Business News: India is currently 10th in the world on ransomware attacks and small businesses with up to 500 employees, are at the highest risk of accounting for more than half of all attacks (54.7%). In India, tech/IT is the top industry hit by ransomware, 24.40% of all attacks, which is followed by the manufacturing Industry 10.90%, according to cyber security firm NordLocker.
LockBit and Ragnar Locker were the most active ransomware gangs in India and were responsible for 13% and 7.80% of attacks in the January 2020 July to 2022 period of time. About 17% of ransomware attacks in India attack businesses that have over Rs 80 billion in annual revenue. However, most often, ransomware in India targets companies with annual revenue between Rs 8-40 billion meanwhile, 41.5 %.
Companies with an employee count of between 201-500 are the victims of 22.60% of attacks, and the company with 1001-5000 employees is the victim of 17% of ransomware hacks in the country. About 11.3% of ransomware attacks in India target companies that employee more than 10,000 employees, and analyzed the numerous databases of ransomware incidents that affected over 5,000 companies globally. And Approximately 21% of attacks in India target companies that are publicly traded.
Furthermore, Tomas Smalakys NordLocker CTO said, that this type of attack is extremely effective, and in the past few years, the cases have grown rapidly, while cyber security awareness has failed to catch up. Consumer services, finance, and energy industries are the types of other most affected companies by ransomware in India.
Tomas Smalakys further said that the first small businesses are the top targets for them because cyber security is often, smaller companies prioritize growing their operation and leaving cyber security on the sidelines.
Hyderabad: Canada’s Immigration Minister Sean Fraser has revealed a plan to increase the number of international students and foreign workers with extensive work experience for permanent residency in fields where a constant labor shortage. This thing took place after MP Randeep Sarai’s Private Member’s Motion M-44 was approved by the House of Commons in May.
The Justin Trudeau government is likely to focus to generate more avenues to permanent residency possible since temporary foreign workers and international students are very important to Canada’s economy. The foreign workers bring a wide range of skill sets and educational backgrounds and assist in the corporate growth, productivity, and creativity all of which contribute to the economic recovery and growth of Canada. The Minister said, International students, will assist Canada’s workforce to expand, increase productivity and counteract the effect of an ageing population.
The minister aims to assist people in making the transition from temporary to permanent residency by changing the current pathways for the foreign nationals who are working in Canada and looking for sating options, including international student graduates. However, he further said that many existing programs already offer a pathway to permanent residency for temporary foreign workers and international student graduates in Canada.
According to the immigration plan for 2022-24, Canada will have a greater and permanent labor supply to solve the labor market shortages and to support the post-pandemic economic recovery. So this proposal may raise the chances for more temporary employees to convert into permanent residents. Canada will be giving the immigration selection methods under the express entry system more freedom, mainly in order to the points provided for Canadian work experience, education, language ability, and job offers. Also, they will be looking into better ways to move in-demand main workers like doctors, by reducing the hurdles, and improvements in pilot programs will be made to help the agri-food industry and provide in-home care transition to permanent residences.
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A good credit score represents a high level of creditworthiness, which makes it easier for you to obtain loans. The higher the score, the more attractive an applicant looks to prospective lenders. A credit score depends on good credit utilization rate: how much of your available credit is used each month, including outstanding loans, outstanding credit card balances, outstanding store cards, other outstanding debts, etc. A high percentage of good credit score (at least 80%) indicates a high level of credit utilization. Thus, a high credit utilization rate can negatively affect your credit score.
What is Credit Score?
A credit score is nothing but a three-digit number that measures how responsibly you utilize money or manage money and repay debts. Credit scores are calculated using the information in your credit report, and there are different credit scoring models that may apply. Everyone’s credit score starts off differently, though the lowest credit score you can have is 300. Some of the best ways to improve your credit score quickly when you have no credit history include becoming an authorized user, opening secured credit cards, or getting a small loan in your name.
What Is a Good Credit Score?
A good credit score is defined differently, depending on which model you’re using. A good FICO credit score is anywhere from 670 to 739. Anything below that would be fair or poor credit, while anything above it is either very good or exceptional credit.9
What Is a Credit Report?
A credit report is a collection of information about your financial history. Creditors report information to the credit bureaus, including the date new accounts are opened, applications you submit for new credit, payment history, and balances. This information is used to produce your credit report and credit scores.
What Is the Fastest Way to Increase Your Credit Score?
The fastest ways to increase your credit score include paying bills on time, becoming an authorized user, increasing credit limits without increasing your balances, and paying off debts. Keep in mind, however, that it may take several months to see significant improvements in your score.
Credit scoring models, such as the FICO model, assign points to various factors, depending on how well they fit a person’s credit score. These factors are then summed together to form a credit score. In essence, credit scoring models evaluate your financial history in terms of using credit responsibly over the past few years, as well as your credit utilization history. Credit scoring models use data from past financial institutions and from your current financial institutions when evaluating your credit score.
How is Credit score Determined?
There are five major factors considered in determining the credit score. payment history, Amounts owed, length of credit history, new credit and credit line are the factors used by most of the bureaus to calculate credit scores.
There are two major types of credit scoring models: vantagescore and insight. The vantagescore model uses positive and negative vantages to evaluate your credit scores. Positive vantages signify good credit scores, while negative vantages signify bad credit scores. On the other hand, the insight credit scoring model makes use of data only on credit-related events for evaluating credit scores.
The major factor that affects your credit score through the vantagescore method is your payment history. The length of your payment history affects your credit score more than any other factor, which makes it the most important factor when evaluating your credit score. This is why lenders commonly check credit histories for the duration of your payment history. Thus, if you have a lengthy payment history but a low credit limit, you are likely to have a poor credit score. Lenders will not give you a loan if they think you are not going to pay your bills on time.
As FICO scores are most widely used by lenders, Here’s a breakdown of how these scores are calculated:
Important Factors for credit score
Payment History—Thirty-five percent of your FICO score is based on payment history, with on-time payments helping your score and late payments hurting it.
Credit Utilization—Thirty percent of your FICO score is based on credit utilization, which is the amount of your available credit limit you’re using at any given time.
Credit Age—Fifteen percent of your FICO score is based on your credit age, which is the length of time you’ve been using the credit.
Credit Mix—Ten percent of your FICO score is based on the types of credit you’re using, such as revolving credit lines or installment loans.
Credit Inquiries—Ten percent of your FICO score is based on how often you apply for new credit, which results in a hard credit check.
The downside of having a lengthy payment history is that it makes it difficult for you to build new credit. Your payment history with present financial institutions does not necessarily reflect your ability to handle credit when you apply for new credit. This is why lenders typically request payment histories from past clients before they offer them loans. If you are able to settle a debt in the past but were late in making payment, this could be considered as evidence that you have a tendency to be forgetful. This may be a good point in case you have recently started working and earning money or you have recently purchased a car.
Credit reports and credit scores help lenders in determining loan terms. They help determine the amount they are willing to lend you as well as the interest rates they will charge. Having a low credit score can result in getting a lower interest rate, but it can also result in your loan terms being limited. On the other hand, a high credit score can increase your chances of getting a higher interest rate, especially if you have been established with a long and stable financial history. The bottom line is that lenders need to know if their risk is reduced with you or if you will be a bigger risk.
Finally, knowing your credit score or credit report is not enough. Lenders rely on the information contained in your credit report as the primary basis for the terms and conditions of your loan. Having an inaccurate credit score or report can put you at a disadvantage when applying for new mortgage, credit card, auto loan, or even a job. Avoid using your credit score as a reason why you should not be granted a loan or try to get away with paying a higher interest rate.
Improving your credit score when you have no credit history may not be an easy task, but it can be worthwhile to put in the effort. The higher your credit scores, the easier it may be to get approved for new loans or lines of credit. Higher credit scores can also translate to lower interest rates, saving you money when you borrow. Taking steps to open a secured or retail card, as well as becoming an authorized user, are just some of the ways you could start building credit fast.