Not Getting Right Talent Costing Indian Economy Rs 53,000 Crore: Study

India is likely losing Rs 53,000 crore from its economy as companies are unable to hire people with right talent for the job and are incurring high recruitment costs, says a study.

Done jointly by professional networking site LinkedIn and consultancy PwC, the study said: “If India was better at matching talent with the right opportunities, this could unlock as much as Rs 508 billion (Rs 50,800 crore) in increased productivity.”

This is resulting in lost opportunity to generate Rs 508 billion in additional productivity, it added.

The study further said: “Longer time taken to find the right candidates combined with the increased likelihood of mismatched talent leaving jobs sooner are costing Indian companies Rs 22.3 billion (Rs 2,230 crore) in avoidable recruitment cost…”

Together these costs are resulting in India “likely losing approximately Rs 530.31 billion from its economy”, it noted.

The study which is based on analysis of 11 countries, has placed India at the bottom two with a score of 34, just above China (with a score of 23), in terms of talent adaptability.

Netherland emerged at the top on this parameter followed United Kingdom (2nd), Canada (3rd), Singapore (4th), United States (5th), Australia (6th), France (7th), Germany (8th) and Brazil (9th).

“Emerging markets such as India and China have lower scores because they have fewer mature sectors and their geographic size limits talent mobility,” the study said.

PwC India leader People and Change Consulting Padmaja Alaganandan said: “Factors such as low sector diversity, sub-optimal investment in personal skill building, policy hurdles and development rates have held down India’s actual talent adaptability threshold.

“The loss, quantified for the first time underlines the importance we should be placing on driving flexibility, skills training and ensuring a more thoughtful approach to hiring.”

As per LinkedIn India’s Director, Talent Solutions, Irfan Abdulla “raising the level of talent adaptability in a market will go a long towards enabling economic success for everyone, from job-seekers to recruiters and the economy”.

The analysis is based on interactions from LinkedIn’s network of 277 million professionals, including 24 million in India.

This analysis was further cross referenced with information on 2,600 employers from PwC’s Saratoga database, to understand which countries are better at aligning talent with opportunity.

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High performers to get 15% hike, avg less than 10%

If one analyses net income after considering the inflation rate in the past two years, salary hike is actually between 2-3 per cent

According to TimesJobs.com RecruiteX, overall, single-digit increments are expected in 2014; however, high performers can look forward to increments in the range of 15-20 per cent.

R P Yadav, chairman and managing director, Genius Consultants Ltd, explained that employees can be classified as high performers, average performers and poor performers. People who are in the bracket of average performers have been getting single digit increments and for the bracket of high performers the increment will be between 12-16 per cent. If one analyses net income after considering the inflation rate in the past two years, it is actually between 2-3 per cent.

“Unless there is revival of the economy, which is actually not expected in the year 2014-15, due to election and election results, I personally feel that the increment in the net salary will be low and increment in appraisal will be in single digit, between 8-9.5 per cent,” he said.

Income Vs Inflation

Andleeb Jain, group head-HR, Isolux Corsán, added that average hikes this year are expected to be in the late single digits or at best 10 per cent. This translates to a negative real hike, or, no real hike keeping the inflation in view. “But if we plot the hike versus profitability growth of the sector or companies, I personally feel it’s still an acceptable scenario for the employee,” he added.

A leading salary budget survey ranks India as first with the highest projected salary hike of 10.9 per cent in 2014. It is estimated that in 2014 there will be a salary increase of 0.4 per cent over 2013. But, this doesn’t really mean that the workforce in India is better off than its global counterparts. The high inflation rate has to be blamed for this.

 ‘Star’ Sectors

While average overall salary hikes will be in single digits, there are sectors that are offering competitive pay packages. TimesJobs.com RecruiteX indicates that Consumer Durables/FMCG and Healthcare/Pharmaceutical are the best pay masters for junior and middle level employees. At senior level, BFSI and Automobile sector emerged as the highest paying sectors. Petrochemicals/Oil & Gas sector is the best paying sector across all three levels.

1)     Overall, Petrochemicals/Oil & Gas sector is the best paying sector, the average salary offered is in the range of:

• Junior level: Rs 13-14 lakhs/annum
• Middle level: Rs 36-44 lakhs/annum
• Top level: Rs 94-124 lakhs/annum

2)     Healthcare/Pharmaceuticals sector offers:

• Junior level: Rs 8-14 lakhs/annum
• Middle level: Rs 15-45 lakhs/annum
• Top level: Rs 45 lakhs/annum onwards

3)     Consumer Durables/FMCG industry offers:

• Junior level: Rs 9-11 lakhs/annum
• Middle level: Rs 20-25 lakhs/annum
• Top level: Rs 45-65 lakhs/annum

4)     BFSI industry also offers good salary package to senior level employees (Rs 35-58 lakhs/annum)

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3% increase in hiring across all sectors in March 2014

The Petrochemicals and Project/Infrastructure sector reported maximum increase in hiring activity in March 2014, while the overall demand index witnessed a 3 per cent rise in the same period. After witnessing a 3 per cent rise in demand in the previous month, the Petrochemicals/ Oil and Gas/ Power demand index grew by another 6 per cent in March 2014 to register a 9 per cent rise in hiring activity in the first quarter of 2014. The Project/Infrastructure industry, also reported an increase of 12 per cent in hiring during the period. Among top professions, engineering professionals reported maximum increase in demand, followed by logistics/supply chain management/procurement and IT/Telecom professionals. Among key job hubs, Hyderabad saw the highest increase in demand for talent. The city reported over 30 per cent increase in demand during March 2014. Demand was robust across experience categories. Candidates with over 20 years of experience reported the highest increase of over 30 per cent in demand, during the period.

Overall, hiring saw a 3 per cent rise during March 2014, key sectors, functional areas and job hubs contributed to the surge in hiring activity.

• Among top ten sectors, the Petrochemicals industry reported maximum increase (9%) in hiring activity. The Project/Infrastructure sector also reported 12 per cent increase in hiring activity during the month

• Among top ten professionals, demand was upbeat for engineering professionals (12%). Logistics/supply chain management/procurement and IT/Telecom professionals too reported an increase in demand (8-9%) during March ‘14

• Amongst major job hubs, Hyderabad reported maximum increase (over 30%) in demand during the month. Chennai (20%) also emerged as the most active hiring location of March ‘14. Among states, Andhra Pradesh (except Hyderabad) witnessed highest increase (20%) in hiring activity during the period

• The experience demand index for March ‘14 was upbeat for candidates across experience categories. Highest demand rise was observed for candidates with over 20 years of experience (over 30%)

Supply index registered 7 per cent increase in month-over-month analysis. BPO/ITeS, Consumer Durables/FMCG industry contributed, significantly, to this rise in supply of talent, besides other key sectors.

• Job-seeking activity recovered during February ‘14 and sustained the positive momentum in March ‘14. The BPO/ITeS industry and Consumer Durables/FMCG sector witnessed maximum increase (over 30%) in supply of talent

• Customer service/tele calling and hospitality professionals reported highest increase (over 30%) in job-seeking activity. Accounting & Finance professionals also registered a noticeable rise in supply (30%)

• Supply of talent was upbeat across major locations. Among metros, Delhi NCR witnessed highest increase (24%) in job-seeking activity during the month. Among top ten locations, Jaipur reported maximum increase in supply (over 30%)

Supply of talent was encouraging for top level and experienced categories. Candidates with over 20 years experience reported over 30 per cent rise in job-seeking activity during March ’14

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Daily habits that may be harming you

Daily habits that may be harming you (Thinkstock photos/Getty Images)

There are some habits that most of us have which may be harmful for you in the long run. Read on to find out more which daily habit you should avoid...

There are some habits that most of us have which may be harmful for you in the long run. You are probably doing it all right — drinking enough water, exercising every day, taking the stairs instead of the elevator — but a few everyday habits if neglected can become the reason for worry. Read on to find out more which daily habit you should avoid...

Don't sit cross-legged all the time
According to a study, sitting with legs crossed can increase blood pressure. Leg crossing, reportedly, increased systolic blood pressure nearly 7% and diastolic by 2%. One should ideally avoid sitting cross-legged (crossing the legs at the knee) for longer than quarter of an hour. Orthopedic surgeon Dr Phadke says, "Do not keep sitting at one place for too long. After every 45 minutes take a little walk."

Always stand with your knees bent a little
Avoid standing with your knees locked because it leads to increased pressure and stress on your joints. Make sure your knees are relaxed and slightly bent. You should use the muscles that are surrounding your joints — if your knees are locked these muscles are not used and the joints have to bear the weight.

Do not sleep on your stomach all the time
If you thought that sleeping on your stomach will make your paunch go away, you are wrong. If you do not sleep on your back then the neck remains in an unnatural position and that may hamper circulation. Change your position when you are lying down.

Avoid wearing very tight belts
You want to look slim and a tight belt that is cinched at your waist can give you an hourglass look. However, this can hamper your digestion. Dr Nupur Krishnan, nutritionist says, "Tight belts worn for a long time tighten the stomach and create pressure inside your abdomen. Digestion can not happen properly and it may lead to acidity. It is best to avoid wearing belts that are too tight." Ideally, belts should only be that tight so that one should be able to sit comfortably, bend down and breathe normally with it tightened.

Avoid stretching as soon as you are awake
The discs at your back can be harmed if you stretch as soon as you are awake states Dr Upasini. As soon as you wake up, you should get up and move around, get into some activity like brushing, walking and then stretch your back he advises. Stretching as soon as you are awake can lead to severe backache and neck pain sometimes.

Do not chew gum all the time
Most of us mindlessly keep chewing gum all day. If it is a sweet one, it harms your teeth and the unsweetened ones can harm your jaw muscles.

Carry your bag differently every time
Most of us unknowingly put a lot of stress on our shoulders. Orthopedic surgeon Dr Tejas Upasini says, "Doing asymmetrical repetitive activities often result in muscular imbalances and pain. If you make a habit of carrying your handbag or purse only on your right shoulder, it becomes a pattern and there are muscle imbalances that may cause pain." Carrying lighter bags is a wise decision and also, when carrying a bag one must make sure to change the shoulder or the hand often."

Stop wearing super-tight jeans
Wearing very tight jeans and pants can lead to many health problems. If your jeans restrict your movements in any way then it is not the right one for you. At the end of the day if you feel that you are desperate to take it off and slip into something comfortable, then you should discard your tight jeans.

Keep a check on your posture
Believe it or not, the correct posture can, not just make you look slimmer and younger; it can also avoid aches and pains on your back, and shoulder. Slouching can, in the long run, really affect your shoulder and back. The right way to stand is to hold your head high, pull your stomach in and square your shoulders. Try this: Stand straight against a wall and keep your shoulders squared — the back of your head should be touching the wall, there should be space between you and the wall, at small of your back and your buttocks and heels should be touching the wall
.

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Sebi examines Sun, Ranbaxy merger trading

MUMBAI: The Securities and Exchange Board of India (Sebi) will ask Ranbaxy Laboratories and Sun Pharmaceutical Industries for more information about their planned $3.2 billion merger and seek trading data from stock exchanges after shares in Ranbaxy surged in the run-up to the deal, a senior source at the regulator said on Wednesday. 

Ranbaxy shares jumped 24 per cent while trading volume tripled in the three sessions ahead of Monday's announcement that Sun Pharma would buy it in what would be the biggest drug sector deal in the Asia-Pacific region this year. 

"We have received multiple complaints. We will ask stock exchanges on details of buy and sell trades in both Ranbaxy and Sun shares," said SEBI source, who declined to be identified because he is not authorised to speak with the media on the matter. 
The official added that SEBI would also ask for "additional disclosures" from the two drug makers.
 

Sun's managing director, Dilip Shanghvi, said India's largest drug maker by market value had not received any inquiries from SEBI in an interview with CNBC-TV 18. 

"We haven't heard (from the regulator)," Shanghvi said on Wednesday afternoon. 

"We also have concern about the run-up in Ranbaxy stock a few days before the transaction was announced, but we hope that nothing comes out of that inquiry." 

Spokesmen for SEBI and Ranbaxy declined to comment. The National Stock Exchange of India Ltd and BSE Ltd, India's two biggest exchanges, also declined to comment. 

The president of a brokerage association said it would formally ask the regulator to investigate trading in Ranbaxy's shares. 

"Because there was such kind of price movement before the deal was announced, we have decided to check with the regulator," Naresh Tejwani, president of the Association of National Exchanges Members of India (ANMI), said on Wednesday. 

The stock markets have seen previous cases of sudden sharp movements in company shares ahead of big corporate announcements, raising frequent suspicion about insider trading that have damaged retail investor confidence. 

For example, last June, Infosys Ltd's shares and option volumes surged before the surprise announcement that founder Narayan Murthy was returning as executive chairman. 

The regulator has been accused by some market participants of being slow to investigate suspected insider trading and ill-equipped to fight securities fraud. Its investigations can take years and are often conducted in secrecy. 

Like other global regulators, SEBI has often resorted to fines and settlements, which are easier to obtain than criminal indictments. 

Its most high profile case so far has been investigating a unit of energy conglomerate Reliance Industries Ltd (RELI.NS) over a suspected case of insider trading in 2007. 

After six years of investigation, SEBI last year fined Reliance 110 million Indian rupees, saying it had found enough evidence of insider trading. The energy company, which had net profit of 55.1 billion rupees in the October-December quarter, is appealing to SEBI's appellate body. 

The regulator is expected to debut new insider trading rules later this year that would require executives to disclose planned trading activity and also require companies to monitor their employees for trading. 

Retail investors have been heavy sellers in Indian markets and have redeemed about $5.2 billion from equity funds in India since 2010.

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Financial stability has improved in developed countries: IMF

WASHINGTON: Financial stability has broadly improved in advanced countries and has deteriorated in emerging economies in the past six months, the International Monetary Fund said in its latest Global Financial Stability Report released on Wednesday. 

"I am pleased to tell you that global financial stability is improving --- we have begun to turn the corner. 

"But it is too early to declare victory as there is a need to move beyond liquidity dependence by overcoming the remaining challenges to global stability," Jose Vinals, IMF's Financial Counsellor, told reporters at the release of the report on the sidelines of the IMF and World Bank Group Spring Meetings.
The US economy is gaining strength, setting the stage for normalisation of monetary policy, he said. In Europe, better policies have led to substantial improvements in market confidence in both sovereigns and banks. 

In Japan, Abenomics (measures taken by Japanese Prime Minister Shinzo Abe to revive the economy) has made a good start as deflationary pressures are abating and confidence for the future is rising. 

"And emerging market economies, having gone through several recent bouts of turmoil, are adjusting policies in the right direction," Vinals said. 

The IMF, he said, continues to track growing hot spots in the US financial system. 

Many of these are in the shadow banking system, such as strong issuance of high-yield bonds and leveraged loans, weakened underwriting standards and underpricing of risk. 

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Sun Pharma chief hopes the worst is over for Ranbaxy

Sun Pharma chief hopes the worst is over for Ranbaxy

NEW DELHI: Sun Pharma would have to do a lot of work to get USFDA to revoke the ban on Ranbaxy facilities but it has not put any time-frame for this, company chairman Israel Makov said on Wednesday. 

Sun Pharma's experience dealing with the US health regulator in the past would help it solve Ranbaxy's problems with the regulator, he said in an interview to TV channel CNBC-TV18. 

"We hope to do it as soon as possible. We won't put a specific time-line, we have to discuss it with the FDA, we have to do a lot in the field to satisfy its requirements and once we do it, we will have the ban revoked," Makov said. Sun had a similar situation once in US in its plant and the company got the ban revoked earlier than anybody expected, he added. 

Sun Pharma on Monday had announced that it would fully acquire Ranbaxy in a transaction with a total equity value of $3.2 billion, along with debt of $800 million. 

Makov said Ranbaxy has a serious problem but Sun has proven its ability to remedy any problem that it had encountered in the past. 

"We are confident that we can do the same with the current problems," he added. 

When asked if the company would need just a couple of quarters to resolve the issue, Makov said: "No. The closing of this transaction is going to be somewhere towards the end of this year. Only then we can come in and do whatever needs to do. 

"So it will take time, it is not a matter of a quarter or two. It will take longer but it is not going to be many years." 

Makov expressed hope that worst is over for Ranbaxy. "We hope that the worst is over. I think so. We look forward to remedy whatever needs there to remedied and to fix the company and then bring it back to where it should be," he added. 

When asked about company' acquisition plans in the US, Makov said: "We have bought a number of small companies in the US. But it depends on an opportunity. We don't set an objective that we have to buy a company in the US." 

The objective is to grow globally and to have a sustainable profitable growth and to become a more significant player in the industry, he added. 

The combination of Sun Pharma and Ranbaxy creates the fifth-largest specialty generics company in the world and the largest pharmaceutical company in India. 

At present, all the four plants of Ranbaxy in India have been banned from exporting drugs to the US market. 

USFDA had banned imports from Ranbaxy's Toansa plant in January this month for violating current good manufacturing norms. 

In September last year, the USFDA imposed an import alert on Ranbaxy's Mohali plant in Punjab for violating current good manufacturing norms. 

Ranbaxy's key facilities at Paonta Sahib in Himachal Pradesh and Dewas in Madhya Pradesh have been under a US import alert since 2008.

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Rohan Murty shows way to optimize spectrum use

Rohan Murty

BANGALORE: When he is not helping his father at Infosys, he is writing academic papers. And the latest from Rohan Murty, son of Infosys co-founder and chairman N R Narayana Murthy and a junior fellow at Society of Fellows at Harvard University, is about a software algorithm that he and two colleagues have developed. The algorithm allows spectrum owners to sell or sub-lease unused or under-utilized spectrum in a seamless way, ensuring there is no interference to the owner's own operation. 

The system also persuades participants to bid optimally, instead of strategically, and Murty and colleagues have therefore named the algorithm 'Satya'. "It is strategy-proof, that is, truthful bidding is optimal. Hence, our emphasis on 'truth'. "Also, Harvard's motto is Veritas, Latin for truth, and we chose to instead find a Sanskrit word," Murty said in an email interaction with TOI. Murty is currently on leave from Harvard and serves as executive assistant to his father. 

Murty and his fellow researchers — David Parkes, a Harvard professor, and Ian Kash, a researcher from Microsoft Research in Cambridge, UK — have co-authored the paper 'Enabling Spectrum Sharing in Secondary Market Auctions' that lays down the details of their solution. The paper was published last month in IEEE Transactions on Mobile Computing, a peer-reviewed scientific journal sponsored by the Computer Society at IEEE (Institute of Electrical and Electronics Engineers, based in New York). 

Currently, spectrum auctions tend to be monolithic allocations where the winner takes it all. Satya, on the contrary, creates a secondary market for spectrum. Spectrum owners can lease spectrum to many small users. 

"It has the potential to raise more revenue for spectrum owners by enabling a secondary market for potentially unused or under-utilized spectrum while ensuring there is no interference to the owner's own operation," Murty said. 

The system, Murty says, lowers entry barriers for small spectrum buyers to compete with the big boys. 

Murty's paper is closely linked to the work he did for his PhD thesis on Systems on Dynamic Spectrum Access. His thesis focused on how spectrum efficiency could be improved by building the next generation of wireless systems. He believes there is an increasing realization in the US, UK and other countries about the need for new paradigms of spectrum allocations. 

"I worked on building systems and algorithms that demonstrated how this can be done well, the challenges and potential solutions. This was the core part of my thesis work. My work on Satya built on this further to see how we can design for dynamic spectrum access in secondary market," Murty said. 

In India, the latest round of telecom spectrum auctions was seen as a success with the government mopping up over Rs 60,000 crore. But companies paid huge amounts that could raise costs for customers. Asked if Satya, with its sub-leasing option, could address this problem, Murty said, "The answer to this question is not entirely straightforward. There are several other factors including network costs and quality of service factors one needs to consider as well. This is a well-studied and debated area. You can make the argument run both ways. It depends on the context and I am not (yet) qualified to comment on the Indian context."
 

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Apple vs Samsung trial: Phone calls in court exasperate judge

US District Judge Lucy Koh has become increasingly frustrated during the first few days of the trial pitting Apple against Samsung.

AN JOSE: So far one of the biggest problems for the federal judge overseeing a patent battle between the world's largest smartphone makers isn't about stolen ideas. It's getting the roomful of smartphone devotees to turn off their devices.

US District Judge Lucy Koh has become increasingly frustrated during the first few days of the trial pitting Apple against Samsung because the many personal Wi-Fi signals interfere with a network the judge relies on for a real—time transcript of the proceedings.

The phones also ring, buzz and jingle, and can be used to take photos, a serious violation of court rules.

In the first five days of trial, Koh has interrupted testimony with a sharp "Phones off!" She's warned that she might force everyone to hand over their phones. She's threatened to send everyone, except a select few, into an overflow room. And she's shamed those with phones turned on to "Stand up!" — which a few sheepishly did.

The disturbances are unusual for a federal court, which is typically a quiet space with respect for tradition and decorum.

"Everyone make sure your cellphones are off so we don't have the same real—time issue we've been having," courtroom deputy Martha Parker—Brown warned on Tuesday.

Already that morning, before the judge or jury had entered the courtroom, unusual shouts of "hey, hey, hey, hey, hey!" rang out as Apple attorney William Lee pointed at Wharton School marketing professor David Reibstein, who was taking photos from the spectator rows. Reibstein was escorted out, questioned by a marshal and required to erase the photos.

"I've never been in a federal trial before," Reibstein said after he was allowed to return. "I just didn't know the court rules."

Smartphone controversies were obviously expected when the fiercest rivalry in the world of phone makers returned to court in the heart of Silicon Valley. Just not this way.

Apple and Samsung Electronics are accusing each other, once again, of ripping off designs and features. The trial marks the latest round in a long—running series of lawsuits between the two tech giants, and is being tried less than two years after a federal jury found Samsung was infringing on Apple patents.

Samsung was ordered to pay about $900 million but is appealing. This time Apple is accusing Samsung of infringing on five patents on newer devices. At stake is more than $2 billion if Samsung loses, about $6 million if Apple loses.

The high—profile case has packed the courtroom, with dozens of black—suited attorneys backed by rows of reporters and experts. Executives and staff members from the two companies sit on opposite sides of the courtroom and whip out their respective iPhones and Galaxy devices in the hallways during breaks.

"It's a case of connection addiction," Columbia University religious studies professor Robert A.F. Thurman said when he was told about the drama. "They're afraid to be on their own, without some sort of artificial assistance. It needs to be treated by some kind of contemplative therapy."

Problems with smartphones surfaced almost immediately after the trial started, despite a sign asking people to turn off cell phones taped to the heavy courtroom doors.

As a jury was being picked, Koh ordered all phones off — several times. Nonetheless, some were occasionally heard ringing.

"Please turn your phones off. We don't want an angry judge," Parker—Brown said the next day before opening statements.

The judge and attorneys use the live transcript feed from a court reporter to review testimony and rulings when attorneys raise objections. But with so many computers, tablets and phones in the room, the feed often doesn't work.

Breaking for lunch on day five, Koh's tone was more subdued but her aggravation was apparent.

"Unfortunately the transcript died again this morning," she said. "Please if you're going to come in, keep your cellphones off. If you need your phone on, please go to the overflow room."

That didn't happen. Instead, when the trial resumed, she caught someone using a phone in court, threatened to bring in security, and then, irritated, asked why so many lawyers are using Wi-Fi at all.

"I don't know what all of you do," Koh said, noting all the online activity during court.

The trial is expected to last until the end of this month
.

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Experts find a door ajar in internet security through safe

A flaw has been discovered in one of the internet’s key security methods by a  team of Finnish security experts and at Google.

A flaw has been discovered in one of the internet's key security methods, potentially forcing a wide swath of websites to make changes to protect the security of consumers. 

The problem was first discovered by a team of Finnish security experts and researchers at Google last week and disclosed Monday. By Tuesday afternoon, a number of large websites, including Yahoo, Facebook, Google, and Amazon Web Services, said they were fixing the problem or had already fixed it. 

Researchers were still looking at the impact on consumers but warned it could be significant. Users' most sensitive information - like passwords, stored files, bank details, even Social Security numbers - could be vulnerable because of the flaw. 

The most immediate advice from security experts to consumers was to wait or at least be cautious before changing passwords. Change a password on a site that hasn't been fixed could simply hand the new password over to hackers. Experts recommended that, before making any changes, users check a site for an announcement that it has dealt with the issue. 

"This is a good reminder that there are many risks online and it's important to keep a watchful eye around what you're doing, just as you would in the physical world," said Zulfikar Ramzan, the chief technology officer of Elastica, a security company. 

The extent of the vulnerability was unclear. Up to two-thirds of websites rely on the affected technology, called OpenSSL. But some organizations appeared to have had advance notice of the issue and had already fixed the problem by Tuesday afternoon. Many others were still working on restoring security. 

Because attackers can use the bug to steal information unnoticed, it is unclear how widely the bug has been exploited - although it has existed for about two years. On Github, a website where developers gather to share code, some were posting ways to use the bug to dump information from servers.The Finnish security researchers, working for Codenomicon, a security company in Saratoga, Calif., and security researchers at Google found the bug in a portion of the OpenSSL protocol - the basic security that encrypts sessions between consumer devices and websites - called the "heartbeat" because it pings messages back and forth. The researchers called the bug "Heartbleed." 

"It's a serious bug in that it doesn't leave any trace," said David Chartier, chief executive at Codenomicon. "Bad guys can access the memory on a machine and take encryption keys, usernames, passwords, valuable intellectual property, and there's no trace they've been there." 

Organizations were advised to download immediately the newest version of the OpenSSL protocol, which includes a fix, and quickly swap out their encryption keys. It also meant organizations needed to change their corporate passwords, log out users and advise them to change their own passwords. 

Then companies began taking inventory of what they may have lost. But because the flaw would allow attackers to surreptitiously steal the keys that protect communication, user passwords and anything stored in the memory of a vulnerable Web server, it was virtually impossible to assess whether damage had been done. 

Security researchers say they found evidence that suggests attackers were aware of the bug. Researchers monitoring various "honey pots" - stashes of fake data on the Web aimed at luring hackers so researchers can learn more about their tools and techniques - found evidence that attackers had used the Heartbleed bug to access the fake data. 

Actual victims may be out of luck. "Unless an attacker blackmails you, or publishes your information online, or steals a trade secret and uses it, you won't know if you've been compromised," Chartier said. "That's what makes it so vicious." 

Chartier advised users to consider their passwords gone and urged companies to deal with the issue quickly. "Companies need to get new encryption keys and users need to get new passwords," he said. 

Security researchers say it is most important for people to change passwords to sensitive accounts like their online banking, email, file storage and e-commerce accounts, after first making sure that the website involved has addressed the security gap. 

By Tuesday afternoon, many organizations were heeding the warning. Companies across the web, including Yahoo, Amazon and PayPal began notifying users of the bug and what was being done to mitigate it. Tumblr, the social network owned by Yahoo, said it had issued fixes and warned users to immediately swap out their passwords. 

"This still means that the little lock icon (https) we all trusted to keep our passwords, personal emails and credit cards safe was actually making all that private information accessible to anyone who knew about the exploit," the security team at Tumblr, which is part of Yahoo, wrote on their site. "This might be a good day to call in sick and take some time to change your passwords everywhere - especially your high-security services like email, file storage and banking, which may have been compromised by this bug.
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Here's how Facebook protects your privacy

Facebook said it runs 80 trillion checks every day to ensure any data isn't being wrongly exposed to the world.

Facebook is once again seeking to cleanse its mucky reputation when it comes to privacy, this time by furnishing the world with new information regarding how it looks after user content and data. 

In a briefing with reporters, the social network said it runs a rather sizeable 80 trillion checks every day to ensure any data isn't being wrongly exposed to the world. 

The firm also said it conducts 4,000 surveys a day (in 27 languages, no less) directly relating to privacy. Among other things, those results prompted it to start showing on-screen explanations for privacy controls. 

Quelling the confusion
Facebook now plans on introducing a host of more explanations, which it hopes will lessen the confusion and misconceptions experienced by users when the company changes tact, as it often has in recent times. 

Users will be informed they can change the visibility of old cover photos and it will also offer clarification that when a friend shares content it will only be visible to the person's mutual friends. 

The company also plans to introduce an in-line box to explain the differences between public status updates and those meant only for friends. 

Two-pronged attack
Along with word of the privacy checks and surveys, Facebook revealed the logistics behind its privacy efforts. 

Responsibilities are split into two teams: the Privacy Product Engineering squad, which builds the consumer-facing settings; and the Privacy Infrastructure Engineering team which works to ensure any unassigned data is locked down. 

So, according to Facebook, it does work really, really hard when it comes to protecting its members from the accidental over-sharing of content, despite their desire to have users share with 'everybody'
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