9JUNE 2024TOP STORIESUNDERSTANDING CYBER INSURANCE & ITS IMPORTANCE FOR YOUR BUSINESSSTEEL IMPORTS HIT FIVE-YEAR HIGH, 19.8 PERCENT INCREASE FROM 2023Cybersecurity emerged as a necessity as computers evolved, connecting humans in a digital world. It mainly focuses about protecting these con- nection, systems, networks, and data, from the factors who seek to exploit or harm them. Cyber security is a shield that safeguards our digital realm from unauthorised access, viruses, and other online dangers. As technology advances, so does the methods of attack and hacking, making cybersecurity is an ever-evolving field. From setting strong passwords to deploying sophisticated defence systems, cybersecurity employs various strategies to keep digital assets safe. As the global world evolved into an electronic village, business also became a part of high end advancement in technology. In today digital interconnected world, it has become essential for businesses and individuals alike to prioritise cybersecurity to safeguard sensitive in- formation and maintain trust in our digital interactions.Initially threats primarily include viruses, worms, and email spam. In the 21st century the threats are much more sophisticated such as APTs, ransomware, and supply chain attacks.Regulatory environment for cybersecurity was less stringent compared to today's stringent regulations like GDPR and CCPA impose greater legal obligations on organisations. Read more on impacts of cyber security. India's finished steel imports have surged to a five-year high in the first two months of the fiscal year starting in April, according to provisional government data accessed by Reuters. The country, which remains a net importer of steel, saw imports reach 1.1 million metric tons between April and May, a 19.8 percent increase from the previous year.China has been a significant exporter of steel to India in recent months, alongside South Korea. Major Indian steel producers, including Tata Steel, have expressed concerns over the growing volume of Chinese steel imports. In contrast, India's finished steel consumption jumped 10.5 percent to a six-year high of 23 million tons in April-May, reflecting the buoyant demand for steel in one of the world's fastest-growing economies.Rapid economic growth and increased infrastructure spending have turned India into a lucrative market for both Indian and global steelmakers, particularly as steel demand has slowed in Europe and the United States. During the previous fiscal year, which ended in March, India was a net importer of finished steel, importing 8.3 million metric tons, a 38.1 percent increase from the prior year.Conversely, India's finished steel exports have declined to their lowest level in at least six years. Between April and May, overseas shipments of steel totaled 0.9 million tons, down 39.6 percent year-on-year. This decline in exports highlights the shifting dynamics of the global steel market and India's growing importance as a steel consumer.
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