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Cyberattacks are getting costlier by the day.

June 09, 2023

Alright so today we’ve got:

  • The cybersecurity industry is growing. Fast.

  • Mark Zuckerberg is not concerned with the new Apple launch.

  • Twitter’s got a new competitor.

    Let’s do a scan.

The Big Picture

Cybersecurity has become a critical aspect of business management as the digital landscape evolves. With cybersecurity spending estimated to exceed $188 billion in 2023, organizations are investing heavily in safeguarding their systems and data. The surge in spending comes amidst a significant talent shortage, with nearly 3.5 million open cybersecurity jobs waiting to be filled.

Source: mckinsey.com

Security teams and development teams are both feeling the impact of this shortage, with 94% and 93% respectively reporting talent gaps.

The financial risks of cyber incidents are on the rise. In 2022, the average cost of a data breach globally reached a staggering $4.35 million. Global cybercrime costs are predicted to grow by 23% per year, reaching a whopping $23.84 trillion annually by 2027. This alarming projection emphasizes the urgency for robust cybersecurity measures. Google and Microsoft have pledged over $60 billion in investments to enhance cybersecurity systems.

One aspect of cyber threats to individuals lies in social engineering tactics. Phishing attempts through LinkedIn messages account for 47% of social media phishing attacks, often masquerading as fake direct messages. Phishing emails commonly employ subject lines with words like urgent, request, important, payment, or attention to entice recipients. Such statistics highlight the need for individuals to remain vigilant and exercise caution when interacting online.

Sector Sweep

Tech

  • Facebook parent company Meta is launching a Twitter competitor and the app is codenamed Project 92 in the company. It will launch through Instagram and the company has roped in Oprah Winfrey and Dalai Lama to come in as early users.

  • Speaking of Meta, Mark Zuckerberg spoke about Apple’s AR/VR headset Vision Pro. He talked about how Apple isn’t exploring constraints on laws of physics that Meta hasn’t already explored. Talking about cost the difference he said “We innovate to make sure that our products are as accessible and affordable to everyone as possible.”

  • Google employees would be asked to come into the office 3 times a week as it joins several companies mandating a hybrid policy. Amazon and Disney are among other companies that are asking people to come back to the office.

Automotive

  • Weeks after giving Ford access to its charge network, Tesla is now sharing it with GM. Tesla chief, Elon Musk announced this with GM’s CEO Mary Barra on a Twitter Spaces.

  • Following a series of vehicle thefts involving vehicles of Kia and Hyundai brands across multiple states, New York City has joined the list of entities filing a lawsuit against the companies.

Retail

  • Camden-based food maker Campbell's reported an 11% drop in U.S. soup sales for the third quarter due to reduced supermarket purchases following last year's stockpiling surge, despite steady consumer demand for their iconic red-and-white canned soups.

  • GameStop, following the termination of CEO Matt Furlong and the appointment of Ryan Cohen as executive chairman, reported disappointing results for its fiscal first quarter, including a 10% decline in revenue compared to the previous year. Analysts are concerned about the company's communication as they canceled a planned call with investors.

Finance bro term of the day: Term debt

Term debt, also known as long-term debt, is a category of liabilities listed on a company's balance sheet that represents borrowed funds with a repayment period extending beyond one year. It refers to the portion of a company's debt that is due over an extended period rather than in the short term.

For example, if a company issues bonds with a maturity of 10 years, the amount owed on those bonds will be classified as long-term or term debt on the balance sheet. This means that the company has an obligation to make periodic interest payments and ultimately repay the principal amount to bondholders over the course of the next 10 years.

That’s all for today folks. Do keep a lookout for our weekly email about stock deep dives and personal finance strategies this weekend.

Is there something that you would like us to cover in personal finance? Hit us with a reply.

Cheers!

Memetic Universe

Meta v Apple 2023

Why do you need a home, when you can have VisionPro