Do changes in sovereign credit ratings contribute to financial contagion in emerging market crises?

Credit rating changes for long-term foreign currency debt may act as a wake-up call with upgrades and downgrades in one country affecting other financial markets within and across national borders. Such a potential (contagious) rating effect is likely to be stronger in emerging market economies, where institutional investors' problems of asymmetric information are more present. This empirical study complements earlier research by explicitly examining cross-security and cross-country contagious rating effects of credit rating agencies' sovereign risk assessments. In particular, the specific impact of sovereign rating changes during the financial turmoil in emerging markets in the latter half of the 1990s has been examined. The results indicate that sovereign rating changes in a ground-zero country have a (statistically) significant impact on the financial markets of other emerging market economies although the spillover effects tend to be regional

Why We Cannot (Yet) Ensure the Cybersecurity of Safety-Critical Systems

There is a growing threat to the cyber-security of safety-critical systems. The introduction of Commercial Off The Shelf (COTS) software, including Linux, specialist VOIP applications and Satellite Based Augmentation Systems across the aviation, maritime, rail and power-generation infrastructures has created common, vulnerabilities. In consequence, more people now possess the technical skills required to identify and exploit vulnerabilities in safety-critical systems. Arguably for the first time there is the potential for cross-modal attacks leading to future ‘cyber storms’. This situation is compounded by the failure of public-private partnerships to establish the cyber-security of safety critical applications. The fiscal crisis has prevented governments from attracting and retaining competent regulators at the intersection of safety and cyber-security. In particular, we argue that superficial similarities between safety and security have led to security policies that cannot be implemented in safety-critical systems. Existing office-based security standards, such as the ISO27k series, cannot easily be integrated with standards such as IEC61508 or ISO26262. Hybrid standards such as IEC 62443 lack credible validation. There is an urgent need to move beyond high-level policies and address the more detailed engineering challenges that threaten the cyber-security of safety-critical systems. In particular, we consider the ways in which cyber-security concerns undermine traditional forms of safety engineering, for example by invalidating conventional forms of risk assessment. We also summarise the ways in which safety concerns frustrate the deployment of conventional mechanisms for cyber-security, including intrusion detection systems

One Health in food safety and security education: Subject matter outline for a curricular framework.

Educating students in the range of subjects encompassing food safety and security as approached from a One Health perspective requires consideration of a variety of different disciplines and the interrelationships among disciplines. The Western Institute for Food Safety and Security developed a subject matter outline to accompany a previously published One Health in food safety and security curricular framework. The subject matter covered in this outline encompasses a variety of topics and disciplines related to food safety and security including effects of food production on the environment. This subject matter outline should help guide curriculum development and education in One Health in food safety and security and provides useful information for educators, researchers, students, and public policy-makers facing the inherent challenges of maintaining and/or developing safe and secure food supplies without destroying Earth's natural resources

Building in web application security at the requirements stage : a tool for visualizing and evaluating security trade-offs : a thesis presented in partial fulfilment of the requirements for the degree of Master of Information Science in Information Systems at Massey University, Albany, New Zealand

One dimension of Internet security is web application security. The purpose of this Design-science study was to design, build and evaluate a computer-based tool to support security vulnerability and risk assessment in the early stages of web application design. The tool facilitates risk assessment by managers and helps developers to model security requirements using an interactive tree diagram. The tool calculates residual risk for each component of a web application and for the application overall so developers are provided with better information for making decisions about which countermeasures to implement given limited resources tor doing so. The tool supports taking a proactive approach to building in web application security at the requirements stage as opposed to the more common reactive approach of putting countermeasures in place after an attack and loss have been incurred. The primary contribution of the proposed tool is its ability to make known security-related information (e.g. known vulnerabilities, attacks and countermeasures) more accessible to developers who are not security experts and to translate lack of security measures into an understandable measure of relative residual risk. The latter is useful for managers who need to prioritize security spending. Keywords: web application security, security requirements modelling, attack trees, threat trees, risk assessment

The significance of insecure attachment and disorganization in the development of children's externalizing behavior: A meta-analytic study

This study addresses the extent to which insecure and disorganized attachments increase risk for externalizing problems using meta-analysis. From 69 samples (N = 5,947), the association between insecurity and externalizing problems was significant, d = 0.31 (95% CI: 0.23, 0.40). Larger effects were found for boys (d = 0.35), clinical samples (d = 0.49), and from observation-based outcome assessments (d = 0.58). Larger effects were found for attachment assessments other than the Strange Situation. Overall, disorganized children appeared at elevated risk (d = 0.34, 95% CI: 0.18, 0.50), with weaker effects for avoidance (d = 0.12, 95% CI: 0.03, 0.21) and resistance (d = 0.11, 95% CI: −0.04, 0.26). The results are discussed in terms of the potential significance of attachment for mental health

Trafficking in Persons: U.S. Policy and Issues for Congress

[Excerpt] This report focuses on international and domestic human trafficking and U.S. policy responses, with particular emphasis on the TVPA and its subsequent reauthorizations. The report begins with a description of key TIP-related definitions and an overview of the human trafficking problem. It follows with an overview of major foreign policy responses to international human trafficking. The report then focuses on responses to trafficking into and within the United States, examining relief for trafficking victims in the United States and discussing U.S. law enforcement efforts to combat domestic trafficking. The report concludes with an overview of current anti-trafficking legislation and an analysis of policy issues

Border Security: Understanding Threats at U.S. Borders

[Excerpt] The United States confronts a wide array of threats at U.S. borders, ranging from terrorists who may have weapons of mass destruction, to transnational criminals smuggling drugs or counterfeit goods, to unauthorized migrants intending to live and work in the United States. Given this diversity of threats, how may Congress and the Department of Homeland Security (DHS) set border security priorities and allocate scarce enforcement resources? In general, DHS’s answer to this question is organized around risk management, a process that involves risk assessment and the allocation of resources based on a cost-benefit analysis. This report focuses on the first part of this process by identifying border threats and describing a framework for understanding risks at U.S. borders. DHS employs models to classify threats as relatively high- or low-risk for certain planning and budgeting exercises and to implement certain border security programs. Members of Congress may wish to use similar models to evaluate the costs and benefits of potential border security policies and to allocate border enforcement resources. This report discusses some of the issues involved in modeling border-related threats