Tag: Top

Cyberattack is top concern for businesses in India: Aon Survey

Businesses have identified cyberattack/data breach, business interruptions and failure to attract or retain top talent as their main risks in India, says a report by global professional services company Aon.

In Aon’s 2023 Global Risk Management Survey, the businesses surveyed listed cyberattacks or data breaches as their topmost concern, up from being at the seventh position in the company’s 2021 survey.

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In its ninth edition in 2023, the biennial survey gathered inputs from some 3,000 risk managers, c-suite leaders, treasurers, talent professionals and other executives from 61 countries and territories to identify their most pressing business challenges.

Aon’s report said India’s dependency on technology is increasing as adoption of digital infrastructure like the Unified Payments Interface (UPI), Aadhaar and Open Network for Digital Commerce (ONDC) gets deeper. With increasing digitisation, cybercrimes are becoming rampant and the costs and complexities associated with such breaches are forcing organisations to look at risk mitigation and transfer mechanisms to better manage cyber risks.

The report ranks business interruption as the No.2 concern of enterprises globally. For India, however, only 16.7% of Indian companies have reported suffering a loss as compared with 32.2% globally. This shows the ability of Indian firms to deal with incidents in a manner that minimises the impact of business interruption losses.

The survey reveals that failure to attract or retain top talent is the third biggest risk facing organisations in India. Globally, it is ranked as No.4 on the list of critical risks and is expected to remain so till 2026.“As leaders look to the future of their businesses, the risk landscape

US court absolves top tech companies in Congo’s child labor case

LONDON — A U.S. court has absolved five of America’s biggest tech companies in a case over their alleged support of child labor in cobalt mining in the Democratic Republic of Congo on Tuesday

The five tech giants — Apple; Alphabet Inc., the parent company of Google; Dell; Microsoft; and Tesla — were accused of “knowingly benefiting from and aiding and abetting the cruel and brutal use of young children in the Democratic Republic of Congo to mine cobalt” in case documents seen by ABC News.

However, in a 3-0 decision on Tuesday, the U.S. Court of Appeals for the District of Colombia held that the tech companies could not be held liable, with the court decision stating they did not have anything more than an “ordinary buyer-seller transaction” with suppliers in the DRC.

“Many actors in addition to the cobalt suppliers perpetuate labor trafficking, including labor brokers, other consumers of cobalt, and even the DRC government,” the decision read. “Issuing an injunction to the Tech Companies to ‘stop the cobalt venture from using forced child labor’ would not bind the direct perpetrators of the unlawful labor, who are not before this court.”

The case was brought by 16 plaintiffs in December 2022, including four former miners and legal representatives of child miners who lost their lives and suffered major injuries in cobalt mining operations in the DRC.

The defendants were accused of “knowingly benefitting from and aiding and abetting the cruel and brutal use of young children in the DRC to mine cobalt,” and the case claims that the defendants “know and have known for a significant period of time” about the human rights violations in the DRC’s cobalt mining supply chain.

PHOTO: In this stock photo an aerial view of Artisanal Gold Miner, near Mongbwalu, Democratic Republic of the Congo is seen.

In this stock photo an aerial view of Artisanal Gold Miner, near Mongbwalu, Democratic Republic of the

Fortune 500 list: The top 10 companies ranking

This year marks the 70th anniversary of the Fortune 500, a list of the largest U.S companies ranked by revenue. The first edition was published in 1955, with companies like General Motors, Jersey Standard, U.S. Steel, and Chrysler topping the list. 

Today, a new cast of characters are dominating. In 2023, Chevron secured the 10th spot on the list, bumping off drugmaker Cencora, after the oil company recorded $36.5 billion in profits last year.

Here are the top 10 companies from the Fortune 500 list in 2023. Our 2024 list will launch in June. 

  1. Walmart

Walmart raked in over $611 billion in revenue last year to secure the first spot for 11 straight years. The company recently completed a $2.3 billion acquisition of TV maker Vizio, a move that experts say will help the company advertise to customers. 

The company, headquartered in Arkansas, is run by CEO Doug McMillon and employs over 1.6 million people.   

The company also bought entrepreneur Marc Lore’s startup, Jet.com, for $3.3 billion in 2016 and is running a pilot of Lore’s latest company, a restaurant concept called Wonder, in one of their supercenters. Walmart plans to open two to three more of Lore’s restaurants in their retail chains this year.

As one of several retailers, like Target and Home Depot, to report sales losses due to “shrink,” or inventory loss that includes theft, Walmart has recently posted limitations on self-checkout lines to alleviate shoplifting, which accounted for over $112 billion in industry losses in 2022, according to the National Retail Federation. 

  1. Amazon

Amazon, with a yearly revenue of nearly $514 billion, holds the number two spot on the list for the fourth year. 

Run by CEO Andy Jassy, the ecommerce giant also offers cloud services and digital advertising along with streaming platforms like Fire

Warren Buffett Purchased A Business For $60 Million That Was Started With Just A $500 Investment — The Founder ‘Never Went To School A Day In Her Life’ And Barely Spoke English, But Buffett Says She Would ‘Run Rings Around’ Top Executives And CEOs

Warren Buffett, the esteemed billionaire investor and head of Berkshire Hathaway Inc., once made a strategic acquisition that underscores the value of entrepreneurial spirit and shrewd business acumen. In 1983, Buffett purchased 90% of Nebraska Furniture Mart (NFM), a company started with a $500 investment, for approximately $60 million. The founder of NFM, Rose “Mrs. B” Blumkin, demonstrated extraordinary capability in growing her business from humble beginnings to a national leader in the home furnishings industry.

Blumkin’s journey from a small village near Minsk, Belarus, to the pinnacle of American retail is both inspiring and instructive. Arriving in the United States without money, formal education or the ability to speak English, she showcased determination and business savvy. “Never went to school a day in her life,” Buffett said during a 2019 interview with CNBC’s “Squawk Box.”

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By 1937, at the age of 43, Blumkin founded NFM in the basement of her husband’s shop in downtown Omaha, Nebraska, turning a $500 investment into the largest home furnishings store in the country.

Buffett, who has a keen eye for exceptional businesses, described Blumkin’s competitive edge with admiration, stating she would “run rings around” top business school graduates and Fortune 500 CEOs if given the same resources, according to a New York Times article announcing her death at 104 years old.

His decision to acquire NFM was based not on traditional business due diligence but on his confidence in Blumkin’s leadership and the company’s solid business model. The deal was sealed with a handshake and a simple 1¼-page contract.

Trending: 

Even after the acquisition, Blumkin continued to influence the retail industry, working at NFM until she was 103 years old. Her decision to open a rival store after a brief retirement at 95 demonstrates her drive and commitment

What are the top insurance concerns of Canadian farmers?



What are the top insurance concerns of Canadian farmers? | Insurance Business Canada















The agriculture industry has shifted dramatically – but not insurance

What are the top insurance concerns of Canadian farmers?

Insurance News

By
Gia Snape

Canada’s agricultural industry has shifted dramatically over recent decades. However, change within agriculture insurance has not kept pace, according to one managing general agent (MGA) catering to the sector.

Mass consolidation, the next generation of farmers taking over, and advancing technology have made an indelible mark on agriculture, according to First Acre Insurance CEO Robin Shufelt (pictured).

“We haven’t addressed those changes in a full way,” she told Insurance Business.

“The farms are getting bigger, they’re purchasing each other, and they have more expensive equipment. All that drives up their limits.

“We talked to farmers who had four different policies with different carriers, which became cumbersome and it’s a challenge for them. We also found that a lot of the insurance offerings that were out there today weren’t necessarily specific to the needs of farmers today.”

Top insurance concerns for Canadian farmers and farm businesses

Broker and farmer feedback informed the development of First Acre’s new agricultural platform.

According to Shufelt, insurance to value and having the right tools to address their risks were two significant concerns expressed by farm clients. 

“Equipment was a big one. All the big equipment they use is expensive, and if one fails, from a farming perspective, [equipment] can be quite challenging,” she said.

“But they’re also finding is that they would have a piece of equipment on day one, but in a year, their current provider couldn’t insure it anymore because the value had changed, and so that was causing problems as well.

“Farmers are also entrepreneurial, and they will run different businesses as

Top 40 Program Honors Penticton’s Business Leaders and Inspires Future Generations

In the heart of British Columbia, the Penticton and Wine Country Chamber of Commerce is rolling out the red carpet for its unique initiative: the Top 40 program. This recognition campaign, launched in collaboration with the Kettle Valley Memorial, will honor exceptional individuals who have made significant contributions to the local business landscape. The program will recognize twenty individuals under 40 years old and twenty individuals aged 40 and above.

Honoring the Architects of Penticton’s Success

The Top 40 program seeks to acknowledge those who have demonstrated remarkable leadership, vision, and innovation in their respective fields. Nominees will be evaluated based on their achievements, impact on others, and commitment to social responsibility and community involvement. This comprehensive approach ensures that the program not only celebrates professional milestones but also recognizes the importance of fostering a supportive and thriving community.

The Penticton and Wine Country Chamber of Commerce is a stalwart advocate for the local business community. With over 800 members, the Chamber represents a diverse array of industries, from tourism and agriculture to technology and professional services. By launching the Top 40 program, the Chamber aims to inspire and motivate the next generation of business leaders while paying tribute to the trailblazers who have paved the way.

A Celebration of Excellence

Nominations for the Top 40 program are now open and will remain so until March 3rd. The Chamber encourages community members to submit nominations for individuals who they believe have made a significant impact on Penticton’s business landscape. Nominees must be residents of Penticton or the surrounding area and must have demonstrated a commitment to the community through their professional and personal endeavors.

Once the nomination period has concluded, a panel of esteemed judges will carefully review each submission and select the Top 40 recipients. These individuals will be

Top 11 Stocks to Buy From all 11 Sectors | Investing

In investing, a sector is a broad business category that a given company belongs to. Grouping companies, especially companies that offer stock to the public, by sector is a helpful way of sorting them into convenient groups.

There is no law or regulation that dictates the official names and criteria of sectors, but the financial industry has adopted and generally adheres to a specific set of sector groupings called the Global Industry Classification Standard, or GICS. The GICS was developed in 1999 in a joint effort between Standard & Poor’s Global and Morgan Stanley. It has been a reliable industry standard ever since.

Under the GICS there are 11 sectors. They are as follows:

Knowing a company’s sector is very useful when selecting stocks to buy and hold in an investment portfolio. Because different sectors can perform differently according to their own specific market and economic conditions, diversifying holdings among sectors can reduce the overall risk of a portfolio. In this way, sector diversification is an effective risk reduction strategy.

Unfortunately, with thousands of stocks grouped into 11 sectors, picking the right ones to buy can seem like a daunting task. Here’s a look at one top stock from each of the 11 different sectors:

SHW

Sector: Materials
Industry: Specialty chemicals

With manufacturing, distribution and retail outlets in 120 countries, SHW is a world leader in the development, production and distribution of paints, stains and coatings for retail and commercial customers.

SHW is a large-cap

Top 3 Cybersecurity Trends for SME Business Leaders

As Cynet’s COO (chief operating officer), my team and I get to work closely with risk management executives at small-to-medium enterprises (SMEs) around the world. In this piece, I’ll distill insights from our collaboration into three salient trends for 2024, supported by stats and studies from across the cybersecurity practice.

These emerging patterns pertain to organizations of all shapes and sizes — but, make no mistake, the greatest effects will be felt by SMEs where lean security teams with shoestring budgets are the norm. For companies with 1,000–5,000 employees, the average cost of a data breach reached $4.87 million in 2023 — a year-over-year increase of nearly 20%, according to IBM.

I highly encourage business leaders to leverage resources like the 2024 Cybersecurity Planning Checklist for a holistic understanding of the security technologies, services and initiatives needed to manage risk in the year ahead. You can also watch an on-demand webinar as we connect our findings to actionable advice you can implement to protect your organization’s most critical operations and valuable assets.

Trend 1: SMEs Will Face Recognizable Risks at Unprecedented Scale

Executives will be challenged to boost security awareness, expertise and capability — without adding costly headcount.

The potential to bolster or bypass cybersecurity measures with artificial intelligence is far from breaking news. But don’t worry: this forecast steers clear of the canned prognostications you’ve been reading since ChatGPT became a household name.

Initially, speculation was abundant that adversaries would weaponize GenAI to invent never-before-seen malware with the click of a button. That didn’t happen. Instead, my team has observed the use of GenAI to proliferate existing threats at unprecedented scale. This trend will continue to typify automated attacks.

A parallel effect of GenAI is that rookie hackers will wreak havoc in 2024.When mainstream platforms implement guardrails to deter

What are the top cyber exposures facing UK businesses?



What are the top cyber exposures facing UK businesses? | Insurance Business UK















Expert weighs in on the evolution of cyber risk

What are the top cyber exposures facing UK businesses?

Insurance News

By
Mia Wallace

In a recent IB Talk podcast, Chris McMurray, managing director of cyber at Travelers Europe, shared how he has seen the cyber security landscape change over the past few years, and why the need for appropriate cyber coverage has never been more apparent.

“The first thing to say is that cyber doesn’t recognise geographical boundaries,” he said. “So the exposures facing UK businesses are the same that businesses are facing globally. Ransomware remains a high-level threat, and indications are that the number of ransomware-related incidents has continued to increase at pace in the last year.

“I don’t think that’s something that’s likely to slow down, and companies from SME level right to through to large multinationals are all in scope for threat actors. In addition, we are seeing an increased amount of business email compromise. Phishing attacks have developed to a very sophisticated level, from the early days of an email with spelling mistakes or other obvious tells that are easier to spot.”

McMurray noted that, at the moment, firms in the professional services space and the financial services sector, in particular, seem to be seeing a lot of activity. That’s why it’s imperative that companies have an ongoing training program to help their employees identify when something doesn’t look or feel quite right, he said, and so prevent the threat from escalating.

“In addition, a data breach leading to a loss of data or

COMMENTARY: Ottawa’s Disinterest in Entrepreneurship and Business Investment Hurting Economy – Canadian Energy News, Top Headlines, Commentaries, Features & Events

Ottawa’s disinterest in entrepreneurship and business investment hurting economy
Justin Trudeau

There’s a basic law of economics that says when people don’t value something, they’ll ultimately get less of it. Since taking office in 2015, the Trudeau government has made it fairly clear it doesn’t value entrepreneurship and private-sector business investment.

At every turn it’s chosen more government, whether it’s more spending (and the higher taxes and borrowing that accompany it) or more regulations. And the discounting of entrepreneurship and business investment has led to a drop in both, leading to a less prosperous Canada.

There’s a simple way to test the Trudeau government’s interest in entrepreneurship and private business investment, which is to review its four throne speeches (201520192020 and 2021) when the government outlines its priorities for the coming Parliament.

In total, the four throne speeches included more than 14,000 words, yet the word “entrepreneur” (or derivations of it) only appeared four times including two references to government programs to encourage entrepreneurship. The word “investment” appears 24 times but every instance except one refers to government spending rather than private business investment. It should be no surprise that Trudeau government policies have favoured expanded government at the expense of policies that would encourage or, at least, not encumber entrepreneurs and business investment.

The decline in business investment has been marked. Between 2014 and 2022, business investment in plants, machinery, equipment and new technologies declined (on average) by 1.2 per cent annually (after adjusting for inflation and excluding residential construction). In contrast, between 2000 and 2014, business investment grew (on average) by 4.3 per cent annually.

Also, according to a recent study, between 2014 and 2021, the latest year of available data, business investment per worker (inflation-adjusted in Canadian dollars, excluding residential construction) in Canada decreased by $3,676 (to $14,687) while