Private School Students Perform Better than their Government Counterparts in Karnataka

 * The report released jointly by the Central Square Foundation and Omidyar Network India, highlights that nearly 40% of students in Karnataka attend private schools.

The recently released ‘State of the Sector Report – Private Schools in India’ highlights that Karnataka ranks 14th in private school enrollments with 41.1% school-going children attending private schools. This report by Central Square Foundation, a non-profit organisation working towards ensuring quality school education, and Omidyar Network India, an investment firm focused on social impact, also stresses that the number of students attending private schools in Karnataka has grown significantly over the past decade. It calls for improvement in student learning in private schools.

The report was released by Mr. Amitabh Kant, CEO, NITI Aayog at a virtual webinar in July 2020, and gives a comprehensive analysis of existing research and evidence on the sector. It provides details on the size of the sector, dives into the challenges faced by it, and outlines potential reforms to ensure improved learning outcomes for students in each state. Specifically, in Karnataka, the report finds that reading and numeracy skills in rural private schools have witnessed a slight improvement in the last six years. It also emphasizes that private schools in the state perform better than their government counterparts on the reading and Mathematics parameters: 23% of grade 5 students in private schools are able to do division as compared to 19.6% of government school students. However, learning levels are not at par with grade-level learnings and this is a cause for worry.

Ashish Dhawan, Founder-Chairman, Central Square Foundation talks about how we can improve student learning in private schools: “It is important to acknowledge the significance of the private school sector which educates nearly 1 in 2 children in Karnataka. We need sectoral reforms to improve learning levels and ensure inclusion of regulations based on quality. Key stage assessments in grades 3, 5, and 8, as suggested in the new education policy, can help build a regulatory structure which focuses on learning outcomes. This can also become an indicator that empowers parents to compare learning across schools and choose the best school for their child.”

Roopa Kudva, Managing Director, Omidyar Network India adds: "We need to empower parents to make informed decisions based on learning quality when choosing a school. In the absence of meaningful information on how schools perform on learning, parents tend to give weightage to tangible parameters like school infrastructure or English as the medium of instruction. Philanthropic capital can play a vital role in setting the ground in three main areas: greater awareness building, increased transparency from the schools themselves and improving the quality of engagement between parents and the schools.”

Keeping in mind the challenges and the current needs of the sector, the report makes certain recommendations for sectoral reforms that will create an enabling environment for the private school sector:

●       Create a universal learning indicator to help parents compare learning performance across schools and make informed school choices

●       Develop a pragmatic accreditation framework that factors in constraints of low fee schools and state capacity to implement while focusing on learning outcomes and child safety                      

●       Establish an independent regulatory agency for the private school sector

●       Review non-profit mandate and existing fee regulations to attract investment and enable easy access to credit for schools

●       Strengthen RTE Section 12(1)(c) which mandates 25% reservations for underprivileged children to ensure more robust targeting and fee reimbursements

According to the demographics cited in the report, in Karnataka, 37.8% of girls and 44.2% of boys attend private schools. A higher share of OBCs but a smaller share of SCs and STs attend private schools than the state average. Further, Bengaluru U North, Bengaluru U South and Bengaluru Rural districts have the highest enrollment share, whereas Uttara Kannada Sirsa, Koppal and Haveri have the lowest. Among districts, Bengaluru U North has the greatest private enrollment share at 79.8% and Haveri has the lowest with 22.7%..

Affordability Driving Consumer Demand for Residential Real Estate in Peripheral Areas of Bengaluru: Magicbricks Data

* Home buyers are retaining size preference but reducing budgets

* Security, proximity to school, local markets and offices are key deciding  factors

* Whitefield, Sarjapur Road, Electronic City and Bellary Road most preferred localities

With India intermittently unlocking, new encouraging trends are now visible in the real estate sector after a period stagnancy. The sector is witnessing a tectonic shift and according to Magicbricks data, consumer preference in Benglauru is shifting towards peripheral areas due to affordability.

The shift in consumer demand towards Bengaluru’s peripheral areas has been accentuated by the demand-supply mismatch in the less than Rs.5000/sqft price category. Magicbricks data also suggests that Bengaluru’s consumer demand for BHKs and size hardly remain unchanged pre-COVID vis-à-vis post-COVID indicating that home buyers are retaining size preference but reducing budgets to move to the peripheries of the city in search of larger houses at lower cost.

Magicbricks data suggests that peripheral areas near employment hubs like Whitefield, Sarjapur Road, Electronic City and Bellary Road were the most preferred localities for home buyers during the April-May-June period of 2020. The consumer demand in these localities are driven by factors like affordability, better access to IT hubs and sound connectivity to the airport. The extension of metro lines from Baiyappanahalli – Whitefield and RV Road – Bommasandra is likely to boost the demand for the economic hubs of Whitefield and Electronic City in the future.

Commenting on the changing consumer behaviour, Mr. Sudhir Pai, CEO, Magicbricks, said: “We are experiencing a strong recovery in demand after searches dipped by 50% in April. Buyers are back in the market and our data suggests that Bengaluru’s recovery rate is faster than the national average. There is an emerging trend towards larger homes; but with budgets which are lower than earlier, buyers are searching more towards peripheral areas of the city. Our recent survey suggests that around 33% of home buyers in Bengaluru prefer under construction properties, which is significantly higher than the national average, reflecting their trust in branded developers. We are also witnessing an uptick in demand for plots and from NRIs.”

Bengaluru’s home buyers also displayed increasing propensity towards ready-to-move in properties with as many as 67% respondents suggesting that they want to cut down risk factors by opting for ready-to-move in units. Overall, 74% users are planning to reduce their budget preference and around 50% have cut it by 10-30%. Factors like gated community and proximity to schools and colleges remain the two main priorities for home buyers while selecting a property while amenities such as clubs, gyms and open areas have lost their sheen since COVID-19. Our survey also suggests that in Bengaluru, 55% of the respondents said that they would choose any developer (Tier 1/2) who can give the most economical option/best deal.

About Magicbricks: India's no 1 property site

Magicbricks is India’s No.1 property site. With monthly traffic exceeding 20 million visits and with an active base of over 1.4 million+ property listings, Magicbricks provides the largest platform for buyers and sellers of property to connect with each other in a clear, transparent manner.

Global Prime Residential Index Witnesses an Annual Increase of 0.9%:Knight Frank Prime Global Cities Index Q2 2020

* Bengaluru ranks 26thoutperforming New Delhi (27th), Mumbai (32nd)

* Bangkok was the weakest-performing global city in the year to June, with luxury home prices falling by 5.8%.

Knight Frank India, a leading international property consultancy, in its ‘Prime Global Cities Index Q2 2020’ report cited Bengaluru as the26th fastest-growing Indian prime residential market in the world, in terms of annual price appreciation.The premium micro-markets of the city recorded a rise of 0.60% in annual capital value change in Q2 2020 to an average price of Rs 19,727 per sq. ft.

New Delhi ranked 27th on the global index, witha 0.30% rise in terms of annual capital value change in the prime residential market to an average price of Rs 33,625 per sq. ft. in Q2 2020. Whereas Mumbai's prime residential market ranked 32nd in Q2 2020, registering a decline of 0.60% with an average price of Rs 64,388 per sq. ft.

Prime residential property is defined as the most desirable and most expensive property in a given location, generally defined as the top 5% of each market by value. The Prime Global Cities Index is a valuation-based index tracking the movement in prime residential prices in local currency across 40+ cities worldwide using data from Knight Frank’s global research network.

According to Knight Frank’s research analysis, 20 cities that witnessed a decline in prime residential prices in Q2 2020 - nine were in Europe, seven in Asia, two in Australasia, one in the Middle East, and one in Africa. The Prime Global Cities Index, an unweighted price index of prime residential prices across 45 cities, increased by 0.9%; recording the lowest rate of annual growth in 11 years. According to the report, 67% of the global cities registered flat or positive yearly price growth; Australasia recorded the strongest performing world region in the year to Q2 2020, and the Asian prime residential prices declined by 0.2% in the three months to June 2020.

Manila,leads the index with prime home prices rising by 14.4% over the 12 months to June 2020, followed by Tokyo (8.60%) and Stockholm(4.40%). Bangkok was the weakest-performing global city in the year to June 2020, with luxury home prices falling by 5.8%.

While Bengaluru and Mumbai moved up by one place in Q2 2020; Delhi gained five places in the same period.

Shishir Baijal, Chairman and Managing Director at Knight Frank India, said, “The pandemic infused economic stress has engulfed the global markets with a fear of uncertainty. Ultra-rich buyers around the world are seen deferring the high premium purchase of a prime residential asset class and preferring investments in liquid assets, primarily gold and cash equivalents. With the expected price correction and uptick in sentiment depending on the news related to vaccine discovery, buyers with adequate liquidity will find value to enter the prime residential asset class in India.”

Key Highlights:

* Bengaluru’s prime residential market performed better than Mumbai and Delhi. Globally, the city ranked 26th with 0.6% annual price change for the period Q2 2019 – Q22020;with 0.00% price change in Q2 2020compared to the previous quarter.

* Delhiranked 27th with 0.3% annual price change for the period Q2 2019 – Q2 2020. The city saw a flat 0.00% price change in Q2 2020 compared to the previous quarter.

* Mumbai ranked 32ndwith -0.4% marginal annual change for the period Q2 2019 – Q2 2020. The city registered a price decline of -0.50 % in Q2 2020 compared to the previous quarter.

* Manila ranked 1st with 14.10%annual change for the period Q2 2019 – Q2 2020. The city saw a flat 0.00% price change in Q2 2020 compared to the previous quarter.

* Bangkok ranks 45th with -5.8% %annual change for the period Q2 2019 – Q2 2020. The city registered a price decline of -1.40% in Q2 2020 compared to the previous quarter.

Aspirational Bharat Sees 120% Spike in Work Productivity on Smartphones During COVID-19: TECNO-CMR MICI Survey

 

Survey Report

* Consumers in Aspirational Bharat are seeing a >50% spike on smartphone usage during lockdown, including 120% on productivity.

* Beyond work, consumers spent increased time on their phone for consuming content, including video OTT (70%) and audio OTT (60%), and gaming (62%).

* Fast-depleting Battery life and limited screen size were the biggest challenges that consumers faced with their smartphones.

A new Mobile Industry Consumer Insights (MICI) Survey, conducted by CyberMedia Research (CMR) in association with TECNO Mobile, has for the first time provided a comprehensive understanding of changing consumer behaviour and smartphone usage patterns in Aspirational Bharat. The CMR MICI survey revealed that consumers of Aspirational Bharat saw a 120% spike in smartphone usage for productivity compared to pre-COVID levels.

According to Prabhu Ram, He ad- Industry Intelligence Group (IIG), CMR, “The smartphone is a key daily driver for consumers living in cities and towns beyond Tier I. We call this the Aspirational Bharat. What the survey highlights is how smartphone usage is changing, during lockdown and in the neo-normal, cutting across use cases, such as productivity, personal development, and leisure. In preparation for the neo normal, consumers in Aspirational Bharat are seeking smartphones that offer larger screen size and much better battery life.”

Echoing the sentiment from TECNO’s perspective, Mr. Arijeet Talapatra, CEO, TRANSSION India said, “As a leading smartphone company commanding substantial presence and market share in the Aspirational Bharat’, we have iterated the growing importance of telecommuting and productivity usage of smartphone in the wake of COVID-19. In Aspirational Bharat, where affordability and utility go hand in hand, smartphones have emerged as a primary medium of work, information and entertainment. The CMR MICI Survey reinforces the fact that TECNO has the sense of the pulse of its aspirational consumers. And with our SPARK series, which focuses on battery, display, and camera in sub-10K smartphone category is a testimony to TECNO’s deep commitment of introducing products with segment-first features at a disruptive price point where the consumer is more ready to experiment with the product. We are optimistic that our latest launches Spark 6 Air smartphone and TWS Minipod M1 will be well-received by the audience and enable our consumers to find a work-leisure balance in this Neo Normal.”

(A) COVID-19 and Impact on Smartphone Usage in Aspirational Bharat during lockdown

* During COVID-19 Lockdown (March 25 - May 31), smartphone usage spiked by 50%, with smartphone usage for work surging by >100%.

* Smartphone users in Aspirational Bharat depend on their smartphone to empower their professional and personal life.

* 84% of consumers depend on their smartphones, for instance, for accessing information on government schemes, weather patterns, and market linkage information for farm produce.

* 83% of consumers use their phones for content consumption including creating and consuming short-form videos, music and videos.

* 83% feel empowered, using their smartphones for online banking, shopping, and utility bill payment, among others.

* Beyond work, consumers spent increased time on their phone for consuming content, including video OTT (70%) and audio OTT (60%), and gaming (62%).

* Around three in every seven users in Aspirational Bharat have started some new activities and hobbies during the period of lockdown. For instance, 21% of the consumers have learnt new skills, 19% have listened to music, while 18% have taken up new hobbies on their phones.

* One in every three parents depend on their smartphone for facilitating their kid’s online education during lockdown.

(B) Smartphone Usage in the Neo Normal (June onwards)

* Two in every seven users (29%) have faced some challenge while working from home.  One in every seven users (15%) faced difficulty in managing work-life-balance as well as productivity issue.

* The top three smartphone features that consumers have started relying more in the neo normal are Camera (61%), battery life (57%) and sound quality (51%).

* Some consumers faced problems with their smartphones –  phone overheating (58%), limited screen size (47%) and swift battery drainage (46%) were the top three challenges.

* When it comes to their next smartphone purchase, consumers are looking for smartphones that offer long battery life (54%) and large screen size (53%) for viewing to cope with neo normal.

About CMR – TECNO Mobile MICI Survey

The Mobile Industry Consumer Insights (MICI) Survey by CyberMedia Research (CMR), in association with TECNO Mobile, is the first-ever, comprehensive study of changing consumer behavior on smartphones in Tier-I, Tier-II and Tier-III cities and towns of India, across three phases: pre-COVID-19, during pandemic, and neo-normal.

The CMR Mobile Industry Consumer Insights (MICI) Survey covered 1052 respondents cutting across ten study locations, including, New Delhi, Mumbai, Kolkata, Bengaluru, Ludhiana, Lucknow, Surat, Indore, Guwahati and Sonipat. The study covered consumers in the age groups of 20 to 35, and socio-economic levels of SEC B & SEC C, having a affordable smartphone in the price range of INR 6000 – 10000.

For results based on a randomly chosen sample of this size, there is 95% confidence that the results have a statistical precision of plus or minus 3% of what they would be if the entire population had been surveyed.

Nu-Shakti Releases its Report on ‘Diet Paradox’ for Indians

Nutritious Diet

* Survey reveals a gap between awareness and action in consuming a nutritious diet

* 97% are aware of the essential nutrients and micro-nutrients required for their body

* 60% of the respondents ‘rarely’ or ‘never’ make a conscious effort to add nutritive elements or additional supplements to their diet

Nu-Shakti – a brand of Royal DSM – today released its report on India’s ‘Diet Paradox’. Highlighting the importance of a healthy immune system in protecting people from infections and ailments, the report stresses the role of adequate nutrition in building immunity. Based on a survey conducted with more than a thousand people across all age groups in Mumbai, Delhi, Chennai and Kolkata, the report highlights that unprecedented awareness levels in terms of health and nutrition are very often matched with a lax attitude in adopting healthy practices.

Virtually all respondents of the survey (98%) agree that a nutritious diet is essential for a healthy lifestyle, however, 60% of the respondents ‘rarely’ or ‘never’ make a conscious effort to add nutritive elements or additional supplements to their diet. According to the findings, even though nearly three-quarters (73%) of respondents know the connection between healthy eating and losing weight, more than half (55%) admitted that they had not consumed leafy vegetables in the required quantity the previous day.

In fact, the Global Burden of Diseases study ranked India 118 on its global index because poor dietary habits accounted for 310 deaths per 100,000 people. Despite awareness levels about proper nutrition and diet being high, these do not necessarily result in the right action. Nu-Shakti terms this behaviour the ‘Diet Paradox’.

Contextualising the research findings, Alok Kohli, Business Director – DSM India said: “Today people are aware that adhering to a healthy and nutritious diet promotes their overall well-being. But their challenge arises in taking practical action and adding nutritive elements in the daily diet.”

“As per our data, of the respondents who are well aware of the required quantity of leafy vegetables, (which are a rich source of micronutrients like iron) they need to consume daily, 55% did not actually partake the previous day. The same was true for more than a third (42%) of fruit consumption. This is a clear reflection of the need for adequate action in terms of nutrition,” adds Alok.

The ‘Diet Paradox’ survey revealed a gap between awareness and the need to make the necessary changes in their diets. Insights on the gap in action include 60% of the respondents admitting ‘rarely’ or ‘never’ making a conscious effort to add nutritive elements or extra supplements in their diet.

On being asked if they had consumed specific items on the previous day in the required quantity:

* 57% claim they did not consume dairy or milk products

* More than half (55%) did not consume leafy vegetables

* Even though they know the right amount of fruits to eat daily, more than one in three respondents (42%) did not consume these items

The survey revealed one of the reasons for this gap between awareness and action is because meals were being skipped regularly:

* 84% of respondents admitted they skipped meals

* 46% confessed they would forgo a meal because of an important work meeting

* 42% claimed they ‘rarely’ or ‘never’ consumed healthy or nutritious home-cooked meals during festivals

Additional survey highlights:

* Nearly one-third (31%) consider working timings the top barrier to a healthy lifestyle

* More than one-in-five (22%) believe their family is the constraint

* 62% claimed it was ‘extremely difficult’ or ‘difficult’ to influence family members to eat a healthy diet

In conclusion, Alok Kohli, Business Director – DSM India said: “Nutrition plays a key role in building a healthy immune system and in turn, protecting people from infections and ailments. Given this backdrop, dietary supplements can help in eliminating the ‘Diet Paradox’ by providing the proper quantity of nutrients. Significantly, dietary supplements can boost disease protection by 83%, improve immune function by 42% and raise energy levels by 31%. Considering the threat of infection posed by the coronavirus pandemic, dietary supplements, including home food fortifiers, can play a pivotal role in adding required micronutrients to the daily diet that can in turn support in safeguarding people’s health and well-being.”

Based on the concept of home fortification, Nu-Shakti increases the micronutrient value of home-cooked staple foods. This can help consumers more easily achieve a healthier, more balanced diet without altering taste, and appearance of the food or changing dietary habits. Nu-Shakti product range includes Powermix for Rice (Fortified Rice Kernels), Powermix for Atta (Atta/flour fortifier), and MixMe (Fortified orange-flavored beverage mix). MixMe beverage powder that contains 12 vitamins & 5 minerals, includes the key micronutrients like Zinc, Vitamin C, Selenium and others required for immunity building. As per ICMR RDA, each serving of MixMe beverage powder provides up to 30% of the recommended daily allowance of micronutrients for a child between 7-9 years.

Consumers can know more by visiting: www.nu-shakti.com.

DSM – Bright Science. Brighter Living. 

Nu-Shakti is a brand of Royal DSM – a global purpose-led, science-based company in Nutrition, Health and Sustainable Living. DSM’s purpose is to create brighter lives for all. Through its products and solutions, DSM addresses some of the world’s biggest challenges while simultaneously creating economic, environmental and societal value for all stakeholders: customers, employees, shareholders and society at large. DSM delivers innovative solutions for human nutrition, animal nutrition, personal care and aroma, medical devices, green products and applications as well as new mobility and connectivity. With approximately 23,000 employees, DSM and its associated companies register annual net sales of about €10 billion. Founded in 1902, the Company is listed on Euronext Amsterdam.

65% of Indian Consumers Express Positive Buying Sentiment in Diwali’20: TRA Whitepaper

 TRA Research, India’s leading consumer insights and brand analytics company, today released a whitepaper titled TRA’s Diwali 2020 Buying Propensity Report gauging the changing buying mindsets and sentiments for the upcoming Diwali in November 2020. 65% of all consumers expressed a Positive Buying Sentiment as compared to now, and 28% felt it would remain the same. The Apparels category was a positive outlier and had the Highest Buying Priority at 3.11 times the average of all other categories. Mobile Phones, Consumer Electronics and Two-wheelers were on Very High Consumer Buying Priority, followed by Home Furniture, Jewellery and TVs, which were on High Priority. The survey was conducted with 503 consumer-influencers across 16 cities between 9th June and 15th July 2020. 

Speaking about report N. Chandramouli, CEO, TRA Research, said that, "Diwali has traditionally been a period of consumption boom as consumers tend to increase spends, and brands scramble to catch their attention. This Diwali will be a deciding factor for many brands, as they prepare trepidatiously for the festive season. This report gives a very good view on which will be the preferred categories for Diwali buying."

"This is good news of course, but the pre-Covid consumer spends were already lower on account of a depressed and strained economy, and a comparison between the consumer household spends between the two Diwalis of 2019 and 2020, show that this year is likely to see 5.1% lesser spends than the previous one,” Chandramouli added. 

‘Medium Consumer Buying Priority’ included Personal Accessories, Cars, Laptops and Kitchen Appliances, while ‘Low Consumer Buying Priority Zone’ includes Travel, Health Insurance and Home Renovation.

The survey results also revealed that online shopping is set to see an unprecedented boom in a post-Covid-19 world. Also, kirana stores or small standalone store, close-by neighbourhood stores, local groceries are the preferred places to shop. Big formats stores like Supermarkets, Hypermarkets, Branded outlets are unlikely to see many visitors, and Malls carry a negative sentiment due to tremendous consumer reluctance despite relaxed norms and promise of better safety. 

Nearly 95% consumers rated Product Quality as the most important influence when making purchases for Diwali 2020 followed by product usefulness (89%), Product Price (88%), Buying Convenience (87%) and Brand Name (86%). Advertising at 71% remains the lowest choice driver for Diwali shopping.

About TRA Research

TRA Research, a Comniscient Group company, is a consumer insights and brand intelligence Company dedicated to understanding and analyzing stakeholder behavior through two globally acclaimed proprietary matrices of Brand Trust and Brand Desire. TRA Research conducts primary research with consumers and stakeholders to assist brands with their business decisions based on Consumer Behaviour insights.

TRA Research is consulting brands on transitioning during and after the Covid-19 crisis, to help them be more aligned to consumer and client expectations. TRA Research is the also the publisher of TRA’s Brand Trust Report and of TRA’s Most Desired Brands.

For more information, please visit www.trustadvisory.info

Zebra Survey: The Future of Retail Depends on Seamless Experiences

Zebra Technologies Corporation, (NASDAQ: ZBRA), an innovator at the front line of business with solutions and partners that deliver a performance edge, today revealed the results of its 12th Annual APAC Shopper Study, which analyzed retailers’ technology plans for solving chronic shopping issues. Results show that retailers are looking to harness technologies like intelligent automation, cloud computing and mobility to drive economic growth. To strengthen retailers position in these unprecedented times, the launch of the 12th Annual APAC Shopper Study is aligned with the unveiling of array of products by Zebra Technologies.

As businesses reopen and rebuild from the COVID-19 pandemic, the resiliency of retailers and supply chains are being tested more now than ever before. One monumental shift relates to the concept of “Economy at Home,” which addresses the way consumers have completely changed their shopping habits. The frequency and volume of online spending on food has increased across the region, with consumers expressing a preference for self-checkout rather than assistance from cashiers for safe distancing.

To meet rising customer expectations, retailers need to rethink the safety of the customer journey, whether it is in store or via delivery. Click-and-collect, or buy online, pick-up in store (BOPIS), are becoming preferred methods of shopping, with 55% of consumers requesting more retailers to offer mobile ordering options. This is forcing businesses to rethink their fulfillment strategies given that only 36% of respondents agreed that their stores are equipped to fulfill web orders.  The study expects this trend to continue, while retailers implement additional solutions that minimize in-store contact and improve customer convenience at the same time.

“COVID-19 has significantly altered the retail sector, forcing both essential and non-essential retailers to assess their omnichannel fulfillment capabilities and quickly adapt their operating models in a matter of days – some implementing changes within hours,”  said Deep Agarwal, Regional Sales Director of India, Zebra Technologies. “We’re seeing how retailers are transforming ‘dark stores’ to serve as temporary distribution facilities inside their establishments. Retailers should prioritize the expansion of click-and-collect service offerings and invest in technologies that increase shopping capacity and speed. This reduces in-store traffic and aids in social distancing efforts, while providing retailers with inventory visibility across every corner of the shop floor.”

Putting a mobile device into the hands of a retail associate simplifies tasks like inventory management, yet an estimated 64% of retail associates are not equipped to maximize the benefits of technology. In response, retailers are moving away from dated green-screen technology to enterprise-class devices with intuitive, user-friendly interfaces with smartphone-like operating systems.

The pandemic has proven this true as click-and-collect orders have surged, creating the need for store associates to enable contactless transactions via curbside pickup with handheld mobile computers and tablets. When paired with a mobile printer, the likes of the TC52 touch computer and TC21 touch computer form Mobile Point of Sale (mPOS) solutions that can drive contactless fulfilment by alerting associates of new online orders, enabling them to pack merchandise, label products and print receipts prior to the customer’s arrival .

The adoption of mPOS solutions is expected to hit 98% by 2026, up from 76% today. The same trend is also observed for handheld mobile computers with scanners as retail associate device usage is expected to reach 96% by 2026, up from the current 75%.

Zebra Technologies has also launched Self-checkout solutions like the DS9900 Series Corded Hybrid Imager, DS9300 Barcode Scanner and the upgraded MP7000 Grocery Scanner Scale that are helping retailers to reshape the front-of-store experience. Growing up with technology and automation, 89% of surveyed shoppers agree that self-checkout improves their shopping experience. Additionally, self-checkout has become even more relevant during this pandemic as both shoppers and retailers strive to minimize in-store contact to ensure safety.

Returns are another pain point for shoppers and poses a significant challenge for retailers. Up to 51% of retail executives report that they have started or are planning to start upgrading their returns management technologies in the next five years. Meanwhile, 83% of retailers currently have or plan to implement automated inventory verification systems within the year to advance real-time inventory accuracy.

ASIA-PACIFIC HIGHLIGHTS

88% of retailers agree maintaining real-time inventory visibility is a significant challenge, and 85% say their companies need better inventory management tools to ensure accuracy.

Retailers also cite robot assistance (83%), smart check-out and real-time store IoT platforms (89%) as extremely important to their operations over the next five years.

81% of retailers plan to provide mobile ordering as a fulfilment option by 2021.

70% of retailers are integrating social media within their ecosystem for digital native shoppers to provide feedback.

SURVEY BACKGROUND AND METHODOLOGY

Zebra’s 12th Annual Shopper Study surveyed over 6,300 global respondents, including over 1,200 APAC region respondents (retail executives, store associates and shoppers) to gauge the attitudes, opinions and expectations that are reshaping brick and mortar and online retail. The results, summarized in a two-part series, are essential reading for industry leaders seeking actionable insights to serve today’s tech-savvy shoppers.

IBM Report: Compromised Employee Accounts Led to Most Expensive Data Breaches Over Past Year

IBM Security announced the results of a global study examining the financial impact of data breaches, revealing that these incidents cost companies $3.86 million per breach on average, and that compromised employee accounts were the most expensive root cause. Based on in-depth analysis of data breaches experienced by over 500 organizations worldwide, 80% of these incidents resulted in the exposure of customers’ personally identifiable information (PII). Out of all types of data exposed in these breaches, customer PII was also the costliest to businesses.  

As companies are increasingly accessing sensitive data via new remote work and cloud-based business operations, the report sheds light on the financial losses that organizations can suffer if this data is compromised. A separate IBM study found that over half of employees new to working from home due to the pandemic have not been provided with new guidelines on how to handle customer PII, despite the changing risk models associated with this shift.  

Sponsored by IBM Security and conducted by the Ponemon Institute, the 2020 Cost of a Data Breach Reportis based on in-depth interviews with more than 3,200 security professional in organizations that suffered a data breach over the past year.1Some of the top findings from this year’s report include: 

Smart Tech Slashes Breach Costs in Half: Companies who had fully deployed security automation technologies (which leverage AI, analytics and automated orchestration to identify and respond to security events) experienced less than half the data breach costs compared to those who didn’t have these tools deployed – $2.45 million vs. $6.03 million on average.  

Paying a Premium for Compromised Credentials: In incidents where attackers accessed corporate networks through the use of stolen or compromised credentials, businesses saw nearly $1 million higher data breach costs compared to the global average – reaching $4.77 million per data breach. Exploiting third-party vulnerabilities was the second costliest root cause of malicious breaches ($4.5 million) for this group.    

Mega Breach2Costs Soar by the Millions: Breaches wherein over 50 million records were compromised saw costs jump to $392 million from $388 million the previous year. Breaches where 40 to 50 million records were exposed cost companies $364 million on average, a cost increase of $19 million compared to the 2019 report.  

Nation State Attacks – The Most Damaging Breaches:  Data breaches believed to originate from nation state attacks were the costliest, compared to other threat actors examined in the report. State-sponsored attacks averaged $4.43 million in data breach costs, surpassing both financially motivated cybercriminals and hacktivists. 

“When it comes to businesses’ ability to mitigate the impact of a data breach, we’re beginning to see a clear advantage held by companies that have invested in automated technologies,” said Wendi Whitmore, Vice President, IBM X-Force Threat Intelligence. “At a time when businesses are expanding their digital footprint at an accelerated pace and security industry’s talent shortage persists, teams can be overwhelmed securing more devices, systems and data. Security automation can help resolve this burden, not only enabling a faster breach response but a significantly more cost-efficient one as well.” 

Employee Credentials and Misconfigured Clouds – Attackers’ Entry Point of Choice  

Stolen or compromised credentials and cloud misconfigurations were the most common causes of a malicious breach for companies in the report, representing nearly 40% of malicious incidents. With over 8.5 billion recordsexposed in 2019, and attackers using previously exposed emails and passwords in one out of five breaches studied, businesses should rethink their security strategy via the adoption of a zero-trust approach – reexamining how they authenticate users and the extent of access users are granted. 

Similarly, companies’ struggle with security complexity – a top breach cost factor – is likely contributing to cloud misconfigurations becoming a growing security challenge. The 2020 report revealed that attackers used cloud misconfigurations to breach networks nearly 20% of the time, increasing breach costs by more than half a million dollars to $4.41 million on average – making it the third most expensive initial infection vector examined in the report. 

State Sponsored Attacks Strike Heaviest

Despite representing just 13% of malicious breaches studied, state-sponsored threat actors were the most damaging type of adversary according to the 2020 report, suggesting that financially motivated attacks (53%) don’t translate into higher financial losses for businesses. The highly tactical nature, longevity and stealth maneuvers of state-backed attacks, as well as the high value data targeted, often result in a more extensive compromise of victim environments, increasing breach costs to an average $4.43 million. 

In fact, respondents in the Middle East, a region that historically experiences a higher proportion of state-sponsored attacks compared to other parts of the world3, saw an over 9% yearly rise in their average breach cost, incurring the second highest average breach cost ($6.52 million) amongst the 17 regions studied. Similarly, the energy sector, one of the most frequently targeted industries by nation states, experienced a 14% increase in breach costs year over year, averaging $6.39 million.  

Advanced Security Technologies Prove Smart for Business  

The report highlights the growing divide in breach costs between businesses implementing advanced security technologies and those lagging behind, revealing a cost-saving difference of $3.58 million for companies with fully deployed security automation versus those that have yet to deploy this type of technology. The cost gap has grown by $2 million, from a difference of $1.55 million in 2018. 

Companies in the study with fully deployed security automation also reported significantly shorter response time to breaches, another key factor shown to reduce breach costs in the analysis. The report found that AI, machine learning, analytics and other forms of security automation enabled companies to respond to breaches over 27% faster than companies that have yet to deploy security automation – the latter of which require on average 74 additional days to identify and contain a breach. 

Incident response (IR) preparedness also continues to heavily influence the financial aftermath of a breach. According to the report, companies with neither an IR team nor testing of IR plans experience $5.29 million in average breach costs, whereas companies that have both an IR team and use tabletop exercises or simulations to test IR plans experience $2 million less in breach costs – reaffirming that preparedness and readiness yield a significant ROI in cybersecurity. 

Some additional findings from this year’s report include: 

 

Remote Work Risk Will Have a Cost – With hybrid work models creating less controlled environments, the report found that 70% of companies studied that adopted telework amid the pandemic expect it will exacerbate data breach costs.  

CISOs Faulted for Breaches, Despite Limited Decision-Making Power: Forty-six percent of respondents said the CISO/CSO is ultimately held responsible for the breach, despite only 27% stating the CISO/CSO is the security policy and technology decision-maker. The report found that appointing a CISO was associated with $145,000 cost savings versus the average cost of a breach.  

Majority of Cyber Insured Businesses Use Claims for Third Party Fees: The report found that breaches at studied organizations with cyber insurance cost on average nearly $200,000 less than the global average of $3.86 million. In fact, of these organizations that used their cyber insurance, 51% applied it to cover third-party consulting fees and legal services, while 36% of organizations used it for victim restitution costs. Only 10% used claims to cover the cost of ransomware or extortion. 

Regional & Industry Insights: While the U.S. continued to experience the highest data breach costs in the world, at $8.64 million on average, the report found that Scandinavia experienced the biggest year over year increase in breach costs, observing a nearly 13% rise. Healthcare continued to incur the highest average breach costs at $7.13 million — an over 10% increase compared to the 2019 study.  

 

About the Study 

The annual Cost of a Data Breach Report is based on in-depth analysis of real-world data breaches taking place between August 2019 and April 2020, taking into account hundreds of cost factors including legal, regulatory and technical activities to loss of brand equity, customers, and employee productivity.  

ServiceNow Named a Leader in the 2020 Gartner Magic Quadrant for Software Asset Management Tools

ServiceNow, the company that makes work, work better for people, has been named a Leader in the 2020 Gartner Magic Quadrant for Software Asset Management Tools. ServiceNow was recognized for its Software Asset Management (SAM) solution. This recognition comes just two and a half years after ServiceNow first launched its SAM product.

ServiceNow’s SAM solution provides customers with the ability to help reduce software spend and license compliance risk, allowing companies to gain a more complete picture of their software assets deployed in their datacenter, on end user computers and in the cloud. With ServiceNow, customers can optimize IT productivity, cost, and resilience. This is crucial for companies, especially during times of economic uncertainty, where companies are looking to drive even greater efficiencies with their capital.

At ServiceNow’s recent Knowledge 2020 Digital Experience, customers such as Accenture, Exelon, and Microsoft presented on their successful journeys with ServiceNow SAM to achieve high value.  Many customers are finding opportunities to save millions of dollars very quickly by eliminating unused software.

“Now more than ever, companies around the world are looking to drive efficiencies and reduce costs,” said Manish Srivastava, VP and GM of IT Asset Management at ServiceNow. “We feel Gartner’s recognition of ServiceNow as a Leader for Software Asset Management tools is a reflection of our solution’s unique ability to not only provide insights, but automate taking action on these insights using the ServiceNow workflow platform, accelerating savings realization, and compliance remediation.”

ServiceNow’s SAM product runs on a single architecture, natively interacting with other critical functions such as Hardware Asset Management, IT Service Management (ITSM), IT Operations Management (ITOM), and IT Business Management (ITBM). The single data model provides workflows to connect the enterprise throughout the full IT life cycle.  ServiceNow’s single system approach modernizes and simplifies how SAM gets done.

Gartner Disclaimer

Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

BCT Digital Launches ‘IND AS 109 Product Suite’ to Tackle Expected Credit Loss

BCT Digital, a global Fintech company specializing in BFSI, Predictive Analytics, and Risk Management, has announced the launch of rt360-ECL solution from ‘IND AS 109 Product Suite’ for Expected Credit Loss (ECL) reporting. The rt360-ECL is an integral part of the IND AS 109 Product Suite and has been designed exclusively keeping in mind the unique and specific nuances of Indian Financial Institutions and the Indian Regulatory Environment.

With the introduction of the global International Financial Reporting Standards-9 (IFRS 9) and its equivalent Indian Accounting Standards (IND AS) 109, financial institutions are moving towards adopting scientific methods for computing credit losses. The first set of guidelines in this regard were issued by the RBI in February 2016, which  was followed by a series of amendments, and the latest one was issued in March 2020. This amendment announced the implementation of the Indian Accounting Standards, including IND AS 109 for NBFCs and Asset Reconstruction Companies.

IND AS 109 requires financial institutions to take the Expected Credit Loss (ECL) approach as opposed to the Incurred Loss approach. Under the ECL approach, credit losses must be granularly and systematically estimated and provided for throughout the life span of a loan. The rt360-ECL is a business-driven technology solution that enables banks to compute Expected Credit Loss as per regulatory guidelines, while addressing requirements such as Point-In-Time Probability of Default (PD), Validation and forward-looking estimates.

“During these unprecedented times, banks are facing huge credit losses as their customers suffer through the COVID-19 pandemic. Managing credit risk in a volatile financial market is very critical. If not carefully monitored, the systemic risks can easily snowball, and this can impact not only the banking network, but also the financial health of the country at a macroeconomic level. The rt360-ECL is an integral part of BCT Digital’s IND AS 109 product suite and has been exclusively designed keeping in mind the unique nature of the Indian regulatory environment and specific nuances of Indian financial institutions.” said  Jaya Vaidhyanathan, CEO at BCT Digital.

The rt360-ECL aggregates banks’ historical data and estimates parameters such as Probability of Default (PD), Loss Given Default (LGD) and Exposure at Default (EAD) and Effective Interest Rate (EIR). It’s inbuilt standard functions support validation and calibration of models to ensure that the process is efficient and robust. It’s essential value additions include automation of credit risk monitoring processes, faster turnaround time to achieve regulatory compliance and internal reporting and proactive credit risk assessment and monitoring. The core features of the rt360-ECL include computing 12 months’ and lifetime ECL for both fund-based and non-fund-based facilities; automated computation of Probability of Default, (Loss Given Default and Exposure at Default); Effective Interest Rate computation; automated validation of parameters as per RBI/Basel requirements through a pre-built library of model validation tests; integration with other solutions, such as core banking/Asset Liability Management systems& and prebuilt dashboards for management reporting. Click here for more information.

BCT Digital being a FinTech specialist and pioneer in risk management solutions aims to empower banks and financial institutions to recognize expected change in credit risk and provide a framework to manage forward-looking credit loss through the rt360 Risk Management Suite. rt360 risk products are a 100% “Made in India”, by BCT Digital, keeping in mind the complexity of internal and external risk factors faced by banks.

Greenply Ensures that We Breathe Clean and Safe Air in Indian Market

Safeguarding the health interests by way of assuring to improve indoor air quality in homes of its consumers, Greenply Industries, one of India’s largest interior infrastructure brands with over 30 years of experience in manufacturing a comprehensive range of plywood, block boards, decorative veneers, flush doors, and other allied products announced that the Company has brought in its California Air Report Board (CARB) certified and compliant Green Gold Platinum Plywood to the market. 

The Breathe Healthy Green Gold Platinum Plywood combines health and durability of the highest quality and conforms to E-0 grade emission of Formaldehyde (European Standard) and low Volatile Organic Compounds (VOC) which makes it the best solution to improve the indoor air quality of our interiors and enable us to breathe clean and safe air. The product is available in various standard thickness viz. from 4 mm to 25 mm with a warranty of 27 years.

California Air Resources Board (CARB) is the "clean air agency" in the government of California. Being a CARB compliant product means that this Green Gold Platinum Plywood has been manufactured in compliance with CARB air pollution rules and regulations and has attained and maintained all the parameters those ensure a healthy indoor air quality and protects the consumers from exposure to toxic air contaminants.

Remarking on the new product which has hit the market, Mr Sanidhya Mittal, Joint Managing Director – Greenply Industries Ltd said “With increasing awareness about the harmful consequences of air pollution on human health, consumers today are extremely concerned not only about their’ s external environment but also about the Indoor Air Quality where they live. This rising concern pushed us to come with an innovative product which will be free from emission of any harmful gases and ensure a complete peace of mind for our consumers in the aspects of indoor air quality, and environmentally friendliness. Green Gold Platinum Plywood being a CARB compliant product, our consumers using it in their homes will now breathe clean and safe air.”

The Compliance made sure that the plywood emits negligible formaldehyde and that its manufacturing facility has an on-site testing mechanism to monitor quality of the product in this regard. CARB standards are usually stricter than those required in other regions of the world and thus products which are CARB compliant are generally considered as one of the most environmentally friendly and safest products when compared to the many others.

About Greenply Industries

GREENPLY INDUSTRIES LIMTED (Greenply), is among India’s largest interior infrastructure brands with over 30 years of experience in manufacturing and marketing a comprehensive range of plywood, block boards, decorative veneers, flush doors, and other allied products.

Greenply commands a 26% market share in the organised plywood market. The company has a strong leadership presence with 55 branches (including virtual branches) and 7,500+ channel partners across India. However, Greenply is currently making its presence felt across the globe, with 4 state-of-the-art manufacturing facilities, which includes the operations in Gabon, West Africa. The organisation has received several awards and certifications for implementing best work practices across factories, maintaining eco-friendly manufacturing, and ensuring quality and guaranteed products, including the prestigious FSC-COC, CE and E1.

Strengthening the business – Greenply is constantly striving on building a sustainable operational framework crucial for continued value creation by working on capacity building and securing resource availability. Therefore, Greenply is amongst the first ones in this sector to use Okoume – a natural timber harvested under the Sustainable Forest Management plan. Greenply has been encouraging timber plantation and agroforestry in marginal and degraded farmlands near their manufacturing sites, ensuring environmental sustainability. For the future, Greenply plans to put in place the right building blocks for sustainable long-term growth and value creation for all stakeholders.

Central Square Foundation and Omidyar Network India Release ‘State of the Sector Report on Private Schools’

Central Square Foundation, a non-profit organisation that works towards ensuring quality school education, and Omidyar Network India, an investment firm focussed on social impact, released the first-of-its-kind report today on the state of the private school sector in India. The report highlights the need to improve learning outcomes in private schools which educate nearly half of India’s school-going children.

The report is a comprehensive analysis of existing research and evidence on the sector. It suggests reforms to streamline the operations of private schools with a focus on improving student learning. It aims to be a ready reckoner for policymakers, academicians, researchers, philanthropists and educationists amongst other stakeholders associated with the sector.

About 70% children in urban centres and a quarter from rural households attend private schools. Over 50% students in 16 Indian states are enrolled in private schools. The increased enrollment can be attributed to the rising demand by aspirational parents. A large number of parents — about 70% — pay less than Rs. 1000 per month as school fees. The report finds that 73% of parents with children in private schools believe these schools provide a better learning environment. However, student performance in private schools is only marginally better than government schools after adjusting for disadvantages in student backgrounds. About 35% of rural private school students in Grade 5 are unable to read a basic Grade 2-level paragraph.

The report finds that parents lack the means to make informed decisions while choosing schools based on learning performance. Board Examinations, among the only few reliable and standardised metrics to assess learning, are held in the last few years of schooling making it difficult for parents to judge the quality of schools during the early years of education. Moreover, nearly 60% of the private schools across India do not go up to a Board Examination grade.

Amitabh Kant, CEO of NITI Aayog, released the report at a digital event and said, “An educated and literate India is not possible without the private sector working towards our nation building. We must pay attention to getting it right. We need to bring reforms using access, equity and quality as guiding factors. More importantly, we need to shift the focus from monitoring of inputs to monitoring of outcomes. Quality education has been this government’s priority and NITI Aayog is drafting a model regulatory act in consultation with all stakeholders. We believe we will see fruitful results based on the references and results underlined in this report."

Highlighting the fact that private schooling is not popular among the elite alone, Mr Ashish Dhawan, the Founder-Chairman of CSF, emphasised that many families from underprivileged households send their children to private schools as well. “Today the private school sector in India is the third-largest school system in the world. These numbers are mainly made up of parents from low- and middle-income backgrounds who believe their children will have better learning outcomes in private schools. It’s critical now to institute a system that will give parents assessment-based information based on key stage examinations at Grades 3, 5, and 8, as the NEP suggests. They can use this information to compare school quality and pick the best school for their child.”

And speaking about the creating a demand for quality education among parents, Roopa Kudva, Managing Director, Omidyar Network India, said, “We need to empower parents to make informed decisions based on learning quality when choosing a school. In the absence of meaningful information on how schools perform on learning, parents tend to give weightage to tangible parameters like school infrastructure or English as the medium of instruction. Philanthropy capital can play a vital role in setting the ground in three main areas: greater awareness building, increased transparency from the schools themselves and improving the quality of engagement between parents and the schools.”

About the Report Launch

Mohandas Pai, Chairman, Manipal Global Education delivered a special address and spoke about the need for bold reforms to improve the quality of education and help India’s children acquire 21st Century skills for gainful employment. Other key speakers included Baijayant Panda, National Vice President & spokesperson of BJP; and Gurcharan Das, author and former CEO of Procter & Gamble India.

The release of the report was followed by two panel discussions. The first session on ‘Never waste a crisis: re-engineering the private school sector post Covid-19’ witnessed Baijayant Panda; Gurcharan Das; Arun Bharat Ram, Chairman, SRF Limited; and Geeta Gandhi Kingdon, Chair of Education Economics and International Development at the Institute of Education discuss how learning can be incentivised for private schools. The session was moderated by Ashish Dhawan.

The second session on ‘The need for reforms in the private school sector: Voices from the ground’ saw a very engaging discussion on the impediments in running and scaling private schools between Prabhat Jain, Co-Founder, Pathways World Schools & Pathways Early Years; Kulbhushan Sharma, President of NISA, and President, Federation of Private Schools Association, Haryana; Bhuvana Anand, Director, Research at Centre for Civil Society; and Vikas Jhunjhunwala, Founder & CEO of Sunshine Schools. Dilip Thakore, Co-founder and Managing Editor of EducationWorld moderated the session.

State of the Sector Report on Private Schools in India: About the Report

The report highlights the importance of private schools in educating India’s children. It provides details on the size of the sector, deep-dives into the challenges and outlines potential reforms to ensure improved learning outcomes for students. Specifically, the report stresses on two key challenges that need to be addressed urgently:

Under-regulation of learning outcomes

73% of parents believe their children will receive a quality education and have better learning outcomes in private schools. However, in the absence of a standard metric to measure learning outcomes, it may be hard for them to judge how much their children are learning in school in absolute terms, or how good their school actually is in comparison to other schools in their neighbourhood that charge similar fees. Grade 10 and 12 board exam pass percentages, sometimes used as a school learning marker, do not cover 60% of India’s private schools which end at Grades 5 or 8. Subsequently, parents tend to choose schools based on proxies for learning like "English medium" or the "School Infrastructure".

The information gap that exists for parents also means that schools are less likely to invest in learning-focused, invisible improvements like teacher training and quality, and more likely to spend on things that are observable by parents but may not lead to much improvement in learning - like computer labs, or marketing that proclaims English medium instruction.

Over-regulation of inputs

The second barrier is the over-regulation of inputs and a lack of policy focus on learning. Input-focused regulations prescribing playgrounds, computer labs, teacher salaries, etc., tend to be contextually unfit for under-resourced low-fee schools which make day-to-day operations difficult for them. Extensive licensing requirements deter quality providers from entering the sector and limits competition. For instance, opening a private school in Delhi calls for 125 documents, and applications move through at least 155 steps within the Directorate of Education. The non-profit nature of the education sector also discourages high-quality providers from entering or scaling up. These regulations have a direct impact on the capacity of private schools to deliver high-quality education.

The report also dives into the five-pillar sectoral reforms that account for the above-mentioned challenges and can help improve learning outcomes:

Create a universal learning indicator to help parents compare learning performance across schools and make informed decisions

Develop a pragmatic accreditation framework that factors in constraints of low fee schools and state capacity to implement while focussing on learning outcomes and child safety                    

Establish an independent regulatory agency for the private school sector

Review non-profit mandate and existing fee regulations to attract investment and enable easy access to credit for schools

Strengthen RTE Section 12(1)(c) which mandates 25% reservations for underprivileged children to ensure more robust targeting and fee reimbursements

While the report focuses on private schools, many of the regulatory issues raised in the report are also relevant for the public education domain.

Advanced Persistent Threats Backed by Nation-States Focus their Intelligence Gathering on COVID-19 Research: NTT Ltd

NTT Ltd., a world-leading global technology services provider, today released its GTIC Monthly Threat Report for the month of July 2020. The Global Threat Intelligence Center (GTIC) protects, informs, and educates NTT Group clients through threat research, vulnerability research, intelligence fusion and analytics. Attacks from Advanced Persistent Threat (APT) actors continued to be on the rise, despite COVID-19; in fact, the virus has added fuel to the fire and has provided a cover for their operations. Organizations and industries that are considered as essential were increasingly targeted: power grids, oil and gas, postal and delivery services, first responders and law enforcement– assets which are even more valuable during a global crisis.

Key findings:

APTs, particularly those suspected to be backed by nation-states, are focusing on intelligence-gathering efforts on COVID-19 research

APT groups with links to Iran have attempted to breach the World Health Organization (WHO) via phishing campaigns, likely seeking information on testing, treatments, or vaccines

Extortion, espionage, financial gain, and disinformation were the key objectives behind APTs conducting various operations, especially now, during a global crisis

Companies researching the disease should expect to be targeted, whether for purposes of medical advantage to better treat or prevent COVID-19, for monetary gain or purely to inhibit the target from making progress

In addition, APT32 attackers linked to the government of Vietnam have been targeting China, reportedly over its perceived lack of accurate information dissemination during, and the overall handling of the initial outbreak

Normal APT operations have also continued during this same timeframe; and operations related to – or leveraging– COVID-19 have served as a smokescreen as countries continue to focus their efforts in response to the pandemic, from both healthcare and cybersecurity perspectives

Considerations:

As businesses continue to digitally transform and rapidly expand their footprint, they’ve been looking for a network that balances cost, user experience, agility and efficiency. The answer, and solution is a software-defined wide area network (SD-WAN), a virtualized network overlay and a lightweight replacement for traditional physical WAN infrastructure.

While WAN technologies have some native security features, unless reviewed holistically, it’s likely not enough to ensure your SD-WAN is inherently secure. It is a fundamental requirement to do a risk analysis and assessment that considers your organization’s risk profile at the outset of designing your SD-WAN and selecting appropriate security controls

As the threat landscape evolves, even the organizations that may not be considered an essential service cannot let their guard down. Enterprises must continue to adopt best practices and build awareness in both their network environment and their global state of things.

Leveraging intelligence capabilities and resources from around the world, NTT Ltd.’s threat research is focused on gaining understanding and providing insights into the various threat actors, exploit tools and malware.

Bengaluru’s Residential Prices Fell by Almost 3% in Last Quarter: Magicbricks Propindex Report Q2 2020

COVID-19 Effect

* Whitefield, Sarjapur Road, Bellary Road and Electronic City were the top 4 micromarkets in the city

* Strong demand for smaller size 2 & 3BHKs; together accounting for 88% of the property searches

* COVID-19 induced a price decline of 1-3% across most budget segment

Amidst COVID-19, Bengaluru’s residential prices have witnessed a QoQ decrease of approx. 3% in the second quarter of 2020, revealed the latest edition of Magicbricks’ PropIndex (Q2, 2020). Bengaluru residential market maintained a steady momentum in the last 5 years with 17.7% and 33.3% surges in ready to move and the under construction segment prices, respectively. However, the QoQ 2.8% price decline in the ready-to-move segment washed away the gains made during the previous six quarters.

The under-construction segment had a decent 33% growth in the last 5 years, but the recent pandemic brought a decline of 0.8% in Q2 2020.  Shortage of labour, supply chain disruption and extension in the RERA deadline by 3 months in Bengaluru is likely to shift delivery of some under construction projects by a few months.

According to the Propindex, Bengaluru thrives on a healthy mid-segment demand, with both 2 and 3 BHKs each accounting for more than 40% of the demand and supply. Together they account for 88% of the property searches and 92% of the supply. However the market is slowly shifting to the affordable segment, and a small demand-supply mismatch is emerging in the less than INR 5,000 per sqft price bucket. The demand for 1 BHK and 2 BHK configurations is likely to further increase due to the reduction of stamp duty between 3% to 5% for properties costing upto INR 35 lakh.

Commenting on the PropIndex, Sudhir Pai, CEO, Magicbricks, said, “India’s real sector is gradually adopting to the new normalcy. The economy had almost come to a stand-still in March but now hopefully we are on the road to recovery. At a pan-India level, the price decline has been just 1.5% QoQ while repo rates have been lowered by more than 100 points. This augurs well for the industry. Our data also suggests that consumer interest has not tapered off and developers have to grab the attention of the home buyers through attractive deals and offers. There is a pent-up demand for ready-to-move in properties as our data suggests that the 80% of searches are happening in this segment and the rest for under-construction.”

Post COVID-19 pandemic, government has allowed partial sales of plots In the layouts to ease the liquidity situation of developers and accelerate the layout development process. State government allows the regularization of over 75,000 land parcels, which were initially a part of the BDA development scheme but were under unauthorized possession for more than 12 years, by payment of penalty.

Whitefield, Sarjapur Road, Bellary Road and Electronic City were the top 4 micromarkets in the city, supported by factors such as affordability, better access to IT hubs and sound connectivity to the airport. The extension of metro lines from Baiyappanahalli – Whitefield and RV Road – Bommasandra is likely to boost the demand for the economic hubs of Whitefield and Electronic City in the future

However, it will be interesting to see how these factors play out as the market recovers from the outbreak of COVID-19 and the ensuing national lockdown. Magicbricks data indicates that overall, consumers are back to the marketplace, albeit in lower numbers. Developers are running various schemes and promotions to entice home buyers and drive transactions. The next three to six months will remain key to determine any developing trend in prices and transaction volumes. It has become even more of a buyers’ market with the onus on sellers to make the right interventions to enable the real estate market bounce back.

About Magicbricks: India's no 1 property site

Magicbricks is India’s No.1 property site. With monthly traffic exceeding 20 million visits and with an active base of over 1.4 million+ property listings, Magicbricks provides the largest platform for buyers and sellers of property to connect with each other in a clear, transparent manner. With this in mind, Magicbricks has innovated several product features, content and research services, which have helped us, build the largest audience pool.

Seagate's ‘Rethink Data’ Report Reveals that 68% of Data Available to Businesses goes Unleveraged

The report also identifies the missing link of data management—DataOps—which can help organizations harness more of their data’s value and lead to better business outcomes.

Seagate Technology plc, a world leader in data storage and management solutions, today released Rethink Data: Put More of Your Data to Work—From Edge to Cloud. The report—based on a survey of 1500 global enterprise leaders, which was commissioned by Seagate and conducted by the research firm IDC—identifies today’s most pressing data management challenges, and solutions to them. It pinpoints the amount of data available to enterprises that goes unused: 68%.

“The report and the survey make clear that winning businesses must have strong mass data operations,” says Seagate CEO Dave Mosley. “The value that a company derives from data directly affects its success.”

The most significant findings include:

Data management is increasingly important as data proliferates. IDC projects that over the next two years enterprise data will grow at a 42.2% annual rate.

Only 32% of data available to enterprises is put to work. The remaining 68% is unleveraged. 

The top five barriers to putting data to work are: 1) making collected data usable, 2) managing the storage of collected data, 3) ensuring that needed data is collected, 4) ensuring the security of collected data, and 5) making the different silos of collected data available.

Managing data in the multicloud and hybrid cloud are top data management challenges expected by businesses over the next two years.

Two thirds of survey respondents report insufficient data security, making data security an essential element of any discussion of efficient data management.

 

The report identifies the missing link of data management: data operations, or DataOps. IDC defines DataOps as “the discipline connecting data creators with data consumers.” While the majority of respondents say that DataOps is “very” or “extremely” important, only 10% of organizations report having implemented DataOps fully. The survey demonstrated that, along with other data management solutions, DataOps leads to measurably better business outcomes. It boosts customer loyalty, revenue, profit, cost savings, plus results in other benefits.

"The findings of this study illustrating that more than two-thirds of available data lies fallow in organizations may seem like disturbing news," said Phil Goodwin, research director, IDC and principal analyst on the study. "But in truth, it shows how much opportunity and potential organizations already have at their fingertips. Organizations that can harness the value of their data wherever it resides—core, cloud or edge—can generate significant competitive advantage in the marketplace."

The survey queried 1500 respondents—500 in the Asia Pacific and Japan region, 475 in Europe, 375 respondents in North America, and 150 in China.

About Seagate Technology

Seagate Technology crafts the datasphere, helping to maximize humanity’s potential by innovating world-class, precision-engineered data management solutions with a focus on sustainable partnerships. Learn more about Seagate by visiting www.seagate.com or following us on Twitter, Facebook, LinkedIn, YouTube, and subscribing to our blog.

About IDC

International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets.

©2020 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology, and the Spiral logo are registered trademarks of Seagate Technology LLC in the United States and/or other countries. All other trademarks or registered trademarks are the property of their respective owners.

Trend Micro Research Discovers Botnet Battle for Home Routers

Trend Micro Incorporated, a global leader in cybersecurity solutions, today released new research warning consumers of a major new wave of attacks attempting to compromise their home routers for use in IoT botnets. The report urges users to take action to stop their devices from enabling this criminal activity.

There has been a recent spike in attacks targeting and leveraging routers, particularly around Q4 2019. This research indicates increased abuse of these devices will continue as attackers are able to easily monetize these infections in secondary attacks.

"With a large majority of the population currently reliant on home networks for their work and studies, what's happening to your router has never been more important," said Jon Clay, director of global threat communications for Trend Micro. "Cybercriminals know that a vast majority of home routers are insecure with default credentials and have ramped up attacks on a massive scale. For the home user, that's hijacking their bandwidth and slowing down their network. For the businesses being targeted by secondary attacks, these botnets can totally take down a website, as we've seen in past high-profile attacks."

Trend Micro's research revealed an increase from October 2019 onwards in brute force log-in attempts against routers, in which attackers use automated software to try common password combinations. The number of attempts increased nearly tenfold, from around 23 million in September to nearly 249 million attempts in December 2019. As recently as March 2020, Trend Micro recorded almost 194 million brute force logins.

Another indicator that the scale of this threat has increased is devices attempting to open telnet sessions with other IoT devices. Because telnet is unencrypted, it's favored by attackers – or their botnets – as a way to probe for user credentials. At its peak, in mid-March 2020, nearly 16,000 devices attempted to open telnet sessions with other IoT devices in a single week.

This trend is concerning for several reasons. Cybercriminals are competing with each other to compromise as many routers as possible so they can be conscripted into botnets. These are then sold on underground sites either to launch Distributed Denial of Service (DDoS) attacks, or as a way to anonymize other attacks such as click fraud, data theft and account takeover.

Competition is so fierce that criminals are known to uninstall any malware they find on targeted routers, booting off their rivals so they can claim complete control over the device.

For the home user, a compromised router is likely to suffer performance issues. If attacks are subsequently launched from that device, their IP address may also be blacklisted – possibly implicating them in criminal activity and potentially cutting them off from key parts of the internet, and even corporate networks.

As explained in the report, there's a thriving black market in botnet malware and botnets-for-hire. Although any IoT device could be compromised and leveraged in a botnet, routers are of particular interest because they are easily accessible and directly connected to the internet.

Trend Micro makes the following recommendations for home users:

Make sure you use a strong password. Change it from time to time.

Make sure the router is running the latest firmware.

Check logs to find behavior that doesn't make sense for the network.

Only allow logins to the router from the local network.

TransUnion CIBIL Partners with Digital India’s Common Services Centres to Drive Financial inclusion

In order to reassert its commitment towards driving credit education and financial inclusion across the country, TransUnion CIBIL has partnered with Common Service Centres (CSCs) to assist consumers in getting easy access to their CIBIL Score and Credit Report. The CSCs are a special purpose vehicle of the Ministry of Electronics and IT, and are an initiative under the Government of India’s Digital India Flagship platform designed to drive a socially, financially and digitally inclusive society.

Whether it’s their health, financial well-being or changes in day-to-day living, many people in India have already been dramatically affected by COVID-19. It’s important that businesses and consumers are able to continue to transact with confidence while accessing credit for fulfilling their financial requirements. Consumer awareness on how to manage credit and enable easier and faster access to finance is now more important than ever.

Empowering consumers across India to transact with confidence

With this partnership, consumers will be able to access their CIBIL Score and Credit Report from over 3.61 lakh CSC outlets nationally. People can request their CIBIL Score and report by visiting the Village Level Entrepreneurs (known as VLEs) close to their location and following authentication through the established Aadhar and biometric check, they can view their CIBIL Score and Credit Report.  These centres will also provide guidance and education to consumers on the details of their CIBIL Score and Credit Report and how to maintain credit discipline in order to access credit opportunities.

Speaking on the objective of this collaboration, the Managing Director and CEO of TransUnion CIBIL, Mr. Rajesh Kumar, said: “As consumers look to secure funds to bridge any personal finance gap due to the economic impact of the COVID-19 pandemic, awareness of the importance of their CIBIL Score and credit history is vital for accessing credit opportunities quickly and easily.  Through this collaboration with CSCs, we are reaching out to regional and rural consumers across our country to provide them with digital access to their credit score and report, enabling them to apply for credit and transact with confidence.”

Highlighting the benefits of this collaboration, Mr. Kumar added: “As several credit institutions now offer better terms and conditions to consumers with a higher CIBIL score, education and awareness about it can also help consumers access loans at a more competitive rate of interest.  Moreover, this initiative paves the way for greater consumer empowerment by ensuring that their credit information is accurate and that they are reliably and safely represented in the marketplace.”

Speaking about the partnership, Dr. Dinesh Tyagi, CEO, CSC SPV said, “We are happy to collaborate with TransUnion CIBIL in this venture to help rural citizens get their CIBIL Scores and Reports seamlessly. Citizens in rural communities may lack awareness about the importance of CIBIL Score and towards availing credit opportunities easily and at better terms and conditions. A good credit score can be used by them to bargain for a better interest rate. CSC will help citizens know their CIBIL Score, check eligibility for loan and negotiate better interest rates.”

“CSC also functions as Banking Facilitators for Banks and this will help connect them with consumers to whom the banks can sanction loans quickly. This will help a large number of SMEs in rural India to get loans easily and quickly. This facility will be of mutual benefit for CSC and Banks focused on extending credit facilities to rural citizens,” he added.  

Consumers can approach CSCs for their CIBIL Score and Report from 13th July, 2020 onwards.

The CIBIL Score is a 3-digit numeric summary of a consumer’s CIBIL Report ranging from 300 to 900. It is a reflection of a consumer’s credit profile, and one of the things that lenders check before approving a credit application. The closer a consumer’s score is to 900, the higher are the chances of a credit card or loan application getting approved, thus making the CIBIL Score and Report key factors in the underwriting process and in determining a consumer’s access to credit. 

>> Learn more about the CIBIL Score and Report at www.cibil.com

>> Learn more about CSCs at the Digitize India platform

About TransUnion CIBIL – Consumer Interactive

Consumer Interactive is the direct-to-consumer division of TransUnion CIBIL, India’s largest credit information company with one of the country’s most comprehensive collections of consumer information. Our mission is to help Indian consumers access and understand the opportunities that lead to a higher quality of life by providing them with means to appreciate and manage their credit. This is achieved through a confluence of data and internet-based tools that provide consumers the most accessible, accurate credit information and promote financial literacy, inclusion and protection. We believe in the power of information to help individuals make better and smarter decisions so they can achieve their personal financial goals while contributing to the development of a stronger economy.

Zendesk Releases CX Benchmark Report for Startups Showing the Path to Success is in CX

Zendesk, Inc. has released the Zendesk Startups CX Benchmark Report, documenting how early-stage startups that invest in customer experience (CX) outperform their peers. The data shows that while there is no one-size-fits-all approach, startup success stories have one thing in common: the ability to provide more holistic support to customers from the beginning.

The findings feature Zendesk Benchmark data from more than 4,400 early-stage startups from around the world, giving founders and CX leaders direct insights into this crucial part of their businesses for the first time.

Most surprisingly, more than 70 percent of startup founders and decision-makers reported they do not have a formal customer support strategy in place. This shines a spotlight on how many companies are missing out on the opportunity to deliver on the customer experiences that will set them apart from their peers and foster long-term business success. 

"India is a thriving startup hub and home to several Unicorns - many of whom have embedded customer experience as part of their growth strategy. The ongoing COVID-19 pandemic has undoubtedly hit many Indian startups hard, highlighting the importance of having robust customer support from the get go. The Indian startup community has shown their tenacity and adaptability in the past and will do so again. And we hope the learnings from our latest Zendesk Startups CX Benchmark Report can help shed light on the path forward in these unique times.”, said KT Prasad, MD and RVP Sales, India & SAARC at Zendesk.

According to the report, fast-growing startups—those that have doubled their customer support agent count (a proxy for employee growth) in the first two years of using Zendesk and have 18 months or fewer between publicly disclosed funding rounds—make greater investments in their CX strategies, and do so more quickly. 

In fact, 33 percent of these companies are more likely to add omnichannel or multi-channel support in their first two years. The result is shorter resolutions (roughly half the wait time for customers), better team efficiency and more options for customers to find the support they are looking for, which all lead to an overall improved CX. 

The report identified six actions companies should focus on to operate like a fast-growing startup within their first two years, in order of priority: 

Set up a customer support function that prioritizes speed and convenience for both your customers and service team

Add live channels, such as phone and chat, which are faster alternatives to email and web ticketing

Launch messaging channels, like social media and WhatsApp, to reach customers on the channels they use in their day-to-day lives

Establish an FAQ or help center, and include at least 30 articles that answer frequently asked questions

Introduce at least one new app or integration to your customer support platform every six months to increase support agent productivity and streamline workflows

Keep first reply times and resolution times down to three to eight hours 

“It’s natural to prioritize your product at the beginning of your startup journey, but not to think about how you sell to or support your customers,” said Kristen Durham, vice president, startups, Zendesk. “We know CX directly impacts customer loyalty and retention, and whether you are a first-time founder, serial entrepreneur, or customer support leader looking to improve business performance, our data shows that the sooner you put customers at the center of your plans, the faster you’ll be setting yourself up for long-term success.” 

The report also indicated that faster-growth startups direct more resources toward self-service and live channels, like phone and chat, with unicorns—privately held startups valued at over $1 billion—adopting live channels even faster. Unicorns also prioritize adding self-service features like online help centers 61 percent faster than other startups in their first year. 

“Startups that want to rise above the noise should invest in building a strong foundation in great customer experience right from the start,” said Jeff Titterton, chief marketing officer, Zendesk. “Customers have come to expect more out of companies, regardless of their size, age, or industry. Having differentiated customer support can be the difference between failing to scale and becoming a successful, fast-growth startup.”

Additional Resources

For more information, download the Startups CX Benchmark Report. 

Check out Sit Down Startup, our new podcast featuring Zendesk leaders with founders, CEOs, and makers, sharing their journey and talking about why customer experience is the secret sauce to long-term success. Listen to the podcast on Spotify, Google Play, or Apple Podcasts. 

Unicorns and fast-growth startups Loggi and Freshly are using Zendesk to reach customers on their preferred channels, and getting out ahead of the competition by infusing the customer perspective directly into the business which in turn helps fuel product and service innovation. Check out their stories, and others, on the Zendesk Library.

Methodology 

The Zendesk Benchmark helps companies compare their customer service performance against their competitors. To better understand how startups leverage support, we analyzed key metrics around timing, tools, and results for 4,414 startups that use Zendesk Support from January 1, 2014 to March 14, 2020. Startups included in this report have used Zendesk for more than six months and have raised funding.

About Zendesk

Zendesk is a service-first CRM company that builds support, sales, and customer engagement software designed to foster better customer relationships. From large enterprises to startups, we believe that powerful, innovative customer experiences should be within reach for every company, no matter the size, industry or ambition. Zendesk serves more than 160,000 customers across a multitude of industries in over 30 languages. Zendesk is headquartered in San Francisco, and operates offices worldwide.