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This article was originally published by the Network for Business Sustainability. It was written by Tima Bansal and Devika Agarwal.Most people still find the concept of corporate sustainability unclear. We explain what it means and why it’s important.
In the last two years, there has been a tidal wave of companies committing to “sustainability.” They might set net zero carbon goals, diversify their workforce, or move into new, cleaner lines of business. And, this is just the front edge of the wave. The interest in sustainability is likely to grow even more over the next decade, as businesses feel pressure from social movements and environmental challenges.
But corporate sustainability is still confusing to many people. People often ask me: “So, what do you mean by sustainability?” I’m a researcher who has studied this topic for over 20 years and I work closely with companies. Here, I describe what corporate (or business) sustainability means, why it matters, and how to make it part of your business.What are the principles of sustainability?
Corporate sustainability comes from the concept of “sustainable development.” The World Commission on Environment and Development, a United Nations initiative, defined that concept in 1987. Sustainable development means actions that “meet the needs of present generations without compromising the needs of future generations.”
To contribute to sustainable development, businesses should create wealth to reduce poverty, but do so without harming the natural environment. In this way, businesses help our world today and ensure that future generations can also thrive.
In practice, this means that business must consider three key things in their operations:
Human rights and social justice. Sustainability requires businesses to recognize their impact on the people they employ and the communities around them. This recognition means committing to fair wages, just and ethical treatment, and a clean and safe environment.
Natural resource extraction and waste. Businesses often rely on natural resources such as land, water and energy. While many natural resources can renew or “regenerate,” this takes time. Businesses need to respect these cycles, by using natural resources at the speed at which they regenerate.
Short- and long-term thinking. Businesses face intense pressure for immediate profits, but sustainability requires investing in technologies and people for the future, even though financial benefits show up much later. Companies are used to longer-term thinking for capital investments, but a sustainability orientation applies this logic to investments in people and society.
For example: Some fossil fuel companies have reimagined themselves as energy companies, even though major investments in renewable energies are less profitable in the short run than their oil, gas or coal operations. They recognize that climate change requires them to build new capabilities and sources of energy.How does corporate sustainability differ from corporate social responsibility?
Many terms exist to describe companies’ social and environmental initiatives. Corporate social responsibility (CSR) is the most common; others include environmental, social, and governance (ESG), shared value, the triple bottom line, and managing environmental impacts.
I see ‘sustainability’ as the most complete and powerful of these related concepts. That’s because sustainability asks managers to take a “systems view.” A systems outlook recognizes that companies are part of a larger social and environmental system, that systems change, and that today’s actions must consider the future.
CSR emphasizes a company’s ethical responsibilities. However, what is ethical for one person or company may not be seen ethical by another. For example, some people see a minimum wage as being responsible, whereas others see a higher “living wage” as the ethical choice. Corporate sustainability emphasizes science-based principles for corporate action. A corporate sustainability lens would set a wage in which people could meet their basic needs, which will vary from place to place.
Additionally, CSR generally does not speak to fairness across generations; it focuses more on the present.
But don’t get too lost in the definitions. Ultimately, all of these terms ask businesses to think about the broader world in which they operate, and not just on short-term self-interest.Why is corporate sustainability important?
Business is a powerful actor in society, with some businesses being larger than some governments. For example, Amazon’s revenues in 2023 were $US281bn: larger than Pakistan’s GDP. Businesses now have so much power that executives can choose to create a better life for all or just a few.
Society is also pushing companies to invest in sustainability. Many governments, citizens, and other stakeholders want to see companies showing concern for their communities. Failing to do so can mean losing the social license to operate, which is society’s trust in a company.
Additionally, companies can benefit in the long term from being green and good. Evidence shows that financial benefits come in many forms. For example:
Reducing waste, e.g. through energy efficiency investments, often produces savings.
Investors increasingly look for companies that have higher “ESG” (environmental, social and governance) ratings, as a way of managing risks.
Creative and committed individuals seek out employers committed to sustainability and are even willing to take a lower salary if such a commitment is sincere.
But, let’s be honest. Sustainability is not just about making money. It is also a vision of what executives running powerful businesses want to see in the world they create. They imagine a world in which everyone can flourish, living on a planet that is resilient and rich with biodiversity. They don’t want to inhabit a world in which only a few live well, whereas others live with disease and waste.How do you build a corporate sustainability strategy?
Companies can move step by step toward sustainability, gradually increasing and expanding their actions. Often companies begin by putting their own houses in order, looking internally at decision-making, operations, culture, and other areas. They may move on to partnering with suppliers, vendors and other companies can help organizations learn and share best practices. Eventually, companies need to engage with society, from community stakeholders to NGOs.
Ultimately, no single company can create sustainable development: it must be a collective effort. That’s because many sustainability issues, such as climate change and poverty, are so huge that they require action by many citizens and organizations. And for any single company to create zero emissions, it needs suppliers to innovate cleaner products and regulators and customers willing to support their efforts. Sustainability requires new forms of collaboration and new thinking about the economy.
Corporate sustainability may not be simple, but it is necessary. Those companies that embrace the full complexity of sustainability ideas sooner than later will contribute to a better world and experience higher long-term profits. Why wouldn’t we all want to work towards that vision?About the Series
The Network for Business Sustainability “Basics” series provides essential knowledge about core business sustainability topics for business leaders thinking ahead. “The Basics” provides essential knowledge about core business sustainability topics. The Network for Business Sustainability builds these articles for business leaders thinking ahead.About the Authors
Devika Agarwal is an MBA/MS student at the University of Michigan Erb Institute for Global Sustainable Enterprise. Devika hails from strategic sourcing in the retail industry and now works to influence sustainability and innovation in the Global Supply Chain.
 Based on corporate revenues ranked against national GDP. Amazon’s total would rank it 41st in the list of world economies based on GDP, just above Pakistan.
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Capital Controls Meaning
Capital controls are regulations in the form of taxes, restrictions, or other measures that a government takes to restrict the flow of capital in and out of a country. Taxes, tariffs, laws, volume restrictions, and market-based rules are a few of these restraints.
For example, during the Asian Financial Crisis in 1997-98, many countries imposed control regulations. Countries like Korea, Thailand, and Indonesia asked their banks to stop issuing debt financing to foreign countries. The imposition of these measures prevented the economies from collapsing.
Download Corporate Valuation, Investment Banking, Accounting, CFA Calculator & othersKey Highlights
It is a set of regulations that restrict the flow of capital in and out of a country
Governments use these to protect their currency from being exchanged. It can also be a form of economic sanction against other countries
It helps to prevent financial crises by limiting the flow of money and helping stabilize the economyHow do Capital Controls Work?
Government bodies practice capital controls to manage the flow of money that moves in and out of a country’s financial account and its markets. These restrictions may be cost-effective for a particular industry or sector. Most developing economies have tight controls, with smaller and more volatile capital buffers.
Economies can accomplish it through monetary policy, which limits the types of transactions that may take place. For example, restricting transactions only between domestic banks or imposing limitations on international transactions.Real World Examples Example #1: Europe & Greece
During Europe’s sovereign debt crisis, the European Central Bank froze assistance for Greece on June 29, 2023. Greece closed its banks and implemented capital controls from June 29 to July 7, 2023, in response to the ECB’s action, out of concern that its citizens might start a massive bank run or capital outflow.
Financial controls placed limits on daily withdrawals from banks, international money transfers, and credit card payments. Greece’s finance minister announced on July 22, 2023, that the nation could relax its capital controls to boost trust in Greek banks. They then loosened the measures to increase the sums of money that Greek banks had set aside.Example #2: Argentina Example #3: Other Nations
In India, many import duties, taxes, and surcharges are applied at the border, making it expensive to import goods. In contrast, China has strict rules on transferring yuan overseas and stringent limits on how much can be taken out of the country annually (currently $50,000 per person). On the other hand, Bangladesh restricts how much Bangladeshi taka (BDT) individuals can take abroad through residential remittance facilities banks.Importance
Such controls help support an economy by preventing excessive currency inflows or outflows, which can cause inflation or deflation
Governments use it to control the flow of foreign currency flowing in their economy during periods of economic or political volatility
The capital controls design control export, import, and exchange rates.
This imposition can prevent economic collapse due to exchange rate pressures It can lead to inflation which results in higher prices and decreased purchasing power
It can help stabilize the economy Discourages foreign investment by restricting the outflow of capital
It can lead to the growth of the domestic economy and provide investment opportunities for domestic investors. It can lead to black markets for goods, such as food, clothes, electronics, etc.Final Thoughts
Capital controls are crucial to the government’s economic growth and stability strategy. They allow governments to regulate percent of the money that leaves the country based on domestic needs. In addition, it prevents high cash outflows, which may decrease the value of the local currency.Frequently Asked Questions(FAQs) Q1. What are capital controls? What is its purpose? Q2. What do capital controls prevent?
Answer: Any action taken by a government, central bank, or other regulatory body to restrict the flow of foreign capital into and out of a domestic economy is capital control.
They can prevent speculative attacks and devaluation of the currency. It can also prevent economic collapse in case of inflation or deflation.Q3. What are capital controls in Russia?
Answer: To control inflation, Russia has imposed several monetary policies. They are also planning to put a limit on the interest rates in the coming years. The government also opposed any bank transactions of large amounts. There is even a pause on exporting goods in high quantity.Q4. Name the list of countries with capital controls.
Answer: Numerous countries apply it for various reasons. Some of the major countries include Russia, India, and China. Some other countries that follow these controls are Brazil, Thailand, and Malaysia.Recommended Articles
This is a guide to capital controls. To learn more, you can read the following articles:
It is also an interesting topic of study, and much has been written about it in recent years, especially when it comes to bad governance.
Regardless of the type, size, or purpose of a company, all board members are responsible for ensuring that their organisation’s governance is fit for purpose.A simple description of corporate governance
Corporate governance is what a board of directors handles and reports on.
There are different areas where boards can look at their effectiveness, and one of these is the strategic focus.
The board must anticipate the future needs and sustainability of the organisation and develop an overall mission and vision.
The board must also seek a wide variety of inputs from different team members and be good listeners.
Finally, the board members must prioritise the interests of the organisation above any individual needs.
Everyone on the board should be clear on their roles and responsibilities.
Read more: The eight great duties of a board member.What is good corporate governance?
Good corporate governance also means the directors examine the market and the regulatory and social environments they work in to build practices and procedures that meet the sustainable needs of all stakeholders.
Three essential questions the board of directors must answer as part of their governance are:
Who has the power in a company, and who makes the decisions?
Are the correct decisions being made?
How are employees and directors compensated, and what controls are in place to ensure all stakeholders’ interests are met?
Good corporate governance is essential when we look at what happens when there is bad corporate governance, which can cast doubt around a company’s operations and profitability.
Good corporate governance seeks to balance individual, social, and economic goals to ensure positive and sustainable outcomes for all.
Read more: The importance of good corporate governance.What are examples of bad corporate governance?
Over the past decade, corporate scandals resulting from bad governance have dominated the news cycle more than ever.
Significant sexual harassment, product recall, corporate negligence, and fraud cases reveal larger, pervasive problems – these incidents are not isolated incidents.
Amid the widening income inequality following the Great Recession in 2008, many corporate CEOs and other leaders have acted in ways that have brought shame and near ruin to their organisations.
Here are five examples of what happens due to bad corporate governance:
1: The Foxconn suicides in 2010
The Foxconn plant in China, where Foxconn manufactures parts for iPhone, PlayStation 4, and Xbox One, reported 14 suicides in 2010. Foxconn’s U.S. customers, including Apple and Hewlett-Packard, were threatened by the scandal and their reputations burned.
2: The FIFA corruption scandal 2023
3: The Volkswagen emissions scandal 2023
Volkswagen models had been found to emit poisonous nitrogen oxides in illegally high levels. Illegal software was found in the polluting cars that would detect when they were being tested and alter their performance to pass the test. Eleven million vehicles were believed to be equipped with the software. VW was fined over $25 billion in the United States and had operating losses of $1.77 billion in 2023.
4: The Wells Fargo account fraud
According to the Consumer Financial Protection Bureau, Wells Fargo employees opened approximately two million unauthorised credit and deposit accounts between July 2023 and September 2023. The company opened tens of thousands of accounts without customer consent to achieve sales targets and other incentives. In addition to transferring funds from authorised accounts to the unauthorised accounts, they charged the unsuspecting customers fees and additional charges.
As a result of the phoney accounts scandal, Wells Fargo was fined over $2 billion, more than 5,000 workers were fired, and CEO John Stumpf stepped down.
5: The Facebook-Cambridge Analytica data scandal
According to two articles published simultaneously by The Guardian and The New York Times on March 17, 2023, Cambridge Analytica harvested data from over 50 million Facebook profiles to help Trump’s election campaign. Facebook was engulfed in several significant scandals since 2023, creating distrust among Americans, and 44% of Americans now believe Facebook divides the country.What are the principals of corporate governance?
Corporate governance is a system of rules and practices, which help direct and control an organisation.
The principal of good governance seeks to balance the interests of all stakeholders, such as customers, suppliers, and employees. Corporate governance is the primary responsibility of the company’s board of directors.
Board members today are under increased public scrutiny and must be aware of the risks in their environment. They must also operate in a way that is accountable, transparent, and fair. Their most important job is to ensure that the CEO and the management team are operating within the law and in the best interest of stakeholders.
The practice of good governance means setting up good rules and practices, which is highly important in terms of investor relations since it shows integrity and helps companies build trust.
Excellent and transparent governance ultimately helps the organisation to remain financially viable in the long term. Communicating good corporate governance to external stakeholders is essential.
Profitability will not be the only area investors look to for the health and strength of the organisation. A business must demonstrate good corporate citizenship through sustainable and ethical practices in the community. This is known as ESG or environmental, social and governance.Who is responsible for corporate governance?
The board of directors is the central entity responsible for corporate governance. However, some of this work may also be done by committees appointed by the board.
The board’s role is also to manage the relationship between the organisation’s owners and its managers and employees to avoid conflict, set a high standard for performance, and ensure fair practices.Why should companies invest in improving corporate governance?
Without good corporate governance, a business can quickly ‘go off the rails and end in disaster. Investors like to see companies that invest in good corporate governance. A big warning sign for investors and regulators is when a company is seen not cooperating with auditors.
Good corporate governance has positive effects:
Corporate governance involves the practices put in place and managed by the board to ensure sound risk management, transparency, and ethical practices.
Corporate governance involves the rules and practices through which the company is controlled.
Good corporate governance results in substantial economic growth and corporate success, improved investor confidence, an ability to raise capital, lower risk, and improved share price.How to join a board of directors
With an increase in scandals involving corporate boards and charities, the roles and responsibilities of boards and directors are coming under more public scrutiny.
To serve on a board, you should understand how a board works and your responsibilities, which can be accomplished by taking a Diploma in Corporate Governance.
Ultimately, the board of directors is responsible for the organisation’s overall governance, management, strategic direction, and accountability.
Across all global markets, the demand for effective, accountable board members is surging. In recent years, investors have become increasingly demanding of company boards, and we expect this trend to continue.
Increasingly, directors are reviewed for their industry knowledge, understanding of challenging issues like ESG, and their experience in transforming companies.
There will also be more pressure on organisations to disclose their board competency priorities, succession plans, and the diversity of their director candidates.
The message is clear – investors and other stakeholders want effective boards filled with people who have industry-specific talents and boardroom skills.How to become an effective board member
An effective board member needs to understand how effective boards function.
Through the Corporate Governance Institute’s Diploma in Corporate Governance, you gain access to the latest thinking and methodologies used by the most admired boards in the world.
Watch the short video below to see David W Duffy, founder of the Corporate Governance Institute, explain what makes a great director.
Hypnosis is an artificial created state of a human being in which, a person’s attention is highly focused, and he or she may experience a state of deep relaxation and a heightened state of suggestibility. This can make it easier for the therapist to communicate with the person’s unconscious mind and make suggestions for positive change. Furthermore, hypnosis technique has been used for a variety of purposes, including reducing anxiety and stress, helping people overcome phobias and addictions, and managing chronic pain. It is often used in conjunction with other forms of therapy, such as cognitive-behavioral therapy or psychotherapy, to help people make lasting changes in their lives.What is Hypnosis?
A mental condition known as hypnosis is characterized by intense concentration, decreased peripheral awareness, and increased suggestibility. The professionals use a wide range of methods to induce this condition. Hypnosis is frequently used to aid in relaxation, to lessen the perception of pain, or to induce some desired behavioral change by capitalizing on the power of suggestion.
With the use of soothing verbal repetition and mental images, therapists can induce hypnosis, also known as hypnotherapy or hypnotic suggestion, and assist the patient into a trance-like condition. After calming down, patients’ minds are more receptive to life-changing information. It’s important to note that hypnosis is not a form of mind control, and people remain in control of their actions and decisions while in a hypnotic state. Some people may be more receptive to hypnosis than others, and the effectiveness of hypnosis can vary from person to person.History of Hypnosis
The history of hypnosis is as old as the history of magic, sorcery, and medicine; in fact, all three have employed hypnosis as a method. However, the credit of incorporation of hypnosis in psychological study is goes to Franz Mesmer, a German doctor. Mesmer utilized the technique of hypnosis in the treatment of patients in Vienna and Paris during the later half of the 18th century. Mesmer was quickly teased for his false assertion that hypnotism relied on an occult power (which he called “animal magnetism”) that passed through the hypnotist and into the victim, but Mesmer’s technique, also known as mesmerism after its inventor, continued to fascinate many psychologists as well as medical professionals. In the middle of the 19th century, when the English physician James Braid studied the phenomena and developed the labels hypnotism and hypnosis, after the Greek deity of sleep, Hypnos, the technique became very popular and lots of physicians used it even without completely understanding its nature.
In the 1880s, hypnosis gathered significant scientific attention from all around. Hippolyte Bernheim, a professor of medicine at Strasbourg, supported Ambroise-Auguste Liébeault, an unknown French rural doctor who employed mesmeric methods. They had independently said that hypnosis technique was a mix of psychologically mediated reactions to suggestion rather than involving any physical forces or physiological processes.
Furthermore, the therapeutic promise of hypnosis for neurotic diseases intrigued Austrian physician Sigmund Freud on a trip to France during the same period. He employed hypnosis to aid neurotics in remembering upsetting memories that they had apparently forgotten after returning to Vienna. However, when he started to formulate his theory of psychoanalysis, Freud abandoned hypnosis in favor of free association due to theoretical reasons and the difficulties he had in hypnotizing some of his patients. Moreover, in today’s contest, the psychoanalysts see hypnosis as only a supplementary tool to the free-associative methods employed in psychoanalytic treatment.
Despite Freud’s influential use of hypnosis and subsequent rejection of it, the practice was occasionally used in the psychoanalytic therapy of soldiers who suffered battle neuroses in World Wars I and II. Later, hypnosis gained a few more restricted medical applications. Although several scholars have proposed various hypotheses about what hypnosis is and how it may be understood, the phenomena currently lack a widely recognized explanatory framework.Types of Hypnosis
The process of inducing hypnosis can be done in a number of different ways−
Guided hypnosis − In order to create a hypnotic state, this type of hypnosis uses instruments like music and recorded instructions. This kind of hypnosis is frequently used in websites and applications for mobile devices.
Hypnotherapy − To treat illnesses including depression, anxiety, post-traumatic stress disorder (PTSD), and eating disorders, qualified doctors and psychologists utilize hypnotherapy, which is the use of hypnosis in psychotherapy.
Self-hypnosis − When a person generates a hypnotic state within himself, self-hypnosis takes place. It is frequently used as a self-help strategy to manage stress or control discomfort.Myths About Hypnosis
It includes −
Can someone behave against their will when under hypnosis?
Through a sociological experiment, researchers Martin Orne and Frederich Evans sought to provide an answer to this query. The control group in this experiment was not hypnotized (which was not shared with the laboratory assistants). The hypnotized and unhypnotized groups received the same treatment. What was the outcome, then? The non-hypnotized individuals behaved in the same ways as their hypnotized counterparts.
Can hypnosis aid in the treatment of pain?
Yes, it can, in a nutshell. It has been demonstrated that hypnosis has the power to stop the brain’s processing of pain. Previous studies on surgical procedures have revealed that hypnotic patients recovered more rapidly, used less pain medication, and even left the hospital sooner than those who weren’t hypnotized. According to research, 10% of people are capable of being hypnotized to such a degree that significant procedures can even be carried out without anesthetic (Myers, 2014).The Effect of Hypnosis
Hypnosis experiences might differ greatly from person to person. Researcher Ernest Hilgard’s experiments showed how hypnosis may be used to significantly change perceptions. The participant’s arm was then submerged in freezing water after the hypnotized person was told not to experience discomfort in it. The hypnotized people were able to leave their arms in the chilly water for a number of minutes without feeling any discomfort, however, the non-hypnotized people had to take their arms from the water after a few seconds owing to the agony.Conclusion
Hypnosis, which is one of the well accepted techniques of treatment of many psychological disorders, is the process of altering a person’s level of awareness, and it can change how feelings, actions, or ideas are perceived. Hypnotherapy is frequently used to treat anxiety and depression as well as undesired behaviors and stress-related responses.
The term “development” refers to more than just becoming larger. Instead, it is a gradual succession of quantitative and qualitative changes that occur orderly and logically, leading the individual to maturity. The phrase ‘progressive’ refers to improvements oriented forward rather than backward. Quantitative changes are increases in number or amount, such as size, height, weight, bodily circumference, vocabulary, and so on. Changes in kind, structure, organization, and function are examples of qualitative changes.What is Lifespan Development?
The lifespan development concept contends that lifelong development is multifaceted, multidirectional, plastic, multidisciplinary, and contextual. Previously, most scientific literature on development concentrated on childhood and adolescence. This is because the changes during these early years are swift, evident, and noticeable, particularly physical, mental, and personality distinctions that are not as easily discernible in later life as in early life. It was also considered that the adult could be understood in terms of childhood experiences since the adult was viewed as a finished product rather than a constantly changing individual. In addition, life expectancy was very low, and few academics focused their efforts on studying the full life cycle. Adult physical and behavioral changes were so modest that their importance in the developmental process was overlooked for many years.The Lifespan Perspective
Paul Baltes identified underlying principles that govern the lifespan perspective. Lifespan theorists hold certain assumptions about development that have been listed below −Lifelong Development
While developmental psychologists focus exclusively on childhood experiences and their importance for the longest time, lifespan theorists believe that change occurs throughout the lifespan and that development occurs continuously. No one age group is more significant, defining, or dominant in the development of humans.Multi-Directionality of Development
The changes humans undergo are not restricted to just one direction, i.e., growth only sometimes entails a positive. We might display improvements in some developmental areas while displaying losses in others. Every transition involves both gain and loss, whether graduating from high school, getting married, or having a child.Multi-Dimensionality of Development
Physical, cognitive, and psycho-social are the three broad categories or dimensions that we evolve over. Changes in height and weight, sensory capacities, the nervous system, and the likelihood of sickness and illness are all included in the physical realm. The evolution of intellect, experience, perception, problem-solving, memory, and language are all included in the cognitive domain. The psycho-social environment concerns how emotion and self-perception evolve and how people interact with their families, friends, and peers. These three realms interact with one another.Multidisciplinary Nature of Development
Lifespan theorist highlight that development is a broad subject of investigation that requires theories and methodologies of various disciplines and is not just limited to developmental psychology.Plasticity of Development
The idea of plasticity centers on our capacity for change and the fact that many of our traits are malleable. The brain’s capacity to learn from experience and heal after injury are two instances where plasticity has been greatly observed and recorded.Contextuality of Development
Development is multi-contextual. There exist common contextual influences. For instance, the normative-age graded consequences indicate the common developmental features and change a particular age group’s experience. And the normative-history graded effects come from belonging to a specific cohort (people born around the same period in society as this ensures common experiences and hence a similar outlook on life. There are also non-normative life influences, as despite sharing age and history with our peers, each of us has unique experiences that may shape our development. Apart from this, socioeconomic factors like poverty and culture are also contexts that can also influence one’s development.
The lifetime development theory takes a biopsychosocial perspective on human development. It has several causes, making it impossible to comprehend within a single framework. The following presumptions underlie this idea −
Beginning at conception and ending with death, development is a lifelong process of maturing and aging. It is impossible to comprehend any one phase in a person’s life without understanding the events that came before and after.
Historical, social, and environmental changes have an impact on development. As a result, the experiences of one generation could differ from those of another.
Development throughout a lifetime does not involve a single set of behavioral changes that start at conception, increase with age, and finish with death.
Developmental behaviors may sometimes increase, change, or disappear as life progresses.
By influencing society, new development patterns may bring about societal transformation.
Development can be impacted even by societal change. Making laws prohibiting child punishment at home and in schools is necessary because it harms a kid’s personality development.Periods of Development
Although both eight months old and 8-year-olds are considered children, and both 18 and 80 years old are considered adults, they drastically differ in their cognitive, psycho-social, and physical abilities. Hence, developmental periods are more well-defined than this.
Prenatal Development − This stage begins at conception and lasts till birth. It is important to understand nutrition, genetics, or environmental factors that can lead to congenital disabilities and issues with labor and delivery.
Infancy and Toddlerhood − The stage consists of the first two years of life and is characterized by dramatic growth and change. A newborn, who has poor vision and a keen sense of hearing, very quickly transforms into a toddler, who is capable of talking and walking.
Early Childhood − This stage consists of two- to six-year-olds, also known as the preschool years. At this point, children are busy learning language and gaining a sense of self and greater independence.
Middle and Late Childhood − This group comprises ages six to puberty. Involvement in school becomes a most important part of life at this stage. Children now tend to focus on learning and testing new skills by comparing themselves and others.
Adolescence − Adolescence is a period of dramatic physical change marked by puberty. Cognitive changes accompany this period as they think of new possibilities and consider abstract concepts such as love, justice, and freedom.
Emerging Adulthood − This is the period of transitional time between the end of adolescence and before individuals acquire all the benchmarks of adulthood. Individuals at this stage continuously explore their identity and prepare for full freedom.
Early Adulthood − The twenties and thirties are identified as early adulthood. This stage is accompanied by a focus on work-life, developing intimate relationships, and establishing families.
Middle Adulthood − The forties through the mid-sixties consist of this group. Here aging becomes apparent, and many people are at their peak productivity in love and work.
Late Adulthood − Late adulthood is sometimes subdivided into two categories: The young-old who are from 65-84 years and the oldest-old who are 85 years and older. The fact that the young-old are still largely healthy, productive, energetic, and independent is one of the key distinctions between these groups. The risks of diseases including arteriosclerosis, cancer, and cerebral vascular disease significantly increase with both age groups.Applications of Lifespan Development Conclusion
Human lifespan development studies how humans learn, mature, and adapt from infancy to adulthood to the elderly phases of life. Some focus areas include physical, cognitive, social, intellectual, perceptual, personality, and emotional growth. Although it is a broad and complex field involving multiple disciplines, it can be quite a beneficial study domain as it allows individuals to understand themselves and others better and helps develop ways to achieve a quality of life.
Since 2013, cyber extortion has been recognized as a phenomenon and has been compared to other unplanned hacks as a relatively low threat. But in recent years, cyber criminals have started deploying sophisticated and deadly techniques, disrupting hundreds of firms worldwide.
It is obvious that corporate executives must be aware of the growing threat posed by ransom ware and make appropriate plans. Let’s talk about what cyber extortion is, how it may harm your organization, and the best strategies to protect yourself in order to fully comprehend this specific issue.What is Cyberextortion?
A broad area of online and computer-related crime is known as “cyber extortion.” As the word implies, criminals use threats and other forms of coercion to compel individuals and organizations to hand over money or sensitive data during the cyber attacks included in this general phrase.
A form of cybercrime called cyber extortion involves thieves stealing your financial or personal information and threatening to damage you if you do not pay a ransom. There has been a rise in cyber extortion in recent years as more people and companies store sensitive data online.
The value of the data at their disposal is used as compensation by cyber extortionists. They prey on your anxiety if they threaten you with information because there’s a strong possibility you don’t want that information to be revealed or destroyed. When cybercriminals demand money, it’s likely that it will be comparable to what your information is worth on the black market. They have the option of selling it to the highest bidder if you refuse to cooperate.Types of Cyberextortion
Cyber extortion is the practice of obtaining money or other types of payment from people or organizations using online or digital means. Cyber-extortion can take a variety of forms, including:
Ransomware: Hackers frequently use ransomware to target corporations and government organizations. In a ransomware attack, a device is infected with malware that encrypts data, preventing the owner from accessing crucial files and resources. The person or business is then asked to pay a ransom in exchange for a digital key that would unlock their files, according to the hackers. If they do not pay, the hacker may publish the information they obtained on the dark web.
A ransomware assault can cause significant interruption and reputational harm, even if the victim is able to regain access to their data. In 2023, a ransomware attack on the firm in charge of the Colonial Pipeline in the US led to panic purchases of gasoline by drivers, which significantly increased the price of gas.
DDoS attack: Attacks known as “distributed denial of service” (DDoS) are used to block access to websites, mobile apps, and other online services by their intended users. Typically, in these attacks, hackers overwhelm the victim with a fictitiously high amount of traffic. For instance, they might employ bots to saturate a website’s servers with traffic, preventing legitimate users from seeing the pages. The cyberterrorist then offers to stop the attack in exchange for the specified sum.
E-mail based extortion: Cyber extortion via email is widespread and typically involves the hacker posing as someone else, such as a company or a friend of the target. They adopt this persona in order to trick the target into believing they are safe before attempting to persuade them to send money (perhaps by posing as a friend in need) or provide personal information (login details for a banking app, for example).
Cyber Blackmail: A victim of cyber extortion may be threatened with blackmail, the release of private information, or even compromising photographs if they don’t pay up. Despite their claims to the contrary, the victim may still be persuaded to pay the demanded sum out of fear of exposure or public humiliation.Laws for Cyber Extortion in India
Every second, a cyber extortion case is filed in the nation’s capital, Delhi,
According to the National Crime Bureau, Ministry of Home Affairs, Volume II, 2023. Each complaint claimed the perpetrator had critical information about the victim. Consequently, a clear law is required for such a serious crime.
Unfortunately, the Information Technology Act of 2000 neither defines nor specifies a precise punishment for cyber extortion because it does not consider it to be a crime. The accused may still face charges under Sections 383 (extortion), 503 (criminal intimidation), and 66E of the IT Act as well as the Indian Penal Code, 1860.
It is a violation of privacy, according to Section 66E, when a person’s private information is exposed as a result of the taking, publishing, and dissemination of an allegedly image. The accused could receive a punishment of up to Rs 2 lakh, three years in prison, or both.
Extortion is dealt with in Section 383, which is defined as the act of purposefully injuring or threatening to injure another person with the aim of persuading that person to give any property or valued security to the accused. Extortion is a crime that carries a sentence of up to two years in jail, a fine, or both for those found guilty.
Additionally, Section 503 addresses the crime of criminal intimidation, which is the act of threatening someone with harm to their reputation, person, or property, or to the reputation of another person in whose person or reputation the threatant is interested. Threatening is used to intimidate the victim into carrying out unlawful acts or refraining from actions to which he is lawfully obligated or entitled. A person suspected of engaging in criminal intimidation may be sentenced to up to two years in prison, a fine, or both.How to Report Cyber Extortion
It is crucial that you report instances of cyber extortion, since doing so can keep you safe and reduce the risk that other individuals will be targeted similarly. There are two ways to report online extortion:
Contact the platform on which the extortion takes place– By doing this, you can inform the website or service about scams they may not have been aware of and even have the hackers blocked or banned (though if they have many accounts, this may not deter them for very long). Use the reporting features of the websites to alert moderators if you believe you have received a phishing message, for instance, on Instagram or Facebook.Conclusion
A nation like India, which offers all of its services online for the convenience of its inhabitants, must consider the potential challenges and threats that could arise from this digital system in today’s world. Everyone’s data is now kept online in programs like Digi Locker, cloud storage, and personal drives. The administration must therefore preserve the same as a result. Adopting an explicit, clearly stated law designating cyber extortion as a cybercrime would undoubtedly be the first step toward safety. And as the subject at hand involves people’s privacy and reputation, which also fall under one of the essential rights guaranteed by the Indian Constitution as the right to privacy, it must be penalized with harsh punishments as well as significant fines.FAQs
Q1. Who should one address in the event of online extortion?
Ans. Anyone who has been a victim of a cybercrime of any kind is welcome to get in touch with the state police cyber unit and file a report. For instance, Delhi residents who are victims can get in touch with the Delhi Police Cyber Crime Unit immediately.
Q2. What is the most typical manner in which someone can fall victim to online extortion?
Ans. Opening spam, visiting unprotected websites, and opening pointless files, whether in the mail or online, give hackers the means to attack the networks and demand money through cyber extortion.
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