Zero-day Vulnerability: Cyber Attack on Wipro & Other News

Zero-day Vulnerability: Cyber Attack on Wipro

• Tech Giant Wipro has hired an independent forensic firm to investigate an alleged cyberattack, termed as a ‘Zero-day attack’ into their systems. Wipro had earlier accepted liability in case of a network breach, last June before the US Securities and Exchange Commission, in its annual filings.

Important Takeaways for Business Leaders

• In India alone, 76% organizations were hit by online attacks in 2018, compared to 68% across the globe, according to a survey by security firm Sophos. The survey added that 97% of IT managers admitted the lack of security expertise as one of the critical issues plaguing India Inc.

• There is an urgent need for organisations to start approaching their processes, products/services, and technological integrations with a security-first outlook, by implementing a robust Information Security Policy and assigning a well-qualified Chief Information Security Officer to monitor all IT breaches, create data segregation and hierarchies and also ensure periodic trainings for all data handlers.

What is a Zero-day Attack?

• It is a cyber-attack that occurs on the same day a weakness is discovered in a software. At that point, it is exploited by cyber-criminals before a fix becomes available from the creator.

Major Boost to EODB : Restrictions on LLP Registration removed

The Ministry of Corporate Affairs (‘MCA’) has withdrawn the restrictions levied on LLPs regarding manufacturing and allied activities.

• Earlier Private Limited Companies and Unlisted companies converting into LLPs were barred from conducting manufacturing and allied activities

• The rationale being that manufacturing activities do not fall under the definition of ‘Business’ under the Limited Liability Partnership Act, 2008

• The Institute of Company Secretaries of India (‘ICSI’) had made a representation against the same

• Pursuant to the strong criticism, the MCA has now withdrawn the restriction on the manufacturing sector from being registered as an LLP

• The MCA will soon set up a committee to review the structure of LLPs, which is perceived as a low compliance hybrid between companies and partnerships

• The review comes following representations about a Rs 100 per day penalty for delayed filing and difficulties faced in dissolution