23/09/2016 Asia Business Report

biggest data breach on record. And growing old gracefully. See how

one Asian country is finding ways to keep all the workers on the job

longer. Good morning, welcome to Asia Business Report, from

Singapore. I'm Mariko i. Yahoo! Has confirmed hackers have stole

information from 500 million of its users. The breach happened in late

2014 and included identifiable information and an encrypted

security questions and answers. It did not include any credit card

data, but it believed the attack possibly state-sponsored. Let speak

to the managing from Igsia. The breach occurred in late 2014, so why

are we only finding out about this now? There is a long gestation

period between when an attack actually happens and when an

enterprise actually figures out that it has been breached. So it could

last anywhere from three to nine months, maybe longer, and then they

have to identify the cause and what happened. So there is a very long

gestation period between when the attack is triggered, when it is find

out -- and when it is found out. The fact that this breach was brought to

their attention by journalist and now they are saying it could be

state-sponsored, which could mean anything, it does seem to affect

Yahoo's reputation. Do you think it might damage their reputation? It is

not really for me to comment on the reputation. For any enterprise it

does impact of their brand equity when there has been a breach, so I

think all enterprises have to be not just vigilant but super vigilant in

this age of cyber crime. Because there have been a number of attacks,

obviously this is by far the biggest, but there have been similar

attacks in the past. What are companies doing to protect

themselves? Companies typically have acknowledged that this was a threat.

They usually go through audits every year, etc, but I think the time has

now come not just to be reactive bite proactive and maybe go even a

step beyond proactive and anticipate things that they have not really

done in the past. So it involves all elements of network security, or --

all elements of social engineering and almost believe that they have

been breached and act like they have been bridged already. What about

users? Should Yahoo uses of the day be concerns about their personal

information might be out there? Yes, but it is Yahoo users or any users.

Consumers have to worry about two things. One is from their own

personal perspective, they've got to be changing their passwords often

and not using common names and repeats of passwords for all of

their accounts, and I think the second thing is when they work with

different institutions, whether financial or Yahoo or any others,

they have to ask this is as fusion is, I'd be keeping my data safe? --

these institutions. Thank you so much for joining us. The timing

isn't great because Yahoo have just been bought for $5 million, but they

do for joining us. In other business news, the former

chairwoman of the bankrupt Korean shipping giant is under

investigation for alleged insider training. She has come under

scrutiny after it was revealed she sold all her shares in the company

days before it filed for a debt restructuring programme in April.

She and her two daughters allegedly sold really 1 million shares worth

$3 million, US. And the Danish shipping giant is splitting its

operations into two separate divisions as it struggles to cope

with one of the worst industry downturns. A container operator will

oversee a new division in the company's -- and the company's will

Holdings will be consolidated. Driverless cars will be taking a

spin for a little longer in Singapore. A software maker launched

their autonomous vehicles last month. Now they have been given

permission to expand their trial period. We got more details from the

chief executive. We are very pleased and proud to be part of this. It

brings together the leading developer of the software and the

leading player in the region. What it will allow us to do is expand our

public power were in the north district by integrating with the

Alp, so people can use it to call our cars and it will be very similar

to hailing a car today, except that car will be driven by our software,

not a human driver. But you still have that a cop driver in the car,

don't you. Can you tell us when you might be able to expect that driver,

the human driver, to be gone and you will actually be sitting in the

driverless cars? It is still the early phase and we are still

gathering information about our systems and improving them everyday.

We are targeting late 2018 and believe by then we could have the

confidence that our systems will be close to perfect to eliminate the

safety driver, as we call it. Your original launch last month got a lot

of news attention because you beat some of your competitors who were

looking to launch their projects as well. Was the timing of coincidence

or did you actually make it earlier so you could beat competition? We

have been building towards this pilot for a long time. At the

beginning of August renamed the new partner and since we were given that

partnership status it was all systems go for this pilot and we got

on the road as quickly as we could. It was a coincidence that one of our

competitors on the other side of the world had similar timing. You pick

Singapore. Tell us why you decided to do this here. Singapore is really

the ideal choice for launching this technology. We got strong support

from the Singaporean government, there is great infrastructure, good

roads and good traffic conditions. People really obey the rules of the

road. You put all of those things together it's a great test pad and a

future launch site for the technology. Accommodation provider

aired B has an evaluation of about $30 billion after its latest funding

round. -- Airbnb. It secured a cornerstone investment from Google

added its US venture capital firm. This makes Airbnb the second most

valuable private company in Silicon Valley, behind Uber. The firm is

worth an estimated 68 billion dollars.

Asia's population is ageing more rapidly than any other each region

on earth. Currently about 5% of Asia's population is 65 or older but

a recent report says those figures will rise by 70% in the next 15

years and that would cost the Asian economies some $20 trillion in the

same period. We look at how the small citystate of Singapore is

trying to tackle the issue. It is not everyday you a second

chance. And even more rare if you are 67 years old. But that's exactly

what happened to this man. He is known to his colleagues simply as

Uncle Chu. The term is a sign of respect, for Uncle Chu it is also

recognition of the fact that he is at least two decades older than most

of the staff at this restaurant. TRANSLATION: Older people like us

should work, as it keeps us healthy. At our age and having a job makes us

feel wanted and it is great to keep ourselves occupied by working.

Singapore is beginning to understand that it needs to address this

problem now. Currently, the elderly make up some 11% of the country's

population, but that figure is expected to rise 20% in the next 15

years and Singapore is growing old at a faster rate than many of its

neighbours. Singapore's government estimate that ten years ago 50% of

the country's elderly were employed. That's now jumped to 67%, which

means now two thirds of the elderly are in some form of employment. But

officials admit that this is still a work in progress. When we compared

to some other developed countries, which are quite good at maximising

the potential of workers, like Japan and Korea, we are quite comparable,

but we believe we are on a good trajectory, there is still work be

done, especially when we think about the demographic trends. It wasn't

that long ago that Singapore was still a young country. The citystate

went from third World to first in just a few short decades. But it was

that economic success that led in part to fewer women having babies

and, as the population shrinks, Singapore is counting on its elderly

to ensure that the next generation's future remains intact.

And you can tune into Talking Business this weekend, where we will

talk more about the ageing population of age.

A quick look at the markets. Japan was closed for a public holiday

yesterday and we opened lower, it was the Japanese yen is

strengthening against the US dollar after the Fed's decision. That's it

for this edition of Asia Business Report. Sport Today is coming up

next.