This assignment needs to be 250-300 words I have provided the student I need to response to below. Student response 150-200 words. The only region that has been selected is North America. Please ensure this article was released in the last week.
You will be divided into teams and each team member will be presenting notes on a world event that occurred in the prior week. Every team member will be in charge of covering events from one major region in the world (i.e. East Asia, Europe, Mexico/Latin America, North Africa/Middle East, South Asia/Southeast Asia/Australia, and Sub-Saharan Africa). Each team member must choose a different region. The events can be a national/regional policy change or a corporate event, or other events with international business implications. Each team member is responsible for covering one particular region and relating to one previously discussed course topic. You will give a brief summary of an event that occurred somewhere in the region, mention how this event affects international business and how it relates to a previously covered international business topic.
- You will select one major region in the world (i.e. East Asia, Europe, Mexico/Latin America, North Africa/Middle East, South Asia/Southeast Asia/Australia, and Sub-Saharan Africa). Each team member must choose a different region.
- Find a credible source of article covering a current event in your selected region. Searching for multiple sources of the same event is strongly encouraged. Sometimes you might get insights from opposing views on the same event. (You must include a LINK to your chosen event article)
- Summarize the content of the article(s) by briefing who, what, when, where, and how the event occurs.
- Tell us what your major take-away from the event in terms of how the event impacts international business. Explain WHY this event is important to you, us, and/or the rest of the world.
- Name a course topic that you learned in previous weeks and discuss this previously learned concept has broadened your understanding of the region and event.
- Initial Post: Share your notes in a post.
- Response Posts: Respond to at least one teammate stating what you learned about the region as a result of the posted notes and offering your prediction in terms of what might happen as the result of the current event.
Area: North America
Article Title: Cyberattacks are the number-one threat to the global financial system, Fed chair says
The article I chose references quotes from Federal Reserve Chairman Jerome Powell, so it is based in the United States, however the topic of cybercrime impacts all of the global market. This article identifies cyberattacks as the “foremost risk to the global financial system” (Fung, 2021) Powell recently did an interview on CBS’s “60 Minutes” in which he discusses the impact of cyber and risk it presents to the financial industry. He provided an example of the ramifications if a major payment processor was hacked and the ripple effect it would cause to other financial institutions. The interview also broached the topic of the U.S. launching digital currency in response to other countries who have done the same, but Powell didn’t offer much insight, more so posed several questions on the pros and cons of digital currency.
In Chapter 5, we discussed cybercrimes and a study reported that there was a 78% economic increase related to cyber crime from 2012 to 2013, with a single attack averaging the cost of $1M (Geringer, McNett, Minor, & bell, 2016, p. 131). Security breaches can be damaging to the business but also its customers. With the growing risk though, it has also provided opportunities for tech businesses. The IT industry has seen a significant boost in providing cybersecurity support to many businesses, not just financial. It’s definitely a lucrative business that can be provided locally or internationally since many of the services are performed remotely.
Fung, B. (2021, April 12). Cyberattacks are the number-one threat to the global financial system, Fed chair says. Retrieved from CNN Business: https://www.cnn.com/2021/04/12/business/jerome-pow…
Geringer, J. M., McNett, J. M., Minor, M. S., & Ball, D. A. (2016). International Business. New York: Mcgraw-Hill Education.