A British Airways aircraft prepares to take off as passengers wait in Cape Town International Airport in Cape Town, South Africa. Reuters
A British Airways aircraft prepares to take off as passengers wait in Cape Town International Airport in Cape Town, South Africa. Reuters

Information industry should learn from aviation safety



While some countries struggle with safety, American aircraft travel has lately had a remarkable safety record; from 2014 through 2017, there were no fatal commercial airline crashes in the United States.

But those years were fraught with other kinds of trouble: security breaches and electronic espionage affected nearly every adult in the US, along with the power grid in Ukraine and the 2016 US presidential campaign, to name a few. As an expert in cybersecurity policy, I think it’s time that my own industry took some lessons from one of the safest high-tech transportation methods of the 21st century.

Like today in cybersecurity, the early days of US air travel weren’t regulated particularly closely. And there were a huge number of accidents. Only after public tragedies struck did changes occur. In 1931, a plane crash in Kansas killed the famous Notre Dame football coach Knute Rockne. And in 1935, US Senator Bronson Cutting of New Mexico died in the Missouri crash of TWA Flight 6. These events helped contribute to the 1938 creation of the first US Air Safety Board. But it took until 1967 for the new Department of Transportation to be created with an independent National Transportation Safety Board (NTSB).

Since then, the NTSB has rigorously investigated all aircraft crashes and other transportation incidents in the US. Its public reports about its findings have informed changes in government regulations, corporate policies and manufacturing standards, making air travel safer in the US and around the world.

As cybersecurity incidents proliferate around the country and the globe, businesses, government agencies and the public shouldn’t wait for an inevitable disaster before investigating, understanding and preventing these failures. Nearly a century after the original Air Commerce Act in 1926, calls, including my own, are mounting for the information industry to take a page from aviation and create a cybersecurity safety board.

The creation of the NTSB was the first independent agency charged with investigating the safety of various transportation systems, from highways and pipelines to railroads and aircraft. Since 1967, the NTSB has investigated more than 130,000 accidents.

These investigations are vital since they help establish “the who, what, where, when, how and [perhaps] why behind an incident”. After the facts are determined, policymakers can back up, and often have backed up, NTSB recommendations with new regulations. Failing that, it is common for air carriers, for example, to voluntarily implement changes it suggests. A similar approach could help improve the internet, a new technology that, like aircraft are, is tying the world closer together even as it threatens our shared security.

Two elements of the NTSB may be particularly useful for enhancing cybersecurity.

First, it separates fact-finding proceedings from any questions of legal liability. Second, these investigations are broad, involving various stakeholders such as manufacturers and airline companies.

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Read more:

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Cyberspace is similarly made up of a wide range of companies and technologies.

A cybersecurity safety board need not in fact be national. It could begin from the bottom up, with companies partnering together to protect their customers by sharing best practices.

Critics of establishing a cybersecurity safety board would likely contend that the speed at which technologies change makes it difficult for any recommendations, even if they were quickly implemented, to sufficiently protect organisations from cyber attacks. NTSB investigations can take a year or more; to ensure findings were still relevant, cybersecurity inquiries would need to be faster, such as by streamlining cyberforensics and relying on widely used tools such as the National Institute for Standards and Technology Cybersecurity Framework.

Other challenges include standardising terminology across the industry and identifying the right experts to look into data breaches, which might be easier said than done given the talent shortage among cybersecurity professionals. Broad-based cybersecurity educational programmes, such as a new partnership between the law, business and computer science schools at Indiana University, should be encouraged to help address this shortfall.

Additional measures would likely be required to make a cybersecurity safety board successful, such as launching investigations only for serious breaches such as those involving critical infrastructure.

More nations and regions – including the European Union – are imposing stringent requirements on companies that suffer data breaches, including mandatory reporting of cyberattacks within 72 hours and more rigorous preventive measures. Businesses, governments and scholars around the world are working on how to improve data security. If they came together to support a global network of cybersecurity safety boards, their efforts could promote cyberpeace for people and institutions alike.

All that is needed is the will to act, the desire to experiment with new models of cybersecurity governance and the recognition that we should learn from history. As the late president Franklin D Roosevelt once famously said: “It is common sense to take a method and try it: if it fails, admit it frankly and try another. But above all, try something.”

Associated Press

TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2041mm%2C%20352%20x%20430%3B%2045mm%2C%20396%20x%20484%3B%20Retina%20LTPO%20OLED%2C%20up%20to%201000%20nits%2C%20always-on%3B%20Ion-X%20glass%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20S8%2C%20W3%20wireless%2C%20U1%20ultra-wideband%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%2032GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%201GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20watchOS%209%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EHealth%20metrics%3A%3C%2Fstrong%3E%203rd-gen%20heart%20rate%20sensor%2C%20temperature%20sensing%2C%20ECG%2C%20blood%20oxygen%2C%20workouts%2C%20fall%2Fcrash%20detection%3B%20emergency%20SOS%2C%20international%20emergency%20calling%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20GPS%2FGPS%20%2B%20cellular%3B%20Wi-Fi%2C%20LTE%2C%20Bluetooth%205.3%2C%20NFC%20(Apple%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP6X%2C%20water%20resistant%20up%20to%2050m%2C%20dust%20resistant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20308mAh%20Li-ion%2C%20up%20to%2018h%2C%20wireless%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20eSIM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFinishes%3A%3C%2Fstrong%3E%20Aluminium%20%E2%80%93%20midnight%2C%20Product%20Red%2C%20silver%2C%20starlight%3B%20stainless%20steel%20%E2%80%93%20gold%2C%20graphite%2C%20silver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Watch%20Series%208%2C%20magnetic-to-USB-C%20charging%20cable%2C%20band%2Floop%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Starts%20at%20Dh1%2C599%20(41mm)%20%2F%20Dh1%2C999%20(45mm)%3C%2Fp%3E%0A
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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  • Premier League-standard football pitch
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  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg
Stage 2

1. Mathieu van der Poel (NED) Alpecin-Fenix 4:18:30

2. Tadej Pogacar (SLV) UAE Team Emirates 0:00:06

3.  Primoz Roglic (SLV) Jumbo-Visma 0:00:06

4. Wilco Kelderman (NED) Bora-Hansgrohe 0:00:06

5. Julian Alaphilippe (FRA) Deceuninck-QuickStep 0:00:08

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million