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China, US to work together for Strategic Trust Enhancement

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Washington: On the eve of a new round of high-level talks, China and the US agreed to work to enhance strategic trust, media reported on Tuesday.
A strategic security dialogue was held on Monday before the annual Strategic and Economic Dialogue (S&ED),

Xinhua news reported.

The strategic security dialogue, co-chaired by Chinese Vice Foreign Minister,  Zhang Yesui and US Deputy Secretary of State, Antony Blinken, was attended by Sun Jianguo, deputy chief of staff of the Chinese People’s Liberation Army and US Undersecretary of Defense for Policy Christine Wormuth and US Ambassador to China Max Baucus.

The two sides had an in-depth exchange of views on security issues of common concern.

They agreed that the two sides should continue dialogue and communication on security-related issues, work to enhance strategic trust, and push forward the construction of a stable China-U.S. strategic security relationship.

This year’s S&ED will be co-chaired by Vice Premier,  Wang Yang and State Councilor,  Yang Jiechi,  on the Chinese side, and Secretary of State, John Kerry and Treasury Secretary, Jacob Lew, on the US side.

Apart from the S&ED, Chinese Vice Premier Liu Yandong will co-chair with Kerry a high-level consultation on people-to-people exchanges.

(IANS)

 

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Cybercrimes cost businesses $600 billion globally: McAfee report

Cybercrime losses are greater in richer countries; however, the countries with the greatest losses are mid-tier nations that are digitised but not yet fully capable of cybersecurity, the report noted.

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Russia, North Korea and Iran are the most active in hacking financial institutions, while China is the most active in cyber espionage.
Russia, North Korea and Iran are the most active in hacking financial institutions, while China is the most active in cyber espionage. Wikimedia Commons

Cybercrimes have cost businesses close to $600 billion globally — or 0.8% the global GDP — which is up from $445 billion reported three years back, a report said on Thursday.

The report by the global cybersecurity firm McAfee, prepared along with the Centre for Strategic and International Studies (CSIS), said that over the last three years, cybercriminals have quickly adopted new technologies to ease the process of engaging in cybercrimes.

“Ransomware-as-a-Service Cloud providers efficiently scale attacks to target millions of systems, and attacks are automated to require minimal human involvement,” Steve Grobman, Chief Technology Officer for McAfee, said in a statement.

Also Read: Indian companies more prone to cyber attacks

“Add to these factors cryptocurrencies that ease rapid monetisation, while minimising the risk of arrest, and you must conclude that the $600 billion cybercrime figure reflects the extent to which our technological accomplishments have transformed the criminal economy as dramatically as they have every other portion of our economy,” he added.
The report, titled “Economic Impact of Cybercrime — No Slowing Down”, said that banks remain the favourite target for cybercriminals.

McAfee, Inc. is an American global computer security software company.
McAfee, Inc. is an American global computer security software company. Wikimedia Commons

Russia, North Korea and Iran are the most active in hacking financial institutions, while China is the most active in cyber espionage.

“Our research bore out the fact that Russia is the leader in cybercrime, reflecting the skill of its hacker community and its disdain for Western law enforcement,” said James Lewis, Senior Vice President at CSIS.

“North Korea is second in line, as the nation uses cryptocurrency theft to help fund its regime, and we’re now seeing an expanding number of cybercrime centres, including not only North Korea but also Brazil, India and Vietnam,” Lewis added.

Cybercrime losses are greater in richer countries; however, the countries with the greatest losses are mid-tier nations that are digitised but not yet fully capable of cybersecurity, the report noted. (IANS)

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