15/05/2017 World Business Report


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15/05/2017

The latest business news with informed analysis from the world's financial centres.


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Now it's time for World Business Report.

:00:00.:00:16.

Microsoft points the finger at governments

:00:17.:00:19.

as companies are warned more cyber attacks could be on the way.

:00:20.:00:22.

We find out how you can protect yourself.

:00:23.:00:26.

China's plans to revive ancient trade routes.

:00:27.:00:29.

President Xi pledges billions to rebuilt ports,

:00:30.:00:32.

Also in the programme Facebook's Sheryl Sandberg makes

:00:33.:00:48.

a Mothers Day plea to the US government.

:00:49.:00:52.

Microsoft says a huge cyber attack is a wake up call -

:00:53.:01:01.

saying the hoarding of security vulnerabilities by governments has

:01:02.:01:03.

There are fears of further so-called "ransomware" attacks

:01:04.:01:11.

as people return to work this morning.

:01:12.:01:13.

A huge number of companies were targeted in the initial attack

:01:14.:01:16.

including Spain's Telefonica, Fed Ex in the US, and Germany's

:01:17.:01:20.

Europol says the attack hit 200,000 victims in more

:01:21.:01:31.

and warns more people and businesses could find

:01:32.:01:34.

The National Cyber Security Centre urges companies to keep

:01:35.:01:38.

security software patches up to date, use anti-virus software,

:01:39.:01:40.

With me is Ian Mann, founder of the cyber security firm

:01:41.:01:50.

ECSC Group - he's a former adviser to the UK's

:01:51.:01:53.

Good to see you. Good morning. Tell us about ransomware attacks and how

:01:54.:02:10.

they work? It is putting something on your computer which is hacked,

:02:11.:02:15.

and then you get asked for money to get your data back. That is normally

:02:16.:02:21.

done on an individual basis. This is technically known as a worm. It

:02:22.:02:32.

looks for other computers once infected. It is not about targeting

:02:33.:02:37.

people are about spreading itself and it requires companies to have

:02:38.:02:42.

done a couple of things wrong. This attack has had a huge impact, it

:02:43.:02:53.

could still continue today globally. This has the hallmarks of someone

:02:54.:02:57.

producing something although it technically proficient, it does not

:02:58.:03:01.

look fully finished. Something that automatically spreads, it is

:03:02.:03:04.

unpredictable what can happen. Somebody could be testing this. They

:03:05.:03:11.

did not know how effect give this could be because they did not expect

:03:12.:03:15.

the companies being attacked to have made the basic mistakes they made.

:03:16.:03:19.

Two basic mistakes - unless you make those, you do not get attacked. What

:03:20.:03:26.

should organisations, governments do now? Are you assume those who found

:03:27.:03:32.

out they were affected have fixed it by now but what about today? Some

:03:33.:03:38.

will, some may still be struggling. Firstly, this takes a specific

:03:39.:03:43.

vulnerability in Microsoft operating systems and the fixed was released

:03:44.:03:52.

on the 14th of March by Microsoft. When Microsoft releases a patch, a

:03:53.:03:56.

security update and rated critical, you should not leave it to months

:03:57.:04:02.

before applying it. Secondly, people have firewalls that are little bit

:04:03.:04:08.

too open. They allow this to get in. The way this communicates should not

:04:09.:04:14.

pass firewalls. Organisations, such as the NHS, was so badly affected

:04:15.:04:20.

because there are so many different hospitals and GP services which are

:04:21.:04:25.

connected and rely on each other's security? Absolutely right. The NHS

:04:26.:04:35.

in the UK operates as if everybody trusts everybody else. Everybody

:04:36.:04:40.

communicates with everybody. Cannot stop the attack coming in but you

:04:41.:04:45.

can apply the patch. If they would have done that on the 14th of March

:04:46.:04:49.

it would have been protected. What you do if you are affected? You have

:04:50.:04:55.

to wipe the machine and rebuild it. That is really the only cure to

:04:56.:05:01.

this. We doubt whether paying woodwork. It is not generally a good

:05:02.:05:06.

idea and technically it does not work very well. Rebuilding the

:05:07.:05:11.

system and starting from backups. The chances to back up your data is

:05:12.:05:16.

really key it is the only chance to get back your data. Is it fair on

:05:17.:05:22.

the part of Microsoft to say, hang on, this is your fault not ours.

:05:23.:05:27.

There are two ways to look at it. Microsoft produced a software that

:05:28.:05:31.

is getting attacked. They will say we issued packs saying it was

:05:32.:05:39.

critical. -- patches. If something like that gets released by the

:05:40.:05:44.

vendor, you should patch your systems within 40 days and it is now

:05:45.:05:50.

two months so Microsoft did the best they could in this situation. Thank

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you very much, especially given the fact it is your birthday and you got

:05:57.:06:01.

out of bed before the crack of dawn. I did. Thank you.

:06:02.:06:03.

The Chinese government is investing tens of billions of dollars as part

:06:04.:06:06.

of a plan to restore the ancient trade routes connecting

:06:07.:06:09.

President Xi Jinping has pledged $124 billion

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for the scheme known as the belt and road initiative.

:06:18.:06:20.

First unveiled in 2013 the project costs of a maritime route starting

:06:21.:06:23.

in China which winds its way to Europe.

:06:24.:06:29.

At the same time a land based network would make its way west

:06:30.:06:33.

It is quite mammoth. Nice to see you. This is enormous and lots of

:06:34.:06:55.

money being spent? Absolutely. It is incredibly large and as well as that

:06:56.:07:04.

$124 billion pledged by President Xi Jinping Culliver expectations are

:07:05.:07:11.

cost could run into the billions. Leaders from 29 nations gathered in

:07:12.:07:16.

Beijing on Sunday, it continuing their visit today, to bring China's

:07:17.:07:22.

ran plan one step closer to reality. --A grand plan. Already the Chinese

:07:23.:07:29.

president has pledged all these dollars, he did not give a time plan

:07:30.:07:37.

for the distribution. But the run many sceptics who say this is all an

:07:38.:07:43.

expensive exercise to extend China's political and economic influence. Xi

:07:44.:07:49.

Jinping was using his speech to reassure a lot of leaders, Western

:07:50.:07:55.

diplomats to ensure that in advancing the Belton Road they would

:07:56.:08:02.

not retread old parts but it would be based on new corporation and

:08:03.:08:11.

mutual benefit. A lot of sceptics saying corruption is also a concern.

:08:12.:08:16.

China has already suffered losses when it has invested in countries

:08:17.:08:24.

with questionable governance issues. This is potentially requiring of

:08:25.:08:30.

trillions of dollars. We have leaders like Russian President

:08:31.:08:33.

Vladimir Hooton, the Turkish President, Recep Tayyip Erdogan and

:08:34.:08:40.

other European leaders. We will be expecting a statement by the end of

:08:41.:08:42.

the day. -- Vladimir Putin. Facebook's Sheryl Sandberg has made

:08:43.:08:46.

a plea on Mother's day in the US - for the government to do more

:08:47.:08:56.

to support working women. The firm's chief operating officer

:08:57.:08:58.

called for a higher minimum wage, paid family leave and

:08:59.:09:01.

affordable childcare. Ms Sandberg says public policies

:09:02.:09:03.

need to catch up with what American The Greek government has

:09:04.:09:06.

slashed its growth forecasts for this year as it

:09:07.:09:09.

looks towards approving It has lowered the growth

:09:10.:09:11.

target to 1.8% from 2.7% China set to become big in the air.

:09:12.:09:44.

Let's show you how the markets are going. The trading week well under

:09:45.:09:51.

way in Asia. Some markets drawing to a close. Japan is just down

:09:52.:10:01.

slightly. See you in a moment as we look at the other stories in

:10:02.:10:03.