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KUALA LUMPUR: Gigamon, a leader in deep observability has revealed vulnerabilities in organisations’ preparedness to defend against increasingly sophisticated cyberthreats and attacks in its newly published 2024 Hybrid Cloud Security Report. Compared to last year’s report, the annual survey of over 1,000 security and information technology (IT) leaders across Australia, France, Germany, Singapore, the United Kingdom and the United States showed a decline in detection and response capabilities year-on-year. According to a statement, the research found 1 in 3 organisations were unable to detect a breach in the last 12 months with just 25% able to respond in real-time, revealing a cybersecurity preparedness gap. As hybrid cloud environments two in complexity and threat actors launch a barrage of concealed attacks, 65% of respondents believed their existing security tooling cloud not effectively detect breaches. Security and IT leaders are at a crucial juncture. The spectre of AI-powered cyber attacks looms globally, with 82% of respondents predicting that AI will increase the global ransomware threat. Despite global information security spending projected to reach US$215 billion (RM1.01 trillion) in 2024, only half (54%) of organisations feel ‘strongly prepared’ to respond to unauthorised access to their hybrid cloud environments. The research also delves into the insights of 234 chief information security officers (CISOs) globally, with the results highlighting that CISOs continue to bear the burden of regulatory and technological pressures, with 69% reporting they struggle to detect encrypted threats, compared to 59% of the total respondents. Furthermore, an alarming 70% of CISOs believed their tools were not as effective as they could be in detecting breaches and as a result, 59% say they would be most empowered by cyber risk becoming a boardroom priority. — BERNAMA

BANGKOK: Thai Prime Minister Srettha Thavisin unveiled a 3.75 trillion baht (RM480.52 billion) budget bill for the fiscal year 2025 to parliament. The proposed budget aims to build on the previous fiscal year’s efforts, focusing on maximising Thailand’s economic potential by positioning the country as a hub for key industries, Srettha told the House of Representatives. The Thai economy is expected to grow between 2.5% and 3.5% in 2025, driven by a continued recovery in exports, domestic consumption, private investment and tourism. Headline inflation is projected to range between 0.7% and 1.7%. Srettha noted the deficit budget that would exceed expected revenues by 856.7 billion baht is crucial to stimulating the sluggish economy, ensuring continuous money flow into the private sector and spurring demand and economic activities. Investment expenditures mark the highest proportion in 17 years, accounting for nearly a quarter of total expenditures, Srettha said. A significant economic boost is anticipated from the 500 billion baht handout scheme, set to reach 50 million Thais via a digital wallet by the end 2024, driving nationwide spending and job creation that will become tax revenues for the government, the prime minister told the Thai parliament. — BERNAMA

KUALA LUMPUR: The first-of-its-kind comprehensive generational spending report on Gen Z – which makes up 25% (2 billion) of the world’s population, revealed that their global spending power is projected to reach US$12 trillion (RM56.53 trillion) by 2030. This potentially makes them the wealthiest generation in every region of the world and are set to be the youngest generation to overtake Boomer spending by then and are expected to contribute over US$9 trillion (RM42.39 trillion) in global spending by 2034, more than any other generation. According to a statement, the ‘Spend Z’ report uncovers precisely what companies seeking to secure pathways to growth need to urgently and intimately understand about Gen Z, including their preferences, spending habits, values, priorities as well as how and where they shop. The takeaways from the report also unveiled that Gen Z demands authenticity as they are more interested in authentic relationships with influencers and brands. ‘Being true to yourself’ is the number one ranked description of success for the generation, globally. In addition, their in-store purchases make up almost 50% of their share of dollars and is higher than every generation before them, even though Gen Z begins their shopping journey online, ranks online reviews from other shoppers as the most important factor when shopping and is heavily influenced by social media. Gen Z will become the highest consumer spending class in many regions and 30% of the global workforce in 2030, whereby North America, Europe and Asia Pacific (APAC) will continue to dominate the majority of spending with APAC becoming increasingly important. Additionally, the report finds that overall Gen Z is health conscious and sustainable and responding to that, NIQ also expects NIQ Better For, a classification leveraging the company’s proprietary algorithm to identify brands through produce characteristics, positioning, sales and distribution, products to continue to grow faster than conventional products. This category includes products that are ‘better for’ the consumer, the environment and society currently small brands are younger generations driving 62% of the growth in this category. — BERNAMA

KUALA LUMPUR: FGV Holdings Berhad (FGV) had concluded its 16th Annual General Meeting (AGM) on a triumphant note, marking it as a resounding success. The virtual gathering, under the leadership of FGV Chairman, Tan Sri Rastam Mohd Isa saw the participation of 1,853 shareholders and proxies, all of whom unequivocally endorsed the nine resolutions presented, signifying a unified commitment to FGV’s strategic direction. During the AGM, the audited financial statement was received for the financial year ending 31 December 2023, along with the reports of the directors and auditors. The decision to distribute a significant dividend of RM109.44 million, translating to 3 sen per share, exemplifies FGV’s balanced approach to capital allocation, ensuring that shareholders are duly rewarded while retaining sufficient internal resources to fuel the Group’s ambitious growth trajectory. Reflecting on FGV’s accomplishments in the past year, Tan Sri Rastam said, “FGV demonstrated resilience and determination, navigating challenges while forging a strategic direction. FGV’s commitment to sustainability and ethical growth has benefited FELDA settlers and independent smallholders, vital to their fresh fruit bunch (FFB) supply chain. “Beyond business goals, FGV’s initiatives aim to empower communities and integrate sustainability into operations. We persist in aligning business practices with social innovation, ensuring ongoing progress, growth, and sustainability.” Meanwhile, its Group Chief Executive Officer, Dato’ Nazrul Mansor added, “FGV sustained profitability amidst market challenges, capitalising on new prospects for sustainable growth. By intensifying the execution of our strategic thrusts, we aimed to achieve business objectives, enhance efficiency, and fortify our growth potential. “Progressing into the second stage of FGV’s Sustainability Strategy, we focused on integrating sustainability practices at the operational level. Additionally, governance initiatives were implemented to bolster transparency, accountability, and operational efficiency.” Such efforts, he emphasised, are integral to FGV’s overarching mission of fostering sustainable growth while simultaneously creating enduring value for all stakeholders. As FGV charts a course towards a future defined by sustainability, innovation, and inclusive growth, its steadfast commitment to excellence and ethical leadership serves as a beacon of inspiration for industries far and wide.