Net Surfing is the easiest task but to know what gateway we are using and how much this platform makes us prone to dangers of getting the most of information out to the world still after privacy setting we feel I AM SAFE.

Somewhere we have to think that digitalization in future will let to the biggest threat to Health safety and security of digitalized Nations.

On Friday, 12 May 2017,

Largest cyber attack that left infecting more than 230,000 computers in 150 countries, demanding ransom payments in the crypto currency bit coin in 28 languages. WannaCry began affecting computers worldwide. The initial infection attacked either through a vulnerability in the network defenses or a very well-crafted spear phishing attack.

What is Crypto currency bit coin: – To get more familiar with this term for present and future on-line payment such as sending payments via banks, transferring money via money transfer operators or buying goods and services over the internet, using credit card.

Disruption and challenges :- In financial industry crypto currencies such as Bit coin is a major concern issue as we are moving ahead towards digitalization and crypto currency the more of on-line money transfer and internet payable services.

Major challenge:- Widespread use of these services customer adoption, stakes at major risks regarding crypto currencies, Every day, new Bitcoin startups are announced in the press, and an increasing number of businesses are reported to accept it as a means of payment.

Payments industry players are closely watching these developments, because crypto currencies have the potential to disrupt and transform the existing global financial infrastructure. Invented as ‘a peer-to-peer version of electronic cash (that) allows online payments to be sent directly from one party to another without going through a financial institution’, Bit coin is considered by its supporters to be a faster, cheaper and more convenient alternative to other payment mechanisms created by Satoshi Nakamoto, who published the invention on 31 October 2008 to a cryptography mailing list in a research paper called “Bitcoin: A Peer-to-Peer Electronic Cash System”.

The attack affected Telefónica and several other large companies in Spain, as well as parts of Britain’s National Health Service (NHS),  FedEx, Deutsche Bahn and LATAM Airlines. Other targets in at least 99 countries were also reported to have been attacked around the same time.

According to reports, three or more hardcoded bitcoin addresses, or “wallets”, are used to receive the payments of victims. Thus with all such wallets their transactions and balances are publicly accessible even though the wallet owners remain unknown.

The attack affected many National Health Service hospitals in England and Scotland, and up to 70,000 devices — including computers, MRI scanners, blood-storage refrigerators and theatre equipment

Nissan Motor Manufacturing UK in Tyne and Wear, one of Europe’s most productive car manufacturing plants, halted production after the ransomware infected some of their systems.

Renault also stopped production at several sites in an attempt to stop the spread of the ransomware

Cybersecurity expert Ori Eisen said that the attack appears to be “low-level” stuff, given the ransom demands of $300 and states that the same thing could be done to crucial infrastructure, like nuclear power plants, dams or railway systems.

According to James Scott from the Institute of Critical Infrastructure Technology, ransomware emerged “as an epidemic” in 2016, with the healthcare sector being particularly vulnerable. He stated that “the staff has no cyber-hygiene training, they click on phishing links all the time. The sad thing is they weren’t backing up their data properly either, so that’s a big problem. They should be doing that all the time.” He also notes that “you’re only as strong as your weakest link within your organization from a cyber-perspective”.

The attack brought the value of having good, secure backups and good cyber-security including having the latest security patches installed delay in applying security updates and lack of support by Microsoft of legacy versions of Windows left many users vulnerable.

Black Money or Blacksheep

When the Major countries faced the heat of recession

Rajan: I am not quite sure if what you meant is demonetise the old notes and introduce new notes instead. In the past demonetisation has been thought off as a way of getting black money out of circulation. Because people then have to come and say “how do I have this ten crores in cash sitting in my safe” and they have to explain where they got the money from. It is often cited as a solution. Unfortunately, my sense is the clever find ways around it.

They find ways to divide up their hoard in to many smaller pieces. You do find that people who haven’t thought of a way to convert black to white, throw it into the Hundi in some temples. I think there are ways around demonetization. It is not that easy to flush out the black money. Of course, a fair amount may be in the form of gold, therefore even harder to catch. I would focus more on the incentives to generate and retain black money. A lot of the incentives are on taxes.

My sense is the current tax rate in this country is for the most part reasonable. We have a reasonable tax regime, for example, the maximum tax rate on high-incomes is 33%, in the US it is already 39% plus State taxes, etc., it takes it to near 50. We are actually lower than many industrial countries. Given that, there is no reason why everybody who should pay taxes is not paying taxes. I would focus more on tracking data and better tax administration to get at where money is not being declared. I think it is very hard in this modern economy to hide your money that easily.