Daily Market Update - November 12, 2014

Cyber security expert warns of infrastructure weakness… Ignoring climate change? It could be down to neuroscience… Lava burns down house in less than an hour…

Risk Management News

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Cyber security expert warns of infrastructure weakness
An expert in cyber security has warned that America’s infrastructure is the place that is “most vulnerable to attack.” Michael Assante from the SANS Institute says that the analogue systems that used to control everything from water supply to military defenses have been replaced over the last 25 years by digital alternatives which increase efficiency and productivity. However these systems also create new routes for attack. Assante highlights the risk and the difficulties in keeping ahead of those who launch cyber attacks; from criminals to rogue states. He says that technology is constantly moving and so are the threats and the issues are worsened by a lack of professionals able to deal with the risk. He says that industry standards; such as those provided by the new Global Industrial Cyber Security Professional (GICSP) certification; better training; and knowledge sharing are all key to tackling the threats. Read the full story.
 
Ignoring climate change? It could be down to neuroscience
Scientists say that people who ignore the impact of climate change are not ignorant or foolish; it’s just that our brains are not geared up to accept slow-moving threats. Daniel Gilbert, professor of psychology at Harvard University says that explains how we can dodge a fast-moving ball but threats that emerge over long time periods bypass our internal warning system. He says if climate change was happening faster then we’d respond to it faster. We are also inclined to only be concerned about what we may lose in the short-term rather than long-term risks. In business these shortcomings in individual mindsets is amplified by a growing focus on the short-term. Tima Bansal of the Ivey Business School says that the pressure to deliver the best quarterly returns is damaging investment in the future. Read the full story.
 
Lava burns down house in less than an hour
Lava from a volcano has been slowly making its way towards rural Hawaiian properties for many months now but this week it finally reached its first home and made short work of destroying it. The home owner videoed the destruction, which saw his $200,000 home on the Big Island burnt to the ground in just 45 minutes. Officials say it won’t be the last house to be destroyed by the lava flow. Read the full story.

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