beijing: new Treasury rules amount to ‘decoupling’ – Asia Times

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Following Washington’s suggestion to establish a set of specific regulations that would hinder and track American investments in China for semiconductors, artificial intelligence, and classical computing, Beijing has expressed major problems. &nbsp,

The Chinese Commerce Ministry stated on Monday that, despite the US’s repeated efforts to say it has no intention of dissociating from China or preventing the country’s economic growth, Washington has insisted on preventing American firms from investing in China and preventing the government’s normal growth. &nbsp, &nbsp,

A spokesperson for the government referred to the meeting between Chinese President Xi Jinping and US President Joe Biden in the US in November as” a typical broad approach to national security,” saying that this method goes against the two faces of state’s discussion at the conference in San Francisco.

He predicted that the restrictions may have a negative impact on Chinese and US businesses ‘ regular economic and trade cooperation, undermine the world’s economic and trade balance, and deteriorate global commercial and supply chains ‘ security and stability.

He added that China is entitled to take the same actions as the United States is against. He demanded that the US government prevent politicizing and stifling business.

Researchers at the Ministry of Commerce, Zhou Mi, predicted that Washington’s purchase regulations will make high-tech cooperation between the US and China more difficult. He claimed that it will also stifle global technical innovation and scientific advancement. &nbsp,

Beijing made the comments after the US Treasury Department released a notice of proposed rule-making ( NPRM ) on June 21 to implement Biden’s executive order, which was first announced in August and had the title” Addressing US investments in specific national security technologies and products in countries of concern.”

According to the Treasury, the NPRM establishes a procedure for creating a new federal security software to combat threats from foreign direct investments in China, Hong Kong, and Macau.

The proposed NPRM developments our national security by preventing, according to Paul Rosen, assistant secretary of the Treasury for Investment Security, the numerous benefits that some US opportunities offer besides only capital from supporting the development of delicate systems in nations that might use them to harm our national security.

The Treasury requests comments on the proposal through August 4 and anticipates that the regulation will be in effect by the end of this year. &nbsp,

The secretary of the Treasury must enact laws that prohibit US citizens from operating AI, chip, and quantum computing businesses in China, according to Biden’s executive order. &nbsp,

Additionally, the regulations should mandate that US citizens notify the Treasury of specific other transactions that might involve these products and technologies that could compromise US national security.

The NPRM said a” covered transaction” may be a prohibited transaction, or only a notifiable one. &nbsp,

Covered transactions include the provision of debt financing, the conversion of convertible debt, greenfield investments ( a type of foreign direct investment where a company establishes operations abroad ), joint ventures, and limited partner ( LP ) or equivalent investments.

China’s FDI

The Chinese Commerce Ministry reported on June 21 that its total foreign direct investment decreased by 31 % to US$ 57.9 billion in the first five months of this year from US$ 84.3 billion during the same time period in 2023. &nbsp,

FDI in China’s high technology manufacturing sector rose 2.7 % to US$ 6.9 billion. FDI coming from Germany and Singapore to China rose 24 % and 16 % year- on- year, respectively. However, the commerce ministry did not make the detailed FDI figures available for each country. &nbsp,

China’s high technology development certainly needs the participation of foreign funds, but it mainly relies on domestic funds and policy environment, said Xiang Ligang, director- general of the Zhongguancun Information Consumption Alliance, a Beijing- based telecom industry association.

China must now send a clear message that it needs to develop its own AI technology, according to Xiang, who stated that the proposed US investment restrictions were a result of this. He made mention of Beijing’s recent national policy to support Chinese technology startups.

On June 15, China’s State Council published a document to encourage local governments, state- owned- enterprises, banks, private equity and asset management firms and long- term fund management companies to provide loans, subsidies and funds to technology startups.

According to the statement, financial authorities should foster a favorable lending climate for technology companies to grow and raise money. China will tweak its laws in order to promote FDI, according to the statement. &nbsp,

In an article published on June 23, Guan Quan, a professor at the Renmin University of China, writes that the US has recently sent an official to Japan and the Netherlands and urged them to tighten their export controls for chip-making equipment. &nbsp,

Besides, he says, Washington also plans to add 11 Chinese chip foundries to its Entity List. He says all these moves have shown clearly&nbsp, that the Biden administration will not stop suppressing China’s chip sector.

He claims that until one day China can self-supply all the necessary chip-making tools, the only way to put an end to all these restrictions is to use technological advancements. However, Guan did not provide a roadmap or schedule for how China would go about accomplishing its objectives.

Chinese students repatriated

China can still use this opportunity to attract American investments into its high technology sectors, according to some commentators, because it may take up to six more months before the proposed US investment restrictions go into effect. &nbsp,

Meanwhile, the immediate effect of imposing a ban on Chinese students from studying or obtaining AI technology in the US is. &nbsp,

On June 22, China Daily, a state- owned publication, reported that four Chinese students who traveled to the US for academic conferences had recently suffered from the US border officers ‘ “unwarranted harassment, interrogation and repatriation” .&nbsp,

Border agents questioned the four science students, two of whom have research interests in AI, about their personal and family histories and whether they were affiliated with the Chinese Communist Party, according to the report. &nbsp, &nbsp,

It said the US has repatriated more than 30 Chinese students, mostly master’s or doctoral degree candidates in computer- related fields, in recent years.

Read: China hawk: Fix symbolic, ineffective US sanctions

Follow Jeff Pao on X: &nbsp, @jeffpao3

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Japan frets over its ‘digital deficit’ – Asia Times

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With exports of AI processors rising to record levels, the monthly balance of payments deficit in online services has more than doubled to about 5.5 trillion ($ 34 billion ) in Japan, which is a phrase. Amazon, Apple, Facebook, Google and Microsoft dominate the net- based businesses, while Nvidia and other overseas companies provide Japan with superior computing- related logic ICs.

Digital services include e- commerce and online advertising, social media, conceptual AI, email, search and other digital services, bright phone and computer operating systems, application software and subscriptions, cloud computing and data storage and associated consulting services.

High business stocks are a result of new market research findings.

  • Amazon in e- commerce ( 48.6 % ) versus Japan’s Rakuten ( 32.4 % ),
  • Apple in cell phones (60.2 % ) versus Samsung ( 7.5 % ) and Sony ( 4.6 % ),
  • Microsoft Windows ( 43.3 % ) versus Apple iOS ( 23.8 % ) and Google Android ( 16.3 % ), and
  • Google Search ( 78 % ) versus Microsoft Bing ( 11 % ) and Yahoo! Search ( 10 % ).

Rakuten is the only Chinese company in these markets with a considerable presence, and Amazon has been its rival.

Japan’s complete trade deficit for goods and services was$ 6. 0 trillion in March 2024, which is almost twice as large as its electronic deficit. Due to the end of the Covid crisis and the loss of the yen, it has increased in size than outbound tourism profits, which has increased.

Japan’s Digital Agency has developed a thorough “priority policy system for realizing modern society” in an effort to address this issue. In order to improve the nation’s industrial base and reverse the decline in employee productivity, the program aims to encourage the use of data, conceptual AI, and other modern technologies.

The company would also like to increase the now lower level of satisfaction with the government’s online services, including My Number individual identification, by making them more convenient and reliable.

Digitalization is also used to address Japan’s increasing natural disasters, reduce the impact of waste disposal, and improve health care.

Japan’s declining population and persistently worsening labor shortage make all of these issues even more pressing.

In addition, as digitalization proceeds, so does the need for cyber security. By the end of the decade, the Japanese government intends to increase the number of certified information security specialists from 20 000 to 50 000. In doing so, it wants to make sure that government offices, at the regional and local levels as well as the national level, can access the specialists ‘ expertise to small and medium-sized businesses, not just large corporations.

The looming retirement of the majority of the employees in charge of keeping them running also poses a problem. It is also a problem. This is being called the” 2025 digital cliff”. Japan’s Ministry of Economy, Trade and Industry ( METI ) estimates potential losses at ¥12 trillion ($ 75 billion ).

Smaller businesses typically run into this risk because they lack the resources to find, train, or pay for the digital systems and services they require. Japan’s large multinational companies do not have this problem. In this regard, Hitachi and NEC stand out as two recognizable examples of businesses that are ahead of METI and the Digital Agency.

NEC, Japan’s largest provider of telecommunications equipment and social infrastructure software and services, bases its long- term growth strategy on the transition from 5G to 6G, digital government, smart cities and digital finance. It supports cloud computing from Microsoft Azure and Amazon Web Services. Additionally, NEC offers facial recognition systems for use at airports in Japan and some other countries.

Hitachi, Japan’s largest industrial conglomerate, now gets nearly 30 % of its sales from the digital transformations in national and local government, finance, telecommunications and media, energy, transport and logistics, healthcare and, of course, manufacturing.

This was largely achieved by GlobalLogic’s acquisition of US-based Digital Engineering Services for$ 9.6 billion in 2021. GlobalLogic, which is now growing at a rate of more than 15 % per year, is forecast to provide 22 % of Hitachi’s consolidated revenue this fiscal year.

These and other Japanese companies are pursuing digitalization in cooperation, not competition, with US companies, and the digital deficit is partially offset by direct foreign investment. Google and Microsoft both have data centers in Japan, while Amazon has several logistics centers.

Another example: KDDI, Japan’s second ranking mobile telecom carrier, is in discussions with US server provider Supermicro to acquire space in Japan for a large new data center using Nvidia AI processors.

Taro Kono, Japan’s minister for digital transformation, told reporters last week that the key metric is “how many of the]digital ] systems and programs that everyone uses are made in Japan”.

That may be true, but from an overall economic perspective, it is not in line with the Digital Agency’s efforts to increase productivity and address the labor shortage. In 2023, Japan’s overall trade surplus with the US ( in both goods and services ) was$ 63 billion, or more than 10 times its digital deficit, which is mostly with the US. Based on their comparative advantages, the two nations have complementary trade relationships.

In contrast, China is building its own, increasingly autonomous digital economy. Japan has no corporate equivalents of Alibaba, Baidu or Huawei, but as things stand now, it does n’t need them. Follow this writer on&nbsp, X: @ScottFo83517667

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Malaysia headquartered Paywatch secures USmil funding in largest raise for Earned Wage Access startup in SEA

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  • Money to expand employee wellness programs and initiatives throughout the Ocean
  • Third Prime, the head investor, invests in financial and industrial technology companies.

The Paywatch team with founders, Richard Kim (seated, 2nd from right) and his brother, Alex Kim (3rd from right).

In what is believed to be the largest funding round closed by an earned- wage access ( EWA ) startup in Southeast Asia, Malaysian headquartered startup, Paywatch, has raised US$ 30 million ( RM141 million ) in funding from a mix of equity and credit facilities to supercharge growth.

With the help of new investors Octagon Venture Partners and Wooshin Venture Investment Corp., Paywatch received over US$ 14 million ( RM65 million ) in Series A equity funding led by Third Prime and a consortium of US investors, including Vanderbilt University and the University of Illinois Foundation. Additionally, it secured payment services worth US$ 16 million from big banks, including Citi and other big banks, at global locations.

]RM1 = US$ 0.212]

” We take great pride in the assurance these reputable investors and banks have in our vision in the midst of this money and tech winter. We were firmly convinced from the beginning that ensuring accessibility to major financial institutions and offering Received Wage Access at the lowest, minimum payment was the best course of action. Our rapid expansion and collection of high-caliber business customers validate our approach, even though it was a more difficult way to market, according to Alex Kim, president and co-founder of Paywatch, who co-founded the business in South Korea in 2020 with his nephew Richard Kim.

An ESG individual gain

Employees can access a portion of their accumulated earnings in real-time as it is earned, as well as before the conclusion of their pay cycle, thanks to Paywatch’s debt-free EWA solution, also known as on-demand pay, an impressive employee benefit.

Paywatch’s remedy has clearly decreased employees ‘ dependency on loans, alleviated home debt and enhanced fiscal management. Together, Paywatch’s smooth, fully automated program has greatly boosted businesses ‘ employee retention and efficiency, resulting in significant cost savings associated with hiring and training.

Paywatch has partnered and collaborated with a few Malaysian brands and institutions such as Lotus, Jaya Grocer, QSR Brands ( including KFC and Pizza Hut ), FFM Bhd, PayNet, Shopper360, Guardian ( part of DFI Group ), Corus Hotel ( under MUI Group ), Llao Llao ( by Woodpeckers ), Coway, Media Prima, University of Nottingham Malaysia, UNITAR and Durioo.

It claims that these partnerships show how committed it is to offering a revolutionary financial service that meets the demands of Malaysia’s labor.

Most foreign EWA in Asia, biggest level with US$ 58mil processed

The firm, which serves the largest foundation of employees in Asia, has processed more than US$ 58 million in salaries through its method to time, and its monthly disbursements have increased by as much as US$ 8 million, or 15 %, month over month.

According to Paywatch, this results in the largest EWA service in Asia by volume of transactions. By the end of the year, the company anticipates receiving more than US$ 120 million in salary, more than double its lifetime value.

Since its establishment in 2020 in South Korea, Paywatch has expanded quickly to three other markets- Malaysia, Philippines, Indonesia. With the most recent funding, the company is “ready to expand into new markets and develop even more financially inclusive tools for our users,” Kim said.

Along with the company’s other innovation efforts, a significant portion of the Series A funding will be used to enhance the company’s embedded finance offerings.

Third Prime, a U.S.-based early-stage venture capital firm that invests in global leaders in financial and industrial technology, is Paywatch’s leading investor for this funding round.

Malaysia headquartered Paywatch secures US$30mil funding in largest raise for Earned Wage Access startup in SEAIn the US and Latin America, EWA has become a common employee benefit. And with such great momentum, Paywatch is emerging as the market’s leading change agent in Asia. As markets with different regulations and cultures are increasingly popular, the rapid adoption of earned wage access is a gratifying time, said Michael Kim, General Partner of Third Prime ( pic ).

Aligning with Malaysia’s financial inclusion vision

With a strong base of clients in Malaysia, Paywatch’s innovative EWA solution is set to enhance the financial well- being of Malaysian workers, one of the outcomes stated in the country’s National Financial Inclusion Strategy.

Paywatch argued that its instant access to earned wages supports the Malaysian government’s efforts to combat income disparity and foster financial stability among its citizens.

First time for US university endowments

The direct investment by the Vanderbilt University and the University of Illinois Foundation in Paywatch is regarded as a milestone in the market because it marks the first time these endowment funds from US universities have made an investment in an Asian tech startup.

We have long supported financial inclusion, and we think Paywatch’s earned wage access technology can help the movement advance significantly. Beyond the technology, we also believe in the company’s dedication and commitment to delivering true impact in Southeast Asia”, shares Travis Shore, Chief Investment Officer of the University of Illinois Foundation.

The Paywatch management team with founders, Alex Kim (4th from right) and Richard Kim (5th from right).

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Jakarta marks last birthday as Indonesian capital, with plans to remain country’s economic hub

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CHALLENGES IN RESOLVING JAKARTA’S Troubles

For decades, Jakarta has been plagued with different issues such as storms, remoteness to fresh water, inadequate cover, weak waste management, traffic congestion, and pollution.
 
” We have a slogan- Restore Jakarta. Syahroni Fadhil, the director of environmental policy advocacy for WALHI Jakarta, said one of the ways to restore Jakarta is to create laws that support ecological interests.
 
” For example, conduct inspections on companies that contribute to waste in the rivers. Have these environmental audits been conducted?
 
Jakarta will be part of an “agglomeration” council to harmonise development plans with satellite cities such as Bogor, Depok, Tangerang and Cianjur.
 
The Jakarta special region law’s recommendation, according to urban planning expert Nirwono Joga, may present challenges in its efforts to address the city’s numerous issues.
 
” The regional leaders in Jabodetabekpunjur ( Jakarta and its satellite cities ) have a variety of political party backgrounds and interests. Do n’t forget they have their own development agenda”, he said.
 
” For example, if we talk about floods and providing clean water for Jakarta, is that the same problem for them? If they are forced to take part in dealing with floods, providing clean water, what is the benefit for them, for their city, ( and ) for their constituents”?

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Temporary hike in Changi Airport, Mandai Wildlife Reserve taxi surcharge to be made permanent from Jul 1

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SINGAPORE: Starting on July 1, the momentary increase to the car surcharge for travel to Mandai Wildlife Reserve and Changi Airport will become permanent.

ComfortDelGro and&nbsp, Strides Premier&nbsp, announced the impending permanent fare hikes on their Facebook pages&nbsp, on Monday ( Jun 24 ). &nbsp, ComfortDelGro added that “location taxes are imposed by the individual sites”.

CNA has contacted Singapore’s two different car firms, Trans- taxicab and Prime Taxi, on whether they will pursue match. &nbsp,

The S$ 8 ( US$ 6) daily surcharge for taxi trips from Changi Airport from 5pm to 11.59pm, and S$ 6 at all other times was first introduced in May 2022, before being extended. &nbsp,

Changi Airport said in 2022 that this was to “ensure a better source of cars” to the aircraft for&nbsp, people.

Starting on July 1, the temporary location fee will go from S$ 3 to S$ 5 for journeys between 1pm and 11.59pm at the Singapore Zoo, River Wonders, Night Safari, and Bird Paradise. &nbsp,

The temporary area surcharges were introduced more than two years ago to lessen the impact of the current price increase in gas and improve the availability of taxis for passengers. &nbsp,

The updated lasting fine changes, according to ComfortDelgro and Strides Premier, will only be visible on their respective websites starting July 1. &nbsp,

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NEET: How exam scandals are tainting India’s most competitive tests

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7 days before

By Soutik Biswas, India correspondent

AFP Candidates leave after appearing for National Eligibility-cum-Entrance Test (NEET-UG) exam at Cambridge school in Sector 27 Noida on May 5, 2024 in IndiaAFP

Kavya Mukhija spent hours last year taking an important government-run test for entry-level teaching positions at Indian universities, which was a searing day in Delhi.

The 25-year-old independent researcher and illness campaigner uses a wheelchair because she had a rare congenital situation with tight joints and found the exam room difficult to access. The center itself did not possess a wheelchair, and the rocky ramps were dug up outside.

If all this was not enough, a ruder surprise awaited her.

Authorities canceled the UGC- NET, as the test is known, after the four-hour test, which had been administered to over 900, 000 candidates in more than 300 cities while her caregiver mother was waiting outside in the blazing heat.

The integrity of the interview may have been compromised, according to a mysterious statement from the education ministry. Minister Dharmendra Pradhan acknowledged the leaks of the problem report on the “dark net” and the social media platform Telegram a day later.

” I feel quite unhappy. For me, it’s like a triple whammy. I do n’t believe I’ll be able to pass this exam once more, Kavya said to me.

Kavya Mukhija

Nearly 1, 000km ( 600 miles ) away in the city of Patna, Archit Kumar faces a similar challenge.

In May, the 19- year- ancient aspiring doctor sat for a 200- second global government- run academic exam where 2.4 million aspirants competed for over 110, 000 health college seats.

A scandal erupted shortly after the exam – four people were arrested in Bihar state for allegedly leaking the question papers of what is called the National Eligibility Cum Entrance Test (Undergraduate), or NEET-UG exam.

There were widespread allegations of cheating, with many candidates scoring suspiciously high marks. Aspirants openly reported being cold-called by touts demanding up to 3m rupees ($35,918; £28,384) for question papers just hours before the exam. Some even recorded the calls as evidence.

Many students and parents are demanding a re-test, with numerous petitions filed in courts for the purpose – and the Supreme Court is examining this. Mr Pradhan ordered an investigation and admitted “some errors limited to specific regions” had happened. He said the fate of millions of aspirants would not be held hostage for “some isolated incidents”.

ARCHIT KUMAR

None of this amenities Archit.

He had avoided even making friends for the past two decades and had avoided engaging in social life, studying 12 hours per day for one of the most economical test in the world. Scoring 620 out of the last 720 markings, he secured an every- India level of 53, 000.

” This has come as a surprise. There’s a lot of stress. This year, a friend of mine sat for the test for the second time in a row. Imagine his condition. Imagine having to pass a exam. I have forgotten so many things”, says Archit.

India’s assessment technique is in conflict. In truth, tests have long been plagued by cheating and document leaks. But then, big test managed by the condition- run National Testing Agency (NTA ), including those taken by Kavya and Archit, appear compromised. 3.5 million hopeful candidates ‘ prospects have been in danger as a result of alleged paper spills and manipulated scores in these exams in the past month. Last year, three different people tests conducted by the government were sometimes cancelled or postponed, affecting another 1.3 million individuals.

” Things have gotten worse. There’s a mob- like galaxy of instructors, touts and people who run test centres which is creating this condition”, says Maheshwer Peri, an educationist who has been tracking sheet leaks.

Getty Images NEET exam candidates and their parents protest against cancellation of Neet Re-Exam at Jantar Mantar on June 12, 2024 in DelhiGetty Images

Mr Peri says touts usually call aspirants, demanding settlement for question papers, maybe even accepting post- dated cheques. They advance the candidates ‘ exams ‘ papers and provide them with solved answers to memorize. Touts gather applicants’ online credentials to obtain their computers mildly and answer questions on their behalf during online exams.

Points are worse in state examination. In a society where most positions are mostly casual, anxious, and low-paying, query papers for different local government recruitment exams are usually leaked.

Recruitment exams for policemen, foresters, engineers, veterinarians and income-tax inspectors have been affected by leaks in the past. Papers have been leaked on WhatsApp, and stolen from storerooms. Suspects have hacked into servers of private companies handling exams. In 2022, Delhi police busted a major online cheating ring, helping candidates to cheat in top exams. They had hired Russian hackers to develop undetectable software, allowing them to remotely hack computers in exam centres.

Earlier this year The Indian Express newspaper investigated an astonishing 41 documented instances of paper leaks in recruitment exams over the past five years across 15 states, led by governments of different parties.

Getty Images Congress leader and MP Rahul Gandhi with party spokesman Jairam Ramesh, addressing media person on the issue of Neet Exam at AICC HQ on June 20, 2024 in DelhiGetty Images

Some 14 million applicants competing for just over 100 000 posts had their schedules affected by the leaks, according to the study. Things have been so bad that paper leaks became a hot- button issue in states like Gujarat, Uttar Pradesh, Madhya Pradesh, Rajasthan and Telangana during recent elections. The Bharatiya Janata Party, led by PM Narendra Modi, is now in charge of the majority of the country.

In 2015, the most audacious exam cheating scandal rocked Vyapam, a government office in Madhya Pradesh overseeing more than 50 exams for government jobs and local medical colleges.

Question papers were leaked, answer sheets rigged, impersonators- themselves bright, young students- were hired to sit for candidates and seats were sold to the highest bidder. Complicit teachers filled incomplete sheets, boosting grades.

According to Mr. Peri,” We have created an education system that encourages such fraud.”

For one, there is a yawning gap between demand from students and supply of seats, coupled with concerns over affordability.

Getty Images Delhi police arrested two private school teachers and a one tuition teacher from the national capital on Sunday for allegedly leaking CBSE question papers before the exam, on April 1, 2018 in New Delhi, India. The teachers, Rishabh and Rohit, took photos of the Class 12 economics question paper and shared it with Tauqeer (26), a tutor at Easy Class Coaching Centre, in outer Delhi's Bawana, almost an hour before the exam started, RP Upadhyay, special commissioner of police (crime), said.Getty Images

The enormous pressure and fierce competition highlighted by the fact that 2.4 million students competed for only 110, 000 seats in medical school this year. Of these some 55, 000- 60, 000 seats are in government- run colleges, with the remainder in private institutions. These seats are primarily reserved for underprivileged students.

A five-year MBBS course at a government college costs between 500, 000 and 1 million rupees, while private colleges can cost up to ten times that much.

Many people think this is largely responsible for India’s joblessness crisis. ” This is largely a skills crisis”, economist Karthik Muralidharan notes in his new book, Accelerating India’s Development. ” Millions of educated youth are unemployed, yet employers struggle to find adequately skilled manpower”.

Many students lack understanding of subjects and practical skills that employers value, owing to the educational system’s emphasis on passing exams through cramming. According to Mr. Muralidharan, improving skill development and vocational education would be better for India’s young people. He also makes a strong case for reforming the exam system to capture both students ‘ skills and knowledge as well as their rankings and marks.

Getty Images Aspirants undergo a security check before entering the exam centre as they arrive to appear for the NEET exam at Bal Bhavan Public school, on May 7, 2023 in New Delhi, India.Getty Images

For the moment, the government has promised a rigorous probe into the latest scandals and Mr Pradhan, the minister, has taken “moral responsibility” for the loss of faith among students.

Much more needs to be done. It’s unclear if a new anti-cheating law for government jobs and college entrance exams has been a deterrent. Mr Peri questions why authorities don’t conduct basic “hygiene” checks during the compilation of exam results. He suggests that authorities should investigate any irregularities if, say, six top scorers are from one exam centre or students who performed poorly in high school top an undergraduate exam.

” That would be a basic, good start”, he says.

The students do n’t appear to be hopeful though.

” We are losing faith in our exam system”, says Archit. ” We just do n’t understand what is going on”.

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China and European Union to hold talks on electric car tariffs

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After both sides agreed to negotiate a designed line of trade taxes, the risk of rising Foreign electric car prices in the EU may be reduced.

Although there are still issues with the tariffs, top officials from both regions agreed to continue to explore them on a Saturday contact.

The call marks the first time the two sides have agreed to negotiate since the EU threatened China with electric vehicle (EV) tariffs of up to 38%.

According to the EU, the government of China provided unfair subsidies for EVs. In response, China accused the Union of isolationism and business rule intrusions.

Trade Commissioner Valdis Dombrovskis and Wang Wentao, who is also a Taiwanese counterpart, were contacted by an EU official who described the conversation as” truthful and constructive.”

They stated that” all levels of dialogue will be maintained by the two sides in the upcoming days.”

The director also rebuffed the EU’s antagonism to China’s EV industry’s funding strategy.

They said “any negotiated result” to the proposed taxes may address the “injurious subsidisation” of Taiwanese EVs.

On Saturday, China made a similar speech and stated that it still disagreed with the EU.

Mr. Wentao met with German Vice-Chancellor Robert Habeck on Saturday in addition to its contact with the EU.

In a Facebook post about the meeting, China’s Ministry of Commerce said it had told Mr Habeck about its “firm opposition” to the tariffs.

To “firmly defend its legitimate rights and interests,” it reiterated its threat to file a lawsuit with the World Trade Organization ( WTO ).

The taxes have also received condemnation from Germany.

When the EU first proposed them last week following its investigation of Chinese EVs in the trading bloc, Germany’s Transport Minister, Volker Wissing, said the move risked a” trade war” with Beijing.

” The European Commission’s punitive taxes hit European firms and their best materials”, he wrote on X, previously known as Twitter, at the time.

The automotive sector in Europe has also been crucial.

Stellantis- which owns Citroën, Peugeot, Vauxhall, Fiat, and several other companies- said it did not support actions that” contribute to the world fragmentation]of business ]”.

The proposed charges range from 17.4 % to 38.1 %, depending on the brand and how much they negotiated with the EU’s investigation.

They may be added to the 10 % level currently in place for all Chinese electric cars.

The EU’s intervention comes after the US made the much bolder move of raising its tariff on Chinese electric cars from 25% to 100% last month.

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Outdated laws hinder growth

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Outdated laws hinder growth
Abhisit Vejjajiva

According to former prime minister Abhisit Vejjajiva, the country’s economy has slowed down and cannot be saved by just injecting wealth through initiatives like the government’s 500 billion-baht modern money handout plan, which will likely help boost the economy in just one or two quarters.

Mr. Abhisit also cited the urgency of amending laws in a particular meeting with the Bangkok Post as a solution for the country’s economic stagnation.

According to Mr. Abhisit, who rated Mr. Srettha’s effort to entice more foreign firms into Thailand as unsuccessful as it should have been, these legal difficulties are a significant obstacle to Prime Minister Srettha Thavisin’s efforts to do so.

Mr. Abhisit made reference to Mr. Srettha’s sessions with important businesspeople while traveling abroad.

Purchase problems

Global investors are primarily concerned about Thailand’s lack of laws, rules, and technology, especially now that the government has n’t but demonstrated clearly what fresh business direction Thailand is actually moving in, according to Mr. Abhisit.

Worse still, in wooing purchases from abroad, the Srettha leadership is focusing more on business sectors with little progress, said Mr Abhisit.

This state is attempting to address this key fundamental issue by introducing the online budget handout scheme and raising the minimum everyday wage to 400 baht, according to Mr. Abhisit, along with higher purchasing power only among a select few small groups of Thai consumers and a higher rate of household debt.

He cited Microsoft executives ‘ absence of the precise purchase figures the tech company had in mind when they made the announcement of their investment strategy in Thailand recently as one obvious example.

He claimed that while they have released their purchase plans for Thailand and Indonesia, they have left out their own investment plans.

He claimed that if Microsoft had actually intended to set up a data center in Thailand, it would have made clear what portion of the company’s guaranteed investment’s clean electricity use would need to be met.

According to Mr. Abhisit,” And we still do n’t have the answers to the questions that prospective international investors have raised regarding clean energy policies that will ensure the continuity of business development.”

Every business needs help

According to Mr. Abhisit, Thailand’s economic growth is typically attributed to the rise of large public companies, but in reality only those with concessions from the authorities are expanding, according to Mr. Abhisit.

This plainly shows Thailand’s financial growth happens in just specific firms, not across all business areas as it should be, he said.

He said,” The answer is that we need to start rewriting laws and regulations that have been debated for a while.”

Also Thai businesses find Thai rules difficult due to their complex laws. These regulations are outdated and inconsistent with current businesses, innovative technology and the economic system”, Mr Abhisit said.

According to Mr. Abhisit, yet the government’s plan to raise the minimum daily wage to 400 baht still needs constitutional amendments, adding that any additional delays in passing the laws may probably lead to an even worsening of the economy going into the new year.

” Up until now, we still have n’t seen the government making any real move in implementing those policies it had promised voters]during the election campaign] while pressure is mounting for it to honour its promises”, he said.

According to Mr. Abhisit, the ruling Pheu Thai Party and its precursor, the now-defunct Thai Rak Thai Party, were well known for their propensity to choose a quick repair, such as a signal program to finance an economic system, rather than addressing a root cause.

He predicted that the business will fail once more in one or two quarters once the effects of the short-term monetary stimulus are gone.

According to Mr. Abhisit, the alliance government’s efforts to boost the economy even lack unity.

New financial plans

The ruling party has generally maintained that the nation is experiencing economic slowdown and that the digital wallet freebies are intended to bring the country back from its slumber, according to deputy finance minister Paopoom Rojanasakul’s earlier statement to the Bangkok Post.

Mr. Paopoom attributed the slow economy to three factors: the inaction of the 2024 fiscal budget, ineffective fiscal and monetary measures to stimulate the economy, declining consumer confidence in spending, and a contraction in loans, particularly for small and medium-sized enterprises ( SMEs ).

” In brief, the fiscal business lacks weapons, and while the financial market has it, it refuses to use it. Banks are optimistic about extending money as a result of this. With all these factors, the government’s business is sluggish”, he said.

Mr. Srettha stated on Friday that the government would introduce extra steps to boost the economy.

He claimed he had a Thursday evening meeting with Finance Minister Pichai Chunhavajira about a variety of issues, including property market and economic stimuli.

” A major announcement on quick- term, medium- term and lengthy- term measures may be made on June 24 or 25″, the excellent minister said.

Asked if this would be good news, Mr Srettha said:” Let’s wait and see”.

He also said Mr Pichai will discuss the inflation target with Bank of Thailand ( BoT ) governor Sethaput Suthiwartnarueput.

Prior to this, Mr. Srettha stated that numerous foreigners were interested in funding projects in Thailand, including the” Land Bridge.”

This one trillion-baht project aims to build a logistics network connecting Chumphon province in the Gulf of Thailand to Ranong province along the Andaman Sea.

Additionally, it has two deep-water ports, a railroad system, and a land-to-air highway connecting the two provinces, with the intention of loading containers onto waiting container ships.

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Bread & Kaya: Impact of the Cyber Security Bill 2024 on the Cybersecurity Industry in Malaysia

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  • The 14 commonly used Religion. 10’s of Chief Executive Powers may be abuseable.
  • Paramount any parliamentary determine implemented does not inadvertently inhibit creativity

Bread & Kaya: Impact of the Cyber Security Bill 2024 on the Cybersecurity Industry in Malaysia

The Cyber Security Bill 2024 ( hereinafter referred to as the Bill or Act ) was passed by Parliament on April 3, 2024. The Bill may become presented for Royal Assent and consequently gazetted into law.

( Unless otherwise stated, links to any parts herein shall be made to the Cyber Security Bill 2024.)

This innovative law aims to improve the national cyber security by providing for:

  • The National Cyber Security Committee’s formation
  • Duties and powers of the Chief Executive of the National Cyber Security Agency
  • What are the responsibilities and functions of the national critical information infrastructure (NCII ) sector leaders, respectively.
  • Control of cyber security risks and computer security incidents to regional critical information infrastructures
  • to regulate and provide for related issues for the providers of computer security services through licensing.

Digital security policy is hardly a new idea. Singapore passed the Cybersecurity Act 2018, Thailand passed the Cyber Security Act 2019, Vietnam passed the Law on Cyber Security in 2018, Australia passed the Security of Critical Infrastructure Act 2018, and Ghana passed the Cybersecurity Act 2020.

Though bearing similarities to other foreign computer security legislations, the Bill brings back unique positions such as the Chief Executive and the federal critical information system market lead. These positions aim to give Malaysians a more industry-specific perspective on virtual safety management.

Amid the rising cyber intrusions in Malaysia, the Bill marks a vital step towards a secure online future. Through suggested steps, standards, and procedures, the country’s commitment to protecting NCII in both the public and private sectors is highlighted.

Applicability of the Bill

Regardless of nationality or citizen, the Bill will have an extra-territorial influence that will apply to anyone and apply to both domestic and foreign residents of Malaysia.

In practice, it may yet be difficult to capture international cybercriminals, especially if the criminals are usually based in states with weaker regulations and police. The potential impact of a wider extralegal approach on preventing or dissuading these criminals is limited.

While the Federal Government and State Governments are also content to the Bill, no trial action can be taken against them for any failure to comply with the rules of this regulation within this policy. The state will take all necessary steps to ensure that all government-related organizations, including those under the Federal Government, are compliant with the rules of this policy.

National Critical Information Network

The Bill introduces the NCII idea. It is defined as” computer or computer system which the disruption to or destruction of the computer or computer program would have a detrimental impact on the delivery of any company essential to the security, military, foreign relations, business, public health, public health or public attempt of Malaysia, or on the skill of the Federal Government or any of the State Governments to carry out its functions effectively”.

For instance, what laptop or computer systems are used to practice every banks or communications record? This includes

National Cyber Security Committee (NCSC )

The Bill establishes the NCSC, consisting of the Prime Minister, the Ministers accountable for certain government body and agencies, Chief Secretary to the Government, Chief of Defence Force, Inspector General of Police, Director General of National Security and two other persons who may be appointed by the Committee from among persons of position and knowledge in computer security.

The NCSC’s responsibilities include:

( a ) to plan, formulate and decide on policies relating to national cyber security,

( b ) to choose the best methods and tactics for addressing issues involving national cyber security.

( c ) to monitor the implementation of policies and strategies relating to national cyber security,

( d ) to consult and make recommendations to the Federal Government regarding policies and strategic measures to improve national cyber security.

( e ) to give directions to the Chief Executive and national critical information infrastructure sector leads on matters relating to national cyber security,

( f ) to oversee the Act’s effective application;

( g ) to do such other things arising out of or consequential to the functions of the Committee under the Act consistent with the purposes of the Act.

The NCSC shall have all the authority to carry out its duties in accordance with the Act, whether it be necessary, in connection with, or reasonably incidental to it.

The Chief Executive

The Act establishes the NCSC’s secretary, the Chief Executive ( Chief Executive ).

The Chief Executive is empowered under the Act to, among others, advise and make recommendations to the NCSC, implement policies relating to cyber security, appoint a cyber security expert, conduct a cyber security exercise for the purpose of assessing the readiness of any NCII entity in responding to any cyber security threat or cyber security incident, establish the National Cyber Coordination and Command Centre system for the purpose of dealing with cyber security threats and cyber security incidents and issue directives as necessary for the purpose of ensuring compliance with the Act.

Under Section 14, the Chief Executive has incredibly broad authority. Under section 14 ( 1 ), the Chief Executive has the power to direct for information. If he believes they have good reason to believe they have the information necessary to his duties and powers, he may require any person, public body, or organization to provide it. Failure of any person to comply with the request is liable to a fine not exceeding US$ 42, 440 ( RM200, 000 ) and/or to imprisonment for a term not exceeding three years.

The Chief Executive has a wide range of authority under this section because he or she may issue written notices to “any person” for the production of information, documents, or electronic media” as specified” or as the Chief Executive may choose. Though the duties and powers of the Chief Executive are set out in section 10, section 14 is still widely worded and this may be subject to abuse or exercised excessively or improperly.

The Chief Executive has complete discretion over the content and procedure of the direction for information. It is not subject to any external review processes. It is also noted that section 14 ( 1 ) uses the term “any person”. The Chief Executive may direct for such information from anyone, regardless of whether they own or run any NCII, with the deliberate choice of the term.

In any event, under section 14 ( 2 ), if the recipient of such a request does not possess the document, he shall state, to the best of his knowledge and belief, where the document may be found, and identify, to the best of their knowledge and belief, the last person who had custody of the document, and to state, to the best of their knowledge and belief, where that last- mentioned person may be found.

The recipient of such a request must make sure that the information, particulars, or copies of the document provided are accurate, and complete in accordance with section 14 ( 3 ), including a declaration that he is not aware of any additional information, particulars, or documents that might turn out to be false or misleading.

Failure of any person to comply with sections 14 ( 2 ) and/or 14 ( 3 ) will be liable to a fine not exceeding RM200, 000 or to imprisonment for a term not exceeding three years or to both.

NCII Sectors

The Bill sets out the following list of sectors regarded as NCII sectors that are crucial to Malaysia’s cyber security:

  1. the government
  2. banking and finance,
  3. transportation; 
  4. defense, national security,
  5. information, communication and digital,
  6. healthcare products and services
  7. water, sewerage and waste management,
  8. energy;
  9. plantations and agriculture,
  10. trade, industry, and economy, and
  11. science, technology, and innovation

NCII Sector Lead and NCII Entity

National Critical Information Infrastructure Sector Lead (NCII Sector Lead ) and National Critical Information Infrastructure Entity (NCII Entity ) are two different classifications introduced in the Bill.

The Bill defines NCII Sector Lead as “any Government Entity or person appointed as a national critical infrastructure sector lead for each of the NCII Sector. Any government entity or person may be appointed as the NCII Sector Lead for each of the NCII sectors, subject to the recommendation of the Minister in charge of cyber security ( Minister ). Each NCII Sector may have one or more NCII Sector Lead ( s ).

NCII Sector Leads will be, among other things, tasked with:

  1. designate any government entity or person as an entity which owns or operates NCII in respect of its appointed sector,
  2. create a code of practice that includes procedures, standards, and measures to safeguard an NCII within the NCII Sector for which it has been appointed ( Code of Practice ).
  3. implement the decisions of the NCSC and directives made under the Act, and
  4. monitor and make sure NCII entities fulfill their obligations.

NCII Entity is defined as” any Government Entity or person designated as an NCII Entity by a NCII Sector Lead, designated in such a manner as may be determined by the Chief Executive, if the NCII Sector Lead is satisfied that they own or operate an NCII”. If the Chief Executive is satisfied that the NCII Sector Lead owns or runs a NCII, he may also designate a NCII as an NCII Entity.

Government Entity means any ministry, department, office, agency, authority, commission, committee, board, council or other body, of the Federal Government, or of any of the State Governments, established under any written law or otherwise, and any local authority. Notably, an NCII Sector Lead, who is also a Government Entity, can only designate a government entity as an NCII entity.

NCII Entity may lose their designation if the NCII Sector Lead, or the Chief Executive ( in the case where the NCII Sector Lead itself is an NCII Entity ) is satisfied that the NCII Entity no longer owns or operates any NCII.

The NCII Entity’s responsibilities include, among others,:

  1. Introduce a code of practice: implement the measures, standards and processes as specified in the Code of Practice
  2. Audit: order an audit to be conducted to check whether the NCII entity is in compliance with the Act.
  3. Cyber risk assessments: conduct cyber risk assessments in accordance with the Code of Practice and directive.
  4. Notify the Chief Executive and the relevant NCII Sector Lead( s ) of any cyber security incident that has or may have occurred in connection with the NCII owned or operated.
  5. Provision of information: provide information relating to NCII owned or operated when there is a request by the NCII Sector Lead ( s ), when the NCII Entity procures or has come into possession or control of any additional computer or computer system which, in its opinion, is an NCII, or when a material change is made to the design, configuration, security or operation of the NCII.

We provide an explanation of what this entails because we think Cyber Security Incident will be of greatest interest to readers.

Cyber Security Incident

Any cyber security incident that may have occurred in relation to the NCII owned or operated shall be reported to the Chief Executive and the relevant NCII Sector Lead( s ) in accordance with section 23.

Upon receipt of the incident report, the Chief Executive will instruct an authorized officer to investigate the matter. The investigation’s goal is to determine whether an incident actually occurred and what can be done to correct it and take preventative measures to stop it from happening again.

Upon completion of the investigation by the authorized officer, if the authorized officer finds that-

No cyber security incident has occurred, and the authorized officer shall notify the Chief Executive of such findings and dismiss the matter accordingly.

( b ) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, if the authorised officer finds that a cyber security incident has occurred, the authorised officer shall notify the Chief Executive about such findings and the Chief Executive shall notify the NCII Entity accordingly.

The Chief Executive may send a directive to the NCII entity concerned after being informed that a cyber security incident has occurred and how to stop such cyber security incidents from occurring in the future.

Failure of the NCII Entity to comply with the directive of the Chief Executive on the measures necessary to respond to or recover from the cyber security incident and to prevent such cyber security incident from occurring in the future is an offence and it will be liable to a fine not exceeding RM200, 000.00 and/or to imprisonment for a term not exceeding three years.

licensing of providers of cyber security services

Importantly, the Bill introduces a licensing framework for cyber security service providers. A cyber security service provider is defined as a person who offers a cyber security service, and any cyber security service that the Minister may designate and for which a permit is required. It was stated in the presentation slides provided at the public dialog session of the Cyber Security Bill dated 24 Nov 2023 that a cyber security service is a service provided by a person for reward that is intended primarily for or aimed at ensuring or safeguarding the cyber security of an information and communications technology device belonging to another person.

A person who follows section 27

( a ) &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, provide any cyber security service, or

( b ) promotes, promotes, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, &nbsp, in any way, or otherwise promotes his services as a provider of a cyber security service.

shall hold a licence to provide a cyber security service.
This does not apply where a business provides a service to a subsidiary company.

Any person or entity that provides cyber security services or holds themselves out as a provider of cyber security service without a licence shall be liable to a fine not exceeding RM500, 000 and/or to imprisonment for a term not exceeding10 years.

Foreign businesses that offer cyber security services in Malaysia must also register as such entities.

According to section 28, an applicant must not have any convictions for offences involving fraud, dishonesty, or moral turpitude. Additionally, the Chief Executive will set forth additional prerequisites for license applications.

Under section 29, when the Chief Executive receives the application for licence, the Chief Executive may approve the application and issue to the applicant upon payment of the prescribed fee a licence in such form as may be determined by the Chief Executive. The Chief Executive must explain the reasons why a licence application is turned down by him. The Chief Executive may issue a licence that is subject to such conditions as the Chief Executive thinks fit to impose, and the Chief Executive may at any time vary or revoke the conditions imposed on a licence.

Additionally, licensees are required to maintain and uphold records. They must record particulars such as the licence holder, or any person acting on his behalf’s name, details of the services provided, and any other particulars the Chief Executive requires. The records shall be kept and maintained in the manner that the Chief Executive may choose, kept for a period of at least six years after the provision of the cyber security service, and delivered to the Chief Executive at any time as the Chief Executive may request.

Based on the presentation slides provided at the public dialog session of the Cyber Security Bill dated 24 Nov 2023, the requirement of licensing will likely apply to service providers that provide services to safeguard information and communications technology devices of another person. Using the case of penetration testing, security operations centers, and providers.

In comparison, Singapore Cybersecurity Act 2018 also sets out the same types of service providers i. e. penetration testing and managed security operations centre monitoring.

Due to the sensitive client data they handle, these two services take precedence. They are also widely used in the Singapore market, making them influential in shaping overall security measures. Additionally, industry concerns that broader licensing requirements might prevent Singapore’s development of a vibrant cybersecurity ecosystem are taken into account when deciding to limit the licensing framework to these two services.

Positive step for Malaysia in the face of increasing and evolving cyber threats

In light of the growing and evolving cyber threats, Malaysia should take a positive and timely step with the Bill. The Bill has the potential to address existing legal gaps and enhance cyber defence mechanisms. In the context of a rapidly evolving cyber landscape, this is a significant milestone in protecting the NCII.

However, given the presence of certain uncertainties and shortcomings, it is hoped that such uncertainties and shortcomings can be resolved through implementations of regulations and guidelines. The Act must strike a balance between protecting the rights of the parties involved and promoting business.

Given the potential financial constraints that the NCII Entities may encounter while adhering to the provisions of the Act, it is imperative for the Government to extend support in various forms, such as tax benefits, incentives, grants or subsidies, guidance, to alleviate their burden, fostering an environment conducive to innovation and digital advancement.

In addition, it is crucial for the government to schedule an interim period of industry consultation and feedback, making necessary adjustments and responses, and ensuring its effectiveness in light of the Code of Practice’s implementation. It is paramount to ensure that any legislative or policy measures implemented within the cyber environment do not inadvertently impede innovation or hinder the growth of the digital economy.

Organizations can restrain their concerns by developing robust internal cybersecurity capabilities in spite of the difficulties caused by these changes. Due to the negative publicity and financial risks of cyberattacks, being prepared for cybersecurity is becoming essential for businesses. Organizations should be prepared, anticipate being designated as an NCII entity, and take proactive steps to ensure that once the Act is in effect, it will be in line with its requirements. This involves ensuring that they have the necessary processes, structures, and personnel to manage cybersecurity issues and comply with regulations.

These capabilities include the following:

1 ) strengthen their cybersecurity

2 ) review, update, and re-evaluate their current cyber security policies and procedures. If they lack such policies and procedures, they should consult with legal and professional experts to create them

3 ) take risk assessment measures

4 ) develop and implement effective risk management strategies

5 ) develop plans for responding to cyber security incidents.

6 ) obtain the necessary cyber insurance

7 ) threat intelligence analysis to anticipate potential threats

8 ) establish cyber security incident handling and digital forensics

9 ) carry out penetration testing and cyber-security network defense, and

10 ) foster cybersecurity awareness of the various types and sophistication of cyberattacks among employees and third- party contractors by organising regular and consistent cyber security training or tabletop simulations of cyberattacks.

While cost increases are inevitable, they are crucial when it comes to cyber insurance because it could lessen the effects of a cyber security breach or non-compliance with the Act. From an insurance standpoint, regulatory protection within a cyber policy covers expenses related to legal defence and investigation in the event of regulatory inquiries or claims arising from cyber incidents or mishandling of such events. Costs for breach response, data administrative investigation, and regulatory investigation costs are among the other insurable costs in a cyber policy. The requirement for mandatory reporting of cyber incidents can help insurers more accurately price risks and provide better protection.

Given the lack of standardized forms in the Asian cyber insurance market, organizations should be aware of their specific risk exposure when evaluating cyber insurance. Consequently, policies vary in their coverage. The breadth of coverage is largely determined by even tidbits of language. &nbsp,

Everyone at the company must be aware of cyber threats and attacks as a result of the widespread use of artificial intelligence and its growing use by threat actors for cyberattacks. This is particularly important because most cyber security incidents are often caused by human susceptibility, carelessness, or accidents.

Second year of Joanne Wong’s Help University’s Bachelor of Law program.

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