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Technology and Information Risks

  • An expansion of the Magniber ransomware has been recorded. The malicious program was first identified in October 2017 when the Magnitude exploit kit operator began its distribution.
  • An increase in the number of cyber-attacks targeting Internet of Things (IoT) devices was recorded during the Helsinki Summit between U.S. President Donald Trump and Russian President Vladimir Putin.
  • Recently, social media app Instagram announced that it would be updating its security measures to guard users' information against SIM hacking.

Market and Economic Risks

  • The Indian Ministry of Commerce and Industry has recommended the imposition of a 25% tariff on solar cells and modules imported from China and Malaysia.
  • The EU competition commission has fined Google EUR 4.34 billion (USD 5.1 billion) for anti-competitive practices after 39 months of investigations.
  • Cuba will officially recognize private property under a new constitution featuring economic policy changes.

Hazard and Event Risks

  • A steam pipe under the street at Fifth Avenue and W 21st St in Midtown Manhattan, New York, exploded at the beginning of the morning rush hour on July 19, 2018.
  • On July 18, Japan and the EU signed an agreement on free trade between the two parties. The deal includes almost all types of goods traded between the two parties; Japanese cars and European food products have been highlighted as products that the agreement would impact the most.
  • Last week, Peru's President Martin Vizcarra declared a 60-day state of emergency period on the Amazon basin province of Putumayo, near the Colombian and Ecuadorian border, after the arrest of 50 Revolutionary Armed Forces of Colombia (FARC) rebels who were taking refuge in the region.

Operational and Physical Risk

  • On July 14 , the South Korean Minimum Wage Commission (MWC) announced that the country’s minimum wage would be raised to KRW 8,350 (USD 7.4) an hour from January 1, 2019 - a 10.9% increase from the existing wage.
  • In Panama, protest action against the increase in electricity tariffs has intensified, and on July 16 it reached a breaking point with a 24-hour general strike reported.
  • In recent days it has been reported that the maritime port of Manzanillo, Colima, has exceeded its capacity due to a shortage of cargo vehicles. The transportation of merchandise out of the port has recorded up to 24-hour delays affecting operational productivity.

July 23, 2018

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