World Bank forecasts worst economic slump in South Asia in 40 years over corona

For the first time in the 15 years of the Global Risks Report, the climate change and environment risk has occupied all the top five slots.

According to the 15th edition of the World Economic Forum's (WEF) Global Risks Report, the top five risks in terms of likelihood are extreme weather, climate action failure, natural disasters, biodiversity loss and human-made environmental disasters. They all fall in the one category of climate change and related environmental disasters.

WEF President Borge Brende said the world was feeling long-mounting and interconnected risks.

The report also points to how citizens are protesting across the world as discontent rises with failed systems that are creating inequality. The citizens' discontent had hardened with systems that had failed to promote advancement, it said.

"Disapproval of how governments are addressing profound economic and social issues has sparked protests throughout the world, potentially weakening the ability of governments to take decisive action should a downturn occur. Without economic and social stability, countries could lack the financial resources, fiscal margin, political capital or social support needed to confront key global risks," it said.

Listing the grim scenario, Borge said the global economy was faced with "synchronised slowdown", the past five years had been the warmest on record and cyber attacks were expected to increase this year.

The report warns that while the myriad risks were rising, time was running out on how to prevent them.

Borge said the growing palpability of shared economic, environmental and societal risks indicated that the horizon had shortened for preventing "or even mitigating" some of the direst consequences of global risks.

"It's sobering that in the face of this development, when the challenges before us demand immediate collective action, fractures within the global community appear to only be widening," he said.

The report points to grave concern about the consequences of continued environmental degradation, including the record pace of species decline.

Pointing to an unsettled geopolitical environment, the report said today's risk landscape was one in which new centres of power and influence were forming and old alliance structures and global institutions were being tested.

"While these changes can create openings for new partnership structures in the immediate term, they are putting stress on systems of coordination and challenging norms around shared responsibility. Unless stakeholders adapt multilateral mechanisms for this turbulent period, the risks that were once on the horizon will continue to arrive," it said.

Calling it a "an unsettled world", the WEF report notes that powerful economic, demographic and technological forces were shaping a new balance of power. "The result is an unsettled geopolitical landscape in which states are increasingly viewing opportunities and challenges through unilateral lenses," it said.

"What were once givens regarding alliance structures and multilateral systems no longer hold as states question the value of long-standing frameworks, adopt more nationalist postures in pursuit of individual agendas and weigh the potential geopolitical consequences of economic decoupling. Beyond the risk of conflict, if stakeholders concentrate on immediate geo-strategic advantage and fail to re-imagine or adapt mechanisms for coordination during this unsettled period, opportunities for action on key priorities may slip away," the WEF said.

In a chapter on risks to economic stability and social cohesion, it said a challenging economic climate might persist this year and members of the multi-stakeholder community saw "economic confrontations" and "domestic political polarisation" as the top risks in 2020.

The report also warned of downward pressure on the global economy from macroeconomic fragilities and financial inequality. These pressures continued to intensify in 2019, increasing the risk of economic stagnation.

Low trade barriers, fiscal prudence and strong global investment, once seen as fundamentals for economic growth, are fraying as leaders advance nationalist policies. The margins for monetary and fiscal stimuli are also narrower than before the 2008-2009 financial crisis, creating uncertainty about how well countercyclical policies will work.

The strategic partners for the WEF report included Marsh & McLennan and Zurich Insurance Group. The academic advisers were National University of Singapore, Oxford Martin School, University of Oxford and Wharton Risk Management and Decision Processes Center, University of Pennsylvania.

Days after Twitter accounts of several billionaires were hacked to engineer a crypto scam, Twitter on Saturday said it is embarrassed, disappointed and, more than anything, sorry for what happened with some of its high-profile users as attackers successfully manipulated its employees and used their credentials to access internal systems, including getting through the two-factor protections.

In the first detailed summary of the "social engineering attack" via a crypto scam that hit at least 130 users this week, Twitter said for 45 of those accounts, the attackers were able to initiate a password reset, login to the account and send Tweets.

"We are continuing our forensic review of all of the accounts to confirm all actions that may have been taken. In addition, we believe they may have attempted to sell some of the usernames," the micro-blogging platform said in a statement.

For up to eight of the Twitter accounts involved, the attackers took the additional step of downloading the account's information via "Your Twitter Data" tool.

This is a tool that is meant to provide an account owner with a summary of their Twitter account details and activity.

"We are reaching out directly to any account owner where we know this to be true. None of the eight were verified accounts," said Twitter.

The company said the attackers were not able to view previous account passwords, as those are not stored in plain text or available through the tools used in the attack.

"Attackers were able to view personal information including email addresses and phone numbers, which are displayed to some users of our internal support tools," informed Twitter.

In cases where an account was taken over by the attacker, they may have been able to view additional information, Twitter added, saying its forensic investigation of these activities was still ongoing.

"We are actively working on communicating directly with the account-holders that were impacted".

The company said it will soon restore access for all account owners who may still be locked out as a result of the remediation efforts.

The New York Times reported on Friday that the Twitter crypto scam can be traced back to a group of hackers who congregate online at OGusers.com, a username-swapping community where people buy and sell coveted online handles.

The report said that the Twitter hack is not from Russian, Chinese or North Korean hackers but was done by a group of young people, "one of whom says he lives at home with his mother".

Washington, May 12: The US Federal Bureau of Investigation and cybersecurity experts believe Chinese hackers are trying to steal research on developing a vaccine against coronavirus, two newspapers reported Monday.

The FBI and Department of Homeland Security are planning to release a warning about the Chinese hacking as governments and private firms race to develop a vaccine for COVID-19, the Wall Street Journal and New York Times reported.

The hackers are also targeting information and intellectual property on treatments and testing for COVID-19.

US officials alleged that the hackers are linked to the Chinese government, the reports say.

The official warning could come within days.

In Beijing Foreign Affairs ministry spokesman Zhao Lijian rejected the allegation, saying China firmly opposes all cyber attacks.

"We are leading the world in COVID-19 treatment and vaccine research. It is immoral to target China with rumors and slanders in the absence of any evidence," Zhao said.

Asked about the reports, President Donald Trump did not confirm them, but said: "What else is new with China? What else is new? Tell me. I'm not happy with China."

"We're watching it very closely," he added.

A US warning would add to a series of alerts and reports accusing government-backed hackers in Iran, North Korea, Russia and China of malicious activity related to the pandemic, from pumping out false news to targeting workers and scientists.

The New York Times said it could be a prelude to officially-sanctioned counterattacks by US agencies involved in cyber warfare, including the Pentagon's Cyber Command and the National Security Agency.

Last week in a joint message Britain and the United States warned of a rise in cyber attacks against health professionals involved in the coronavirus response by organised criminals "often linked with other state actors."

Britain's National Cyber Security Centre and the US Cybersecurity and Infrastructure Security Agency said they had detected large-scale "password spraying" tactics -- hackers trying to access accounts through commonly used passwords -- aimed at healthcare bodies and medical research organisations.