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Cyber criminals have the maritime industry in their sights. DNV’s new survey of industry professionals finds that one in three (31%) experienced at least one infiltration by attackers in the 12 months leading up to October 2024. In our 2023 study, just 17% had had a serious breach over the course of five whole years. The real number could be even higher. “An average shipping company will experience somewhere between 65 and 80 incidents a year,” says Daniel Ng, CEO of cyber analytics business CyberOwl, a DNV company, a global expert in cyber risk monitoring and threat management onboard maritime vessels. “But if you ask them how many incidents they have had, they might tell you that it was none. That’s because the immediate outcome was a malfunctioning computer that they replaced without understanding the root cause, and that means the underlying issue is still in their system and still causing problems.” According to the Netherlands’ NHL Stenden University of Applied Sciences, the industry in 2023 experienced 64 cyber events on a scale to create media-worthy disruption. A decade earlier, there were just three such events; none at all were registered in 2003.1 Across the industry, problems are mounting up, including a string of attacks on European ports in 2023 by hackers associated with Russia.2 Against this backdrop, our survey of almost 500 mari- time professionals confirms that the maritime industry needs to strengthen its commitment to cyber resilience. This means embracing security by design – engaging cyber professionals throughout the development and procurement of new software, technology, technology components and infrastructure. Doing so is more important than ever. With 61% of industry professionals accepting a rise in cyber risk as the price of innovation, the industry needs to manage cyber risk to experiment, gain competitive advantage, and take a lead in ensuring the resilience of businesses and societies. The cyber threat is causing concern at the highest levels of the maritime industry. Seven in 10 professionals (71%) say that their leaders consider cybersecurity to be the greatest risk their organization faces. The proportion is higher among cyber professionals (80%) than it is among senior leaders themselves (70%), but the trend is clear and reflects broad industry concerns: 80% of all executives say their business has started taking cybersecurity more seriously in the wake of rising geopolitical tensions in the last year. The prospect of an attack on the organization’s IT domain is their top concern – probably because many of the highest-profile incidents to hit vessel operators and ports, such as NotPetya, have targeted these systems.3 But the security of operational technology (OT), which are the industrial control systems that govern many types of physical assets, is also growing in importance. In our survey, 71% believe their organi- zation is more vulnerable to cyber attacks on its OT today than at any other time in its history. As ship-to-shore connectivity has advanced, so too has the use of internet of things (IoT) devices that connect physical assets to both the wider network and remote navigation and safety systems. With at least 42,000 ships worldwide already connected to satellite services,4 companies have to accept that the ‘air gap’ that once protected their vessels and physical infrastructure from attack has now closed. Maritime organizations are acting on their concerns and improving their security. More than six in 10 (61%) maritime professionals say their organization is invest- ing more in OT cybersecurity than they were a year ago, and the proportion increases to 68% when it comes to IT environments. This compares favourably with the situation in our 2023 survey, when just 40% felt they were investing enough in OT security. But will this be enough? Svante Einarsson, Head of Maritime Cybersecurity at DNV Cyber, says that greater leadership awareness of and support for cybersecurity is just the start. The next step is implementing a workable response, which is far less straightforward – as we discuss later in this report. “Most leadership discussions in shipping touch on cyber risks, but the question is whether they can form a strategy to resolve and mitigate those risks,” says Einarsson. “That is where more work is needed because cyber often sits within IT, and IT in shipping has tradition- ally been viewed as a back-office function rather than as a strategic enabler. CISOs have an uphill battle to be heard and to make sure cybersecurity is front of mind.” The cybersecurity threat is now coming from all sides, and maritime professionals are more concerned about every potential threat actor than they were in 2023. Externally, geopolitical tensions are motivating state- backed cyber incidents and there has been a rise in opportunistic criminal activity.5 Internally, there is the possibility of human error. Although well-trained crew members are vital to a vessel’s cyber defence and response, the unintentional threat they create in an industry that relies on USB drives and large crews of international workers is significant. The threat is magnified as these crews work closely with onshore staff and with third parties, such as manufacturers’ service engineers, all of whom can inadvertently introduce viruses or malicious code into operational systems. There is a notable increase in concern about criminal gangs, which are realizing how profitable ransomware attacks can be – ransomware attackers across all indus- tries collected some USD 1bn in cryptocurrency payments in 2023.6 Eight in 10 (79%) maritime professionals are concerned about this threat, up from 56% in 2023. ‘’Cyber crime is a growing business in many countries. Criminals have realized that they can do this from home and make more money than they could from doing anything else.’’ Matti Suominen, Director of Maritime Cyber Security at Wärtsilä They don’t necessarily have an interest in shipping specifically. They just understand that there is a huge cost attached to disrupting that activity,” says Matti Suominen, the Director of Maritime Cyber Security at Finnish technology major Wärtsilä. The scale of the cost – which can run to tens of millions of dollars each day – is one reason why ransomware attacks are becoming more common. Since the NotPetya attack on Maersk in 2017, for example, which caused a total shutdown of the shipping company’s systems and cost it some USD300m,7 there has been a string of similar attacks. An attack on Voyager World- wide, a manufacturer of navigation systems, disabled the company’s systems,8 and several major ports experienced disruptions to their operations – causing delays, misrouted cargo and heightened safety risks– following a ransomware incident in April 2024. Geopolitical tensions increase the possibility of nation-state sponsored attacks on high-profile critical infrastructure. The 2023 distributed-denial-of-service attacks on Dutch ports, which aimed to paralyse them, were attributed to pro-Russia hacker groups and were widely interpreted as a backlash against the Nether- lands’ support for Ukraine. The economic importance of the maritime industry, at a time of conflict and unease, makes the sector vulnera- ble to attacks. Disrupting critical trading routes is seen as a major victory by terrorist organizations, which have already claimed responsibility for a recent rise in kinetic attacks on vessels, including the Iran-backed Houthi attacks on Maersk and CMA CGM in the wake of tensions in the Middle East. Alongside human errors such as software misconfigura- tion, crew members and other staff such as service engineers can introduce viruses to onboard systems through USB drives. These drives remain in common use in the maritime industry. In July 2024, USB sticks contain- ing malware were found plugged into computers on vessels in Norway, Greece and the Netherlands.14 Although it is not uncommon for infected USBs to be discovered on ships, this instance is notable because the same malware code was found at different places onboard vessels at different locations over a course of several months. “Around eight in every 10 incidents are still delivered via the USB sticks that are necessary for vessel opera- tions,” says CyberOwl’s Ng. “One of the worst cases we saw recently involved a port where the same USB stick spread malware linked to espionage on to eight vessels. A threat starts on one ship or terminal and can quickly spread across multiple fleets.” Better training would help to address this human threat, as would more user-friendly interfaces for cybersecurity-related systems across the industry. “It’s important to recognize that staff will be crucial responders to any attack,” says DNV Cyber’s Einarsson. “This further emphasizes the need for continuous training programs that recognize that portable data devices are useful tools for the industry but also carry risks that need to be managed carefully.” The threat to the maritime sector is unlikely to ease off any time soon. More than a third of maritime professionals in our survey (37%) expect to face more cyber attacks in the next 12 months than in the past 12 months, despite the sector’s plans to increase investment in cybersecurity. Just 11% predict that incidents will become less common. Businesses are starting to frame cybersecurity as a prerequisite for era-defining innovation, and cyber- security investment is becoming as much about enabling opportunity as it is about managing risk. Source: DNV,
India's Tech Mahindra aiming for bigger bite of bank tech spends, CEO saysSan Francisco 49ers quarterback Brock Purdy will not play Sunday and head coach Kyle Shanahan said the lingering discomfort is a concern. Purdy sat out Friday after he participated in the start of Thursday's practice with the 49ers, then retreated indoors for what Shanahan said was a treatment session. Brandon Allen, 32, will start in Purdy's place, and the 49ers are also without defensive end Nick Bosa (oblique). Shanahan said players believe in Allen, even if he's an unknown. "Outside of here people haven't seen a lot of Brandon. But it's his second year (with the 49ers)," Shanahan said. "Obviously guys want Brock up, but guys are excited to see Brandon play." Shanahan said they are "a little surprised" Purdy experienced tightness and discomfort in his shoulder after an MRI exam on Monday that showed no long-term cause for concern. "The way it responded this week, it's really up in the air for next week," Shanahan said of Purdy. Allen is familiar to Packers head coach Matt LaFleur, who was an assistant coach with the Rams during Allen's two-year run in Los Angeles. Allen broke into the NFL in 2016 with the Jaguars and is 2-7 in nine career starts. He went 1-2 with the Broncos in 2019 and 1-5 in six starts over two years with the Bengals in 2020 and ‘21. Shanahan said Allen's confidence grew throughout the week and he doesn't anticipate a major change in how he calls the offense. Left tackle Trent Williams (ankle) also missed practice for the third consecutive day. Without disclosing the nature of the ailment to Purdy's throwing shoulder, general manager John Lynch confirmed Friday an MRI exam took place to determine the severity of any injury. Allen worked with the first team most of Thursday and Friday with Joshua Dobbs also taking snaps. Lynch described Purdy's status for the 49ers (5-5) this week as "tenuous." "Hopefully, he makes progress, and we can have a shot at this weekend, but we'll see," Lynch said in an interview with KNBR in San Francisco. "I think it's tenuous." When Purdy was on the field this week, he primarily worked on the side in position-specific drills with QB coach Brian Griese. Williams played through an ankle injury last week after being listed as questionable but exited the stadium with an exaggerated limp on Sunday. Run game coordinator Chris Foerster said the 49ers aren't where they want to be at 5-5 because they haven't won close games, not because of injuries. "Seven games left is like an eternity," Foerster said. "So much can happen. Do the math. What was our record last year? It was 12-5. I was on a 13-win team that was nowhere near as good as the team last year." With or without Purdy, Foerster said the challenge for the 49ers is not to give up the ball to a defense that has 19 takeaways. The 49ers have 13 giveaways this season. --Field Level Media
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San Francisco 49ers quarterback Brock Purdy will not play Sunday and head coach Kyle Shanahan said the lingering discomfort is a concern. Purdy sat out Friday after he participated in the start of Thursday's practice with the 49ers, then retreated indoors for what Shanahan said was a treatment session. Brandon Allen, 32, will start in Purdy's place, and the 49ers are also without defensive end Nick Bosa (oblique). Shanahan said players believe in Allen, even if he's an unknown. "Outside of here people haven't seen a lot of Brandon. But it's his second year (with the 49ers)," Shanahan said. "Obviously guys want Brock up, but guys are excited to see Brandon play." Shanahan said they are "a little surprised" Purdy experienced tightness and discomfort in his shoulder after an MRI exam on Monday that showed no long-term cause for concern. "The way it responded this week, it's really up in the air for next week," Shanahan said of Purdy. Allen is familiar to Packers head coach Matt LaFleur, who was an assistant coach with the Rams during Allen's two-year run in Los Angeles. Allen broke into the NFL in 2016 with the Jaguars and is 2-7 in nine career starts. He went 1-2 with the Broncos in 2019 and 1-5 in six starts over two years with the Bengals in 2020 and ‘21. Shanahan said Allen's confidence grew throughout the week and he doesn't anticipate a major change in how he calls the offense. Left tackle Trent Williams (ankle) also missed practice for the third consecutive day. Without disclosing the nature of the ailment to Purdy's throwing shoulder, general manager John Lynch confirmed Friday an MRI exam took place to determine the severity of any injury. Allen worked with the first team most of Thursday and Friday with Joshua Dobbs also taking snaps. Lynch described Purdy's status for the 49ers (5-5) this week as "tenuous." "Hopefully, he makes progress, and we can have a shot at this weekend, but we'll see," Lynch said in an interview with KNBR in San Francisco. "I think it's tenuous." When Purdy was on the field this week, he primarily worked on the side in position-specific drills with QB coach Brian Griese. Williams played through an ankle injury last week after being listed as questionable but exited the stadium with an exaggerated limp on Sunday. Run game coordinator Chris Foerster said the 49ers aren't where they want to be at 5-5 because they haven't won close games, not because of injuries. "Seven games left is like an eternity," Foerster said. "So much can happen. Do the math. What was our record last year? It was 12-5. I was on a 13-win team that was nowhere near as good as the team last year." With or without Purdy, Foerster said the challenge for the 49ers is not to give up the ball to a defense that has 19 takeaways. The 49ers have 13 giveaways this season. --Field Level MediaTrump's Second Act: Project 2025 and the Road Ahead
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China set to narrow digital divideNEW YORK, Nov. 21, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), New York’s largest owner of office properties, today announced that it closed on the sale of an 11.0% interest in One Vanderbilt Avenue to Mori Building Co., Ltd, Japan’s leading urban landscape developer. The investment was completed at a gross valuation of $4.7 billion for the iconic property. After completion of the transaction, SLG maintains a 60.0% stake in One Vanderbilt Avenue. “One Vanderbilt is a globally-renowned and architecturally celebrated modern development, which has continued to demonstrate that well-located, highly amenitized and sustainable buildings will attract premier tenants and prestigious investors,” said Marc Holliday, Chairman and CEO of SL Green Realty Corp . “We are honored to welcome Mori Building Co., Ltd. into the ownership venture of One Vanderbilt Avenue.” “We are excited about joining the ownership venture of One Vanderbilt Avenue, a modern landmark in Manhattan, and the relationship with SL Green who have long contributed to making NYC an attractive city,” said Shingo Tsuji, President and CEO of Mori Building Co., Ltd. Standing 1,401 feet tall and defining the Midtown skyline, award-winning and internationally recognized One Vanderbilt is the new headquarters for many of the world’s leading finance, technology, law and real estate firms. The 1.7 million-square-foot skyscraper is 100 percent leased and offers an unparalleled combination of amenities, innovative office design, state-of-the-art technology, the highest level of sustainability and healthy workplace environment together with direct connection to Grand Central Terminal. One Vanderbilt is home to the world-renowned immersive observation experience, SUMMIT One Vanderbilt, and two Michelin-starred restaurants from Daniel Boulud. About SL Green Realty Corp. SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of September 30, 2024, SL Green held interests in 55 buildings totaling 31.8 million square feet. This included ownership interests in 28.1 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments. About Mori Building Co., Ltd. Mori Building is an innovative urban developer based in Tokyo. The company is focused in increasing the magnetic power of cities by creating and nurturing safe, sustainable urban centers, based on its unique Vertical Garden City concept of high-rise, multifunctional developments for business, learning, leisure, and residence in midst of lush greenery. The concept is manifested in the company’s many leading-edge projects including Roppongi Hills, Toranomon Hills, and Azabudai Hills in Tokyo, Shanghai World Financial Center and Jakarta MORI Tower. Mori Building is also engaged in real estate leasing, project management, and consultation. Please visit www.mori.co.jp/en PRESS CONTACT slgreen@berlinrosen.com SLG-A&DIs Enron back? If it’s a joke, some former employees aren’t laughing
Prospera Financial Services Inc Sells 1,520 Shares of SoFi Technologies, Inc. (NASDAQ:SOFI)
NEW YORK--(BUSINESS WIRE)--Dec 3, 2024-- TNT Sports’ networks and platforms will showcase Knockout Rounds action of the 2024 Emirates NBA Cup with multiple viewing experiences available for fans across TNT, truTV and Max. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241203324224/en/ TNT Sports, in collaboration with NBA 2K and Genius Sports, will offer an immersive NBA 2K25 DataCast (Photo: Business Wire) Continuing its commitment to innovation and elevating the biggest moments on the basketball calendar, TNT Sports — in collaboration with NBA 2K and Genius Sports (NYSE:GENI) — will offer an immersive NBA 2K25 DataCast viewing experience on truTV and Max. This alternative telecast will be available during all of TNT Sports’ 2024 Emirates NBA Cup Quarterfinals and Semifinal live game coverage and will blur the lines between the video game and the real NBA experience. Viewers will see NBA 2K25 overlays such as the iconic Shot Meter, 2K Badges, official 2K camera angles and more, with split-second game insights powered by Genius Sports’ GeniusIQ — including player tracking, shot probability, and shot distance — embedded throughout the telecasts. The first-of-its-kind alternative viewing experience will feature contributions from Vince Carter , Candace Parker , Channing Frye , Adam Lefkoe , Kirk Goldsberry , and others. Fans that tune into all NBA 2K25 DataCast broadcasts will also have the opportunity to redeem six total NBA 2K25 Locker Codes* each unlocking an Amethyst MyTEAM pack, allowing players to choose one of 11 NBA superstars to build the ultimate MyTEAM lineup. Quarterfinals action will tip off with a doubleheader on Tuesday, Dec. 10 , with the first game starting at 7 or 7:30 p.m. ET. Brian Anderson , Stan Van Gundy and Jared Greenberg will be on the call for the traditional telecast on TNT and Max . Later at 9:30 or 10 p.m. , Kevin Harlan , Reggie Miller , Candace Parker and Allie LaForce will call the second game of the evening. Game times and matchups for the Quarterfinals Round will be finalized later this week. TNT Sports’ 2024 Emirates NBA Cup coverage will culminate on Saturday, Dec. 14 with the Semifinal opener, starting with an expanded hour-long NBA Tip-Off presented by CarMax pregame live on-site in Las Vegas at 3:30 p.m. Game coverage will follow at 4:30 p.m. , with the game-call team of Anderson , Miller , Van Gundy and LaForce . The Emmy Award-winning Inside the NBA presented by Kia studio team of Ernie Johnson , Charles Barkley , Kenny Smith and Shaquille O'Neal will provide pregame, halftime and postgame analysis throughout the week’s coverage across TNT Sports’ platforms. All NBA telecasts on TNT and truTV, as well as pre and postgame coverage, will also be available to stream on Max’s B/R Sports Add-On . *Requires NBA 2K25. 1 per 2K account. Available for a limited time. Terms apply. About Genius Sports Genius Sports is the official data, technology and broadcast partner that powers the global ecosystem connecting sports, betting and media. Our technology is used in over 150 countries worldwide, creating highly immersive products that enrich fan experiences for the entire sports industry. We are the trusted partner to over 400 sports organizations, including many of the world’s largest leagues and federations such as the NFL, EPL, FIBA, NCAA, NASCAR, AFA and Liga MX. Genius Sports is uniquely positioned through cutting-edge technology, scale and global reach to support our partners. Our innovative use of big data, computer vision, machine learning, and augmented reality, connects the entire sports ecosystem from the rights holder all the way through to the fan. View source version on businesswire.com : https://www.businesswire.com/news/home/20241203324224/en/ CONTACT: Press: Chris Dougan, Chief Communications Officer +1 (202) 766-4430 chris.dougan@geniussports.comInvestors : Brandon Bukstel, Investor Relations Manager +1 (954)-554-7932 brandon.bukstel@geniussports.com KEYWORD: UNITED STATES NORTH AMERICA NEW YORK INDUSTRY KEYWORD: BASKETBALL TECHNOLOGY ELECTRONIC GAMES SPORTS GENERAL SPORTS ENTERTAINMENT CARRIERS AND SERVICES NETWORKS TV AND RADIO LICENSING (ENTERTAINMENT) SOURCE: Genius Sports Copyright Business Wire 2024. PUB: 12/03/2024 04:05 PM/DISC: 12/03/2024 04:06 PM http://www.businesswire.com/news/home/20241203324224/enBill to rename Benue varsity passes second reading
Geraldo Rivera Apologizes to John Ramsey for 1997 Mock Trial of JonBenét Ramsey Case on His Talk ShowSteven Sinofsky was right: It wasn't enough for Microsoft to just port Windows to Arm, the mobile chip architecture behind Android and Apple's iPhone and Android. For this new platform to succeed, Microsoft would have to aggressively remove legacy code, develop a modern apps platform, invent versatile new form factors, and attract developers and customers to something new that offered a bridge to the PC past. And it would have to happen in just three years. In the end, Sinofsky and the software and hardware teams he oversaw were thwarted by a combination of factors. The most problematic, perhaps, came from within. Windows RT was undermined from its inception when the Microsoft Office team, then distracted by making versions of its apps for Apple's iPad, refused to fully support the new app platform, called Metro. It was immediately clear that this decision would send a message to Microsoft's customers and, as important, to developers: If Microsoft didn't support this new platform fully, why should they? And so he did the only thing he could do: He compromised. Instead of being an entirely new system that could take advantage of the rich capabilities of its Windows foundation but on more reliable and efficient devices, RT was instead a confusing version of the traditional Windows 8 product for PCs that only ran on Arm devices and couldn't even run Windows desktop apps. It looked identical to Windows 8. But it wasn't he same. Consumers, businesses, and developers would predictably reject it entirely. But RT's defeat wasn't solely on the Office team. RT was also undermined by the shifting dynamics in personal computing, in which the PC, somewhat ironically, was no longer the most personal device people used. It was undermined by Intel's anticompetitive business practices. It was undermined by hubris, as the Windows team, consumed by its success with Windows 7 and, before that, the Office ribbon, was convinced it could hit another home run. And it was undermined by time. Three years simply wasn't long enough to orchestrate this many changes. But it was also undermined by apathy and fatigue. As customers embraced smartphones for personal, entertainment, and casual tasks, they conversely dug in their heels with the PC, a tool that was increasingly just for work. They were no longer interested in innovation or change, but simply wanted familiar tools to keep working. Sinofsky's teams--Windows and Surface, the latter of which pioneered hybrid tablet PC devices that transformed between different usage "postures"--wanted to "reimagine Windows from the chipset to the experience" to better position Windows against mobile platforms. Microsoft's customers and partners were far less interested in this shift. The world had changed, was changing in real time as Microsoft moved from Windows 7 to Windows 8 and RT. When Windows 8 and RT arrived in late 2012, they were met by a stone wall of resistance and even disdain. Sinofsky and the ... With technology shaping our everyday lives, how could we not dig deeper? Thurrott Premium delivers an honest and thorough perspective about the technologies we use and rely on everyday. Discover deeper content as a Premium member. Paul Thurrott is an award-winning technology journalist and blogger with 30 years of industry experience and the author of 30 books. He is the owner of and the host of three tech podcasts: with Leo Laporte and Richard Campbell, , and with Brad Sams. He was formerly the senior technology analyst at Windows IT Pro and the creator of the SuperSite for Windows from 1999 to 2014 and the Major Domo of Thurrott.com while at BWW Media Group from 2015 to 2023. You can reach Paul via , or . Join the crowd where the love of tech is real - become a Thurrott Premium Member today! Sign up for our new free newsletter to get three time-saving tips each FridayMPA and MISC Forge Partnership to Drive Innovation and Advance Digital Maritime Solutions
NoneFREMONT, Calif. , Nov. 21, 2024 /PRNewswire/ -- Lam Research Corp. (Nasdaq: LRCX) today announced that Doug Bettinger , Executive Vice President and Chief Financial Officer, will participate in the following upcoming investor events: UBS Global Technology and AI Conference, December 3, 2024 , at 1:15 p.m. Pacific Time ( 2:15 p.m. Mountain Time ) Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
Brazil's Bolsonaro indicted over alleged coup plotDENVER , Dec. 19, 2024 /PRNewswire/ -- Predictive Safety is thrilled to unveil our new strategic alliance with DISA Global Solutions, a leading provider of employee screening and compliance services. This collaboration marks a major milestone in our mission to enhance workplace safety, ensure compliance, and promote employee well-being across industries. Workplace Safety & Compliance for a Safer, More Productive Workforce At Predictive Safety, we are committed to reducing workplace incidents by addressing human factors and fostering safer work environments. DISA shares this commitment, making this partnership a perfect synergy to enhance both companies' client offerings. Jeff Akers , CEO of Predictive Safety, states, "We are thrilled to bring our AleterMeter ® technology to DISA's extensive network. This partnership represents the next steps in workplace safety and compliance." This collaboration strengthens DISA's ability to provide tailored compliance programs that address evolving workplace challenges. Together we will help organizations elevate safety by leveraging AlertMeter's ® advanced alertness reporting and KPI metrics, to create thriving, safe work environments. Gold Sponsorship at Day with DISA Predictive Safety is proud to join DISA's annual Day with DISA event. "We are excited to be supporting this great event and an opportunity to connect with DISA's tremendous client base to help raise awareness and credibility with all Predictive Safety has to offer" said Peter Hay , VP of Marketing. Day with DISA offers attendees the chance to explore Predictive Safety's innovative tools and how they complement DISA's comprehensive services. About Predictive Safety Predictive Safety SRP, Inc. is a leader in workforce safety and operational readiness, offering solutions to mitigate risks related to fatigue, impairment, and emotional distress. Our flagship tools, AlertMeter ® and AlertMeter ® FRMS (Fatigue Risk Management System), use advanced science, real-time data, and predictive analytics to proactively address human performance challenges, reduce incidents, and boost productivity. About DISA Global Solutions Founded in 1986, DISA is the industry-leading provider of employee screening and compliance services. With headquarters in Houston and over 35 offices across North America and Europe , DISA offers services including background screening, drug and alcohol testing, DOT & HR compliance, occupational health, and I-9/E-Verify. DISA helps employers make informed staffing decisions while building safer workplaces. For more information please contact Predictive Safety https://predictivesafety.com/ Peter Hay Peter.hay@predictivesafety.com View original content: https://www.prnewswire.com/news-releases/predictive-safety-announces-partnership-with-disa-global-solutions-302335351.html SOURCE PREDICTIVE SAFETY SRP, INC.The largest intergenerational wealth transfer in US history is about to take place — though the vast majority of Americans are unlikely to inherit much money at all. About $US105 trillion ($164 trillion) is projected to be passed down from older generations over the next quarter century, according to research firm Cerulli Associates, an amount roughly equal to global gross domestic product in 2023. Rising stock markets and home prices, as well as inflation, have fattened the estates that members of the baby boom generation are expected to leave their heirs. Credit: Glenn Hunt Rising stock markets and home prices, as well as inflation, have fattened the estates that members of the baby boom generation, born between 1946 and 1964, are expected to leave their heirs. The latest inheritance projection by Cerulli is 45 per cent higher than the 25-year forecast the firm made only three years ago. US gifts and inheritances are expected to total $US2.5 trillion next year alone. “About 80 per cent of the wealth held today is going to be in motion,” Chayce Horton, the lead author of the Cerulli report, said in an interview. “The ratio of wealth expected to be changing hands in the next 25 years is significant, and much greater than what we even saw a decade ago.” Yet even as the assets of millions of ageing Americans are passed on, the share of the US population that will benefit from inherited money has remained static, a sign of how accumulating family wealth has become more concentrated among the most affluent households. At the same time, money passed down from one generation to another accounts for a growing share of the overall wealth of heirs, rising relative to income from work or investments. Inherited money represented about a quarter of the net worth of households that received it, a Bloomberg analysis of the Federal Reserve’s 2022 Survey of Consumer Finances found, up from roughly 10 per cent in the late 1990s. “We’re becoming less of an economy that promotes entrepreneurship and production and more of an economy focused on inheritance and dynasty,” said Chuck Collins, Director of the Program on Inequality and the Common Good at the Institute for Policy Studies. Collins, whose great-grandfather founded the hot dog and lunchmeat maker Oscar Mayer, gave up his inheritance when he was in his twenties. He is now a member of the Patriotic Millionaires, a nonprofit group of affluent Americans that pushes for the wealthy to pay higher tax rates. Receiving any funds from a deceased family member remains the exception in the US, not the rule. Just one in five American households have received a substantial gift, trust or inheritance in recent decades, according to Bloomberg’s analysis. Inherited wealth is expected to become increasingly concentrated among the most affluent, according to Cerulli. The firm estimates that more than half of the wealth transferred between generations through 2048 will come from households with at least $US5 million in investible assets. Only about 2 per cent of US households meet that threshold. The share of the US population that will benefit from inherited money has remained static, a sign of how accumulating family wealth has become more concentrated among the most affluent households. Credit: Bloomberg The figures lend support to an idea that has long had currency among economists but that has been difficult to confirm — that the share of overall wealth derived from inheritance is far higher than it appears. A 2017 paper argued that inherited money had accounted for more than half of total wealth in the US and Europe since the 1990s, and that “self-reported inheritance flows are implausibly low.” “Inheritance is still the most important factor in terms of wealth concentration,” said Kaushik Basu, professor of economics at Cornell University and former chief economist at the World Bank. The trillions of dollars set to be passed on in coming years could create more social mobility for younger generations, even though its greater concentration among the wealthiest Americans is likely to create more obstacles for lower-income households and exacerbate inequality. “Markets may still flourish, and overall economic growth may continue, but the polarisation between the born-poor and born-rich will become more acute,” Basu said. He added that many of the economic advantages of family wealth are conferred indirectly, through access to education and other opportunities. As more members of the massive baby boom generation die, the annual rate at which wealth is being passed on is expected to increase until the end of the decade. Millennials, born between 1981 and 1996, are expected to inherit more than $US45 trillion by 2048, including some $US3.9 trillion that year alone. Generation X, sandwiched between the baby boomers and millennials, will see their annual inheritance levels peak in 2038 at just shy of $US2 trillion, according to Cerulli. ‘Markets may still flourish, and overall economic growth may continue, but the polarisation between the born-poor and born-rich will become more acute.’ Wealth isn’t only cascading down to younger generations, it also is moving sideways. Before reaching younger heirs, inheritances are often transferred to surviving spouses and partners. Since women tend to outlive men, they are expected to receive a large share of the fortunes being passed on. “A significant amount of the wealth that is held today is believed to be controlled by men,” said Cerulli’s Horton. As those men die, “we expect that wealth to be much more equitably distributed on a gender basis.” Cerulli estimates that women will inherit nearly half of the total projected value of inheritances over the next 25 years. US tax policy has made it easier for wealthy heirs to hang on to more of the money they inherit. President-elect Donald Trump wants to extend part of his 2017 tax-cut package that doubled the estate-tax exemption from $US5.49 million to $US11.18 million. For many older Americans, money handed down from previous generations has shaped their own planning. Alan Jewett, a 75-year-old retiree in Delaware, and his wife received an inheritance of nearly $US3 million from her childless aunts in 2014, after the couple had already put both their children through college and bought a home. “Having money changes the way you look at things in the sense that it gives you and your family a feeling of security,” Jewett said. He and his wife gave part of the inheritance to their kids and set up an irrevocable trust for their three young grandchildren. Some heirs say they have used inherited money to prepare for their own health and elder-care expenses. Lee Robin Gebhardt, a 63-year-old wine seller living in Putnam County, New York, said she invested a $US150,000 retirement account that she received from her father, who died in 2020, in her long-term care. Gebhardt, who plans to work for at least another two years, has enough money put away to last her until she’s 110. “That will take some pressure off my children,” she said. Other relatively wealthy baby boomers have decided to pass on some of their wealth while they’re still able to see its effects for themselves. “I’ve seen an increasing focus on ‘giving while living,’ where people provide for their family’s needs during their lifetime,” said Jared Jones, senior advisor at Omega Wealth Management. “There’s definitely a big focus on not waiting until one passes away to help and witness the benefits of the wealth from the family.” Bloomberg The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning .
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