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BSE issues cybersecurity advisory amid rising Pakistan-linked threats to Indian BFSI Sector

Business News - May 8, 2025 - 12:05pm
BSE has issued a critical advisory to market participants following a cybersecurity alert from the Indian Computer Emergency Response Team (CERT-In), which highlights an ongoing cyber threat campaign specifically targeting organizations within India's Banking, Financial Services, and Insurance (BFSI) sector.The advisory serves as a precautionary measure, urging market participants to bolster their cybersecurity defenses against potential high-impact cyber-attacks, including ransomware, supply chain intrusions, Distributed Denial-of-Service (DDoS) attacks, website defacements, and malware."Market participants are particularly advised to take precautionary measures on potential cyber risks including high-impact cyber-attacks such as ransomware, supply chain intrusions, DDoS attacks, website defacement and malware," a circular stated.Precautionary Measures for Indian Market ParticipantsThe advisory urges market participants to take immediate action in response to the ongoing cyber risks. The following steps are recommended:Ensure Security Controls: Review security controls to ensure they comply with the SEBI Cyber Security and Resilience Framework (CSCRF), as per the latest guidelines issued on 20th August 2024.Conduct Risk Assessments: Identify vulnerabilities and take corrective measures to mitigate risks.Strengthen Security Monitoring: Enhance system security monitoring and update incident response plans to quickly address any potential breaches.Leverage Threat Intelligence: Act on the threat intelligence and advisories released by CERT-In and the National Critical Information Infrastructure Protection Centre (NCIIPC).Increase Threat Hunting: Proactively search for potential threats within networks and systems.Report Incidents: Ensure timely reporting of any cyber incidents to the exchanges and regulators, as per prescribed timelines.This advisory follows heightened tensions after India struck nine terror-related targets in Pakistan and Pakistan-administered Kashmir (PoK) using precision munitions.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Categories: Business News

Two major winners of India-UK trade deal

Business News - May 8, 2025 - 11:25am
India’s decision to slash tariffs on UK-made cars to whiskey as part of a sweeping trade pact could create a line of winners, including Jaguar Land Rover and Diageo Plc.The Free Trade Agreement, announced Tuesday after three years of negotiations, will make it cheaper for UK firms to sell their whiskeys, cars, auto parts, cosmetics, biscuits, clothes and electrical machinery in the world’s most populous nation. Indian exporters to the UK will benefit from lower levies on 99% of products and services.The deal saw India opening up some of its most protected sectors — cars for instance — and sets a precedent for other trade pacts under discussion, including with the European Union and the US. Such bilateral agreements also provide a cushion against the tariffs pain inflicted by US President Donald Trump.UK-India Trade by Commodity and ServicesThe trade pact might kick in after a year, DBS Bank Ltd. Economist Radhika Rao wrote in a May 7 note. Bilateral commerce is expected to nearly double in a few years from $21 billion in the year ended March 2024, she wrote.As exporters and companies await the fine print of the deal, here’s a quick list of probable winners and losers:AutomobilesWhile the reduced tariffs — from 110% to 10% — will start with fossil fuels-fed cars, these will eventually be extended to the electric and hybrid vehicles over a 10-year timeline, according to information on the UK government website.The UK will also offer Indian carmakers the opportunity to export these technologies to that country, with similar riders.Beneficiaries may include JLR and other luxury brands with factories in the UK such as Bentley, Aston Martin, Vauxhall and Mini. 120986925Domestic carmakers like Mahindra & Mahindra Ltd. and Maruti Suzuki India Ltd., which have invested in EV, may feel the pinch. It is unclear how these concessions will be structured and what price threshold will apply to a quota of cars that can be imported with these lower tariffs.While this is the first time India has taken steps to liberalise its nascent EV market, it has stopped short of handing UK carmakers an immediate low-cost entry, giving local firms some runway to bulk up.Liquor MakersWhiskey and gin tariffs will be halved to 75% before settling at 40% by the 10th year of the deal, according to the pact’s terms. In 2022, India imported over £200 million ($266 million) worth of whiskey from the UK, paying duty at the rate of 150%.Diageo, which makes Johnnie Walker whiskey and Tanqueray gin, may gain from this. Shares of its Indian unit, United Spirits Ltd., jumped as much as 2.8% on Wednesday.The treaty will enable “improved accessibility and choice of scotch for the Indian consumers” in the world’s largest whiskey market, Praveen Someshwar, managing director at Diageo India, said in a statement.Elara Capital’s Karan Taurani said the duty reduction will see prices of these drinks falling by 15%-20%, and will make premium spirits more accessible to Indian buyers.The duty cuts could have a small negative impact on homegrown liquor brands such as Royal Ranthambore, marketed by Radico Khaitan Ltd., according to Taurani. Its shares slipped 3.6%. “Domestic players focused on upper prestige and above may see short-term aberration in growth,” he said.Textile MakersClothes are the second-largest export to the UK from India, with the South Asian nation shipping £900 million worth of goods in 2024.The removal of tariffs will enhance India’s competitiveness against countries like Bangladesh and Vietnam, according to the Federation of Indian Export Organisations.Apparel retailers such as Marks and Spencers and Primark are expected to shift sourcing to India from Bangladesh after this deal, according to P Senthilkumar, a partner at Vector Consulting.Gokaldas Exports Ltd. and Welspun Living Ltd. rose 12% on Wednesday while Indo Count Industries Ltd. advanced 11.3%.Medical DevicesIndian exporters would be able to sell medical devices at a lower cost in the UK.This includes cardiac, orthopedic implants, syringes, blades, blood bags and glucometers as well as its wearables to the UK at a lower cost, Rajiv Chhibber, joint coordinator at the Association of Indian Manufacturers of Medical Devices, told Bloomberg News.UK-based companies would be able to increase supply of electronic goods such as Magnetic Resonance Imaging machines, slicers, cancer therapeutics to India, he added.Financial Services“The deal will secure UK companies’ ability to deliver financial services to clients in India,” the UK government said on its website.India and the UK agreed to cooperate and innovate on financial technology services, particularly developing an efficient environment for cross-border payments. That is expected to ease international payments for tourists, students, businesses and investors.
Categories: Business News

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