Author: The New Economy

Cyberattacks affect more than two-thirds of German manufacturers

Posted on by The New Economy

A new report by Germany’s largest IT sector association, published on September 6, has revealed the astronomical cost of cybercrime within the country’s manufacturing industry.

Bitkom surveyed 503 managers and security chiefs across the German industrial sector and found that 68 percent of firms had been subject to a cyberattack in the past two years, with 47 percent of those attacks causing significant harm. This equated to €43bn ($50bn) worth of damage across the sector.

The survey highlighted multiple ways in which firms were targeted; two-thirds of participants had mobiles stolen, and one quarter had lost sensitive digital data.

Of those surveyed, 19 percent had fallen victim to sabotage of IT and production systems, 11 percent had their communications tapped, and 21 percent had experienced thefts of sensitive documentation or machinery. Small and medium sized enterprises (SMEs) were revealed as being the most vulnerable to attacks.

Cyberattacks can be financially crippling, particularly for SMEs, and it can take months to rebuild data protection structures

Achim Berg, Head of Bitcom, said in a statement published by Reuters: “With its worldwide market leaders, German industry is particularly interesting for criminals.” He also urged firms to step up their cybersecurity measures and invest in data protection, stating: “Those who do not invest in IT security are negligent and endanger their business.”

Germany is Europe’s largest economy and one of the world’s leading exporters. The country’s development and implementation of advanced manufacturing techniques has made heavy industry a high-value sector and a continual target for hackers. Notably, a significant number of German energy and electricity providers suffered a widespread cyberattack in June this year, which was later attributed to Russian hackers.

Bitcom’s latest report proves that it is more vital than ever before for companies to invest in cybersecurity and protect themselves against digital threats. Cyberattacks can be financially crippling, particularly for SMEs, and it may take months to rebuild data protection structures.

As Thomas Haldenwang, Vice President of the BfV domestic intelligence agency, said: “Illegal knowledge and technology transfer, social engineering and economic sabotage are not rare individual cases, but a mass phenomenon.”

Cyberattacks are becoming an inevitability in our digitally focused world, and companies must continually evaluate the robustness of their online security systems to protect themselves from ever-evolving threats.

BP to buy the largest electric vehicle charging network in the UK

Posted on by The New Economy

On June 28, British oil giant BP announced it would acquire Chargemaster, the largest electric car charging company in the UK. The move is the latest in a recent string of deals by oil companies moving into the electric space.

BP, which has not disclosed the purchase price, said it would begin rolling out charging stations at its 1,200 filling stations. The deal will see Chargemaster be rebranded BP Chargemaster. The charging company also has extensive connections in Europe, as it provides over 50,000 charging points across the continent.

As electric cars become an increasing presence on roads, the demand for charging stations is set to increase dramatically. BP estimates that by 2040 there will be 12 million electric cars in the UK.

In the statement, Tufan Erginbilgic, chief executive of BP Downstream, said: “At BP we believe that fast and convenient charging is critical to support the successful adoption of electric vehicles.”

“Combining BP’s and Chargemaster’s complementary expertise, experience and assets is an important step towards offering fast and ultra-fast charging at BP sites across the UK and to BP becoming the leading provider of low carbon vehicles, on the road or at home.”

Chargemaster, which runs POLAR, the largest public charging network in the UK, has over 6,500 charging stations and boasts 40,000 customers that can pay either on a pay-as-you go basis or on a monthly subscription of just over $10 for unlimited access.

BP is not the first major oil company to venture into charging networks for electric vehicles. In October, rival Shell bought one of the largest charging networks in Europe, NewMotion. Indeed, this is also not the first sizeable investment BP has made into electric vehicle charging. In January the company invested $5m in FreeWire, a US-based charging network.

Alibaba hits a record $25.3bn in sales on Singles’ Day

Posted on by The New Economy

On November 12, Chinese e-commerce giant Alibaba reported a record $25.3bn in sales on Singles’ Day. The event is celebrated on November 11 in China and is the biggest commercial day of the year, with sales reaching at least 225 countries worldwide.

Although the celebration for single people has existed since the mid-90s, the annual event has become a relevant date for online retailers in China since 2009, when Alibaba began offering discounts on its e-commerce platform. In the last few years, other Chinese companies, such as JD.com, have also taken part in the festival, which has recently reached a global level and has made the opportunity for retailers even greater.

During the busiest periods, the company registered 256,000 transactions per second

As in previous years, Alibaba was the big winner as it generated CNY 168.2bn ($25.3bn) in sales. The figure represents an increase of around 42 percent against sales in the 24-hour event in 2016. The Wall Street Journal reported that last year’s total had already been beaten by 1pm on Sunday, just 13 hours after it had begun.

The Singles’ Day numbers are significantly larger than those of Black Friday – celebrated the day after Thanksgiving – and Cyber Monday, which this year will take place on November 24 and November 27 respectively.

In 2016, Black Friday’s sales were above the $3bn mark for the first time, with a total of $3.34bn sales. Cyber Monday was also successful: billed as the biggest day in the history of US e-commerce, it reached $3.45bn in sales, according to estimations by Adobe Digital Insights. Nonetheless, these two commercial days combined only account for just over a quarter of the most popular day for retailers in China.

According to Bloomberg, mobile transactions accounted for about 90 percent of Alibaba’s Singles’ Day sales. Indeed, during the busiest periods, the company registered 256,000 transactions per second.

Smartphones and home appliances were the favourites of the public, but buyers also spent higher amounts on luxury goods: for example, an Aston Martin racing yacht was purchased for $2.56m.

Meanwhile, JD.com reported sales of $19.1bn, up by 50 percent on last year’s figure. However, unlike Alibaba’s figure, this total includes 11 days of transactions, as the company also includes the 10 days leading up to the big day.

With a new record far surpassing that achieved in other countries, China has proved its leadership in e-commerce once more.