Category: Press Release

• Consolidated sales of €9.8 billion (Q3 2023: €10.2 billion, -4.0 percent)
• Adjusted EBIT of €873 million (Q3 2023: €642 million, +36.0 percent)
• Adjusted EBIT margin of 8.9 percent (Q3 2023: 6.3 percent)
• Net income of €486 million (Q3 2023: €299 million, +62.8 percent)
• Adjusted free cash flow of €323 million (Q3 2023: €466 million, -30.6 percent)
• CEO Nikolai Setzer: “We continue to drive Continental’s development – strategically and operationally, step by step. In this challenging year-end sprint, we aim to improve Automotive’s earnings even further”
• CFO Olaf Schick: “We posted good results for the third quarter. Faced with weak automotive production, we improved earnings in Automotive by reducing costs and adjusting prices”
• Tires group sector posts good adjusted EBIT margin of 14.5 percent
• Outlook: Continental confirms outlook for Automotive and Tires and lowers sales and earnings outlook for ContiTech

Hanover, Germany, November 11, 2024. Continental increased its earnings in the third quarter of 2024, as expected. In particular, the Automotive group sector made progress thanks to the measures taken to improve earnings, and it aims to make further gains in adjusted EBIT in the fourth quarter. As in the second quarter of 2024, the Tires group sector posted a good adjusted EBIT on the back of improved business in Europe, boosted not least by encouraging early sales of winter tires. Earnings in ContiTech, by contrast, were dented by continued weak industrial development in Europe and North America. Continental does not expect the industrial business to recover in the fourth quarter and is therefore adjusting its sales and earnings outlook for ContiTech. As a result, sales expectations have also been lowered for the Continental Group as a whole.

“We continue to drive Continental’s development – strategically and operationally, step by step. We are making our group sectors more agile and bringing them closer to the markets. Bolstered by the maturity they have built up over the years, they are now ready for greater independence. Automotive is on track to fulfill the requirements for a spin-off by the end of 2025. This spin-off is still being evaluated. Furthermore, the measures we have defined and implemented to improve earnings are having the desired effect. In the third quarter, for example, we increased our earnings both year-on-year and compared with the first two quarters of 2024. This was largely driven by price adjustments and disciplined cost management,” said Continental CEO Nikolai Setzer in Hanover on Monday, adding: “In this challenging year-end sprint, we aim to improve Automotive’s earnings even further.”

Adjusted operating result (adjusted EBIT) of €873 million

In the third quarter of 2024, Continental achieved consolidated sales of €9.8 billion (Q3 2023: €10.2 billion, -4.0 percent). Its adjusted operating result increased to €873 million (Q3 2023: €642 million, +36.0 percent), corresponding to an adjusted EBIT margin of 8.9 percent (Q3 2023: 6.3 percent).

Net income in the third quarter amounted to €486 million (Q3 2023: €299 million, +62.8 percent). Adjusted free cash flow was €323 million (Q3 2023: €466 million, -30.6 percent).

“We posted good results for the third quarter. In the Automotive group sector, we improved our earnings as announced. Faced with weak automotive production, we achieved this by reducing costs and adjusting prices. Tires is performing well in terms of profitability, with the winter tire business getting off to a good start. But ContiTech continues to contend with a weak industrial environment in Europe and North America. With this down phase lasting longer than expected, we are examining additional measures to deal with the economic situation,” said Continental CFO Olaf Schick, adding: “We have also reached an agreement with Vitesco Technologies on the allocation of investigation costs. The associated payment of €125 million by Vitesco Technologies had a positive impact on our net income and free cash flow in the third quarter, which we expect to continue to increase in the fourth quarter due to the seasonal nature of our business. The process of making our business with ContiTech products for the automotive industry independent is also progressing as planned. As announced, we will present this business area to potential buyers and partners in the fourth quarter of this year.”

Outlook for fiscal 2024

For 2024 as a whole, Continental expects the production of passenger cars and light commercial vehicles to decrease year-on-year. We expect demand in the tire-replacement business to pick up slightly in the second half of 2024 compared with the first six months, while the industrial business worldwide is expected to remain sluggish.

Based on the assumptions mentioned as well as current exchange rates, Continental has adjusted its outlook for fiscal 2024 as follows:

For the Continental Group, sales in the range of around €39.5 billion to €42.0 billion (previously: €40.0 billion to €42.5 billion) are expected, while the adjusted EBIT margin is expected to be around 6.0 to 7.0 percent.

For the ContiTech group sector, Continental expects sales of around €6.2 billion to €6.6 billion (previously: €6.6 billion to €7.0 billion) and an adjusted EBIT margin of around 5.8 to 6.3 percent (previously: 6.5 to 7.0 percent).

The tax rate is projected to be around 30 percent (previously: 27 percent). The higher calculated tax rate compared with the previous assumption is mainly due to the allocation of net income to the different countries in relation to comprehensive income. Tax charges that are not directly dependent on income also continue to have an effect. These include foreign (minimum) taxes with deviating bases of assessment as well as foreign withholding taxes that are not deductible in Germany.

Added to this are tax risks in connection with ongoing criminal tax investigations by Italian authorities (see page 105 of the 2023 annual report). As a precautionary measure, Continental has set aside provisions for likely financial charges in this regard. The investigations relate to a possible failure by the Continental companies concerned to comply with the declaration requirements of the Italian financial authorities. According to the authorities, Continental should have paid taxes in Italy for the operations in question, which it instead paid in other European countries between 2016 and 2023.

Decline in automotive production in the third quarter

The global production of passenger cars and light commercial vehicles in the third quarter of 2024 was down sharply on the previous year, falling by around 5 percent to 21.6 million units (Q3 2023: 22.6 million units).

At around 3.6 million units, vehicle production in Europe from July to September 2024 was significantly lower than the prior-year period (-6 percent). Production in North America also fell, amounting in the third quarter to around 3.8 million vehicles (-5 percent). China likewise posted a decline, producing around 7.3 million vehicles in the third quarter of 2024 (-3 percent).

Key figures for the Continental Group

	January 1 to September 30						Third Quarter
€ millions	2024	2023		Δ in %		2024		2023		Δ in %
Sales	29,624	30,972		-4.4		9,833		10,240		-4.0
Adjusted sales1	29,585	30,935		-4.4		9,832		10,237		-4.0
Adjusted operating result (adjusted EBIT)2	1,773	1,717		3.3		873		642		36.0
in % of adjusted sales	6.0	5.5				8.9		6.3
Net income attributable to the shareholders of the parent	738	889		-17.0		486		299		62.8
Basic earnings per share in €	3.69	4.45		-17.0		2.43		1.49		62.8
Diluted earnings per share in €	3.69	4.45		-17.0		2.43		1.49		62.8
Research and development expenses (net)	2,342	2,271		3.1		714		723		-1.4
in % of sales	7.9	7.3				7.3		7.1
Capital expenditure3	1,416	1,526		-7.2		507		586		-13.5
in % of sales	4.8	4.9				5.2		5.7
Adjusted free cash flow	-615	-497		-23.7		323		466		-30.6
Net indebtedness as at September 30	5,349	5,715		-6.4
Gearing ratio in % as at September 30	37.7	39.2
Number of employees as at September 304	194,961	203,593		-4.2

1 Before changes in the scope of consolidation.

2 Before amortization of intangible assets from purchase price allocation (PPA), changes in the scope of consolidation, and special effects.

3 Capital expenditure on property, plant and equipment, and software.

4 Excluding trainees.

Automotive: further improvements in the third quarter

In the Automotive group sector, sales fell by 4.7 percent to €4.8 billion, hampered primarily by declining markets (Q3 2023: €5.0 billion). The adjusted EBIT margin improved significantly year-on-year to 4.2 percent (Q3 2023: 2.8 percent). This was due in large part to the rigorous implementation of measures to reduce costs and improve efficiency, as well as to additional agreements from price negotiations with automotive manufacturers. Continental expects earnings in Automotive to improve further in the fourth quarter, spurred not only by further cost reductions, but also by anticipated higher production volumes worldwide than in the previous quarter, launches of new products by our customers, and reimbursements of development expenses.

Tires group sector posts a strong adjusted EBIT margin

The Tires group sector performed well in the third quarter, generating sales of €3.5 billion (Q3 2023: €3.4 billion, +1.9 percent). At 14.5 percent, its adjusted EBIT margin was up on the previous year (Q3 2023: 13.3 percent). This trend was driven by improved business in Europe, boosted not least by encouraging early sales of winter tires.

Given its growth potential in the Asia-Pacific region, Continental will ramp up production capacity at its tire plant in Rayong, Thailand, by an additional 3 million tires per year. The company plans to invest more than €300 million in the plant’s phase-by-phase expansion. The Rayong plant is home among other things to the production of Continental tire lines that are geared to the special requirements of electric vehicles. In 2023, Continental supplied original equipment tires to the world’s five highest-volume manufacturers of electric vehicles in the Asia-Pacific region. In addition, Rayong is one of the largest production sites in the world for Continental motorcycle tires.

Continental has received several prestigious awards for its tires in recent weeks, with its winter, summer and all-season tires all achieving excellent ratings in various independent tests conducted by leading automotive magazines and organizations. Among these, Auto Bild, ADAC and Auto Express named the WinterContact TS 870 the winner of their winter tire tests, while the AllSeasonContact 2 received top marks in the all-season tire tests by Auto Bild, sport auto and Auto Zeitung. This season’s tests repeatedly highlighted the high quality and performance of Continental tires.

ContiTech: weak industrial demand dampens earnings

The ContiTech group sector posted sales of €1.5 billion in the third quarter (Q3 2023: €1.7 billion,
-9.9 percent). Its adjusted EBIT margin was 4.5 percent (Q3 2023: 6.5 percent). The decline in earnings was mainly attributable to weak industrial demand in Europe and North America. The operating result of the Original Equipment Solutions (OESL) business area improved, remaining slightly positive, thanks to the implemented measures.

EB corbos Hypervisor receives safety certification, marking significant milestone on path to making open-source software usable in safety-critical applications.

November 7 – Elektrobit announced that the base of EB corbos Hypervisor has received certification by independent auditor TÜV SÜD in accordance with safety standard ISO 26262 ASIL B as a Safety Element out of Context (SEooC). The certification of EB corbos Hypervisor—an essential component of the recent breakthrough EB corbos Linux for Safety Applications—brings the automotive industry one step closer to utilizing open-source operating systems throughout the entire software-defined vehicle (SDV), including safety-related applications.

EB corbos Hypervisor hosts the safety monitor modules forming the essence of EB corbos Linux for Safety Applications. TÜV NORD’s positive technical assessment based on the two safety standards ISO 26262 ASIL B and IEC 61508 SIL 2 earlier this year cleared the way forward towards full certification of the open-source operating system solution. Certification of EB corbos Hypervisor by TÜV SÜD based on ISO 26262 ASIL B brings us another step closer to the goal of faster, more cost-effective, more secure, and less complex software development and maintenance for future mobility.

“This latest certification marks an important achievement on the pathway to full safety compliance of EB corbos Linux for Safety Applications to global automotive safety standards,” said Mike Robertson, Chief Product Officer and Managing Director at Elektrobit. “We’re excited to continue driving the mobility industry forward toward true software-defined mobility by empowering the development of safe and secure vehicles.”

EB corbos Hypervisor is a microkernel-based operating system with virtualization support. Its foundation is a variant of the open-source L4Re Operating System Framework maintained by Kernkonzept GmbH, which received a security certification up to GERMAN GEHEIM from Germany’s Federal Office for Information Security (BSI) in 2024. EB corbos Hypervisor was certified on a powerful ARMv8-A architecture.

“By using the L4Re Operating System Framework with its virtualization solutions as the technological foundation, Elektrobit builds on an independent hypervisor solution, providing their customers with great flexibility,” said Dr.-Ing. Adam Lackorzynski, founder and CTO of Kernkonzept. “We are proud of our partnership with Elektrobit and the safety certification we have achieved together in this collaboration.”

A long-time proponent of open-source software, Elektrobit is contributing source code back to the community while developing the safety-certified EB corbos Hypervisor. Learn more about EB corbos Hypervisor here: https://www.elektrobit.com/products/ecu/eb-corbos/hypervisor/

• Bugatti Bolide is a 1,600-horsepower hypercar engineered exclusively for the track
• Continental’s “Motorsports ABS Kit” enhances stability and traction control for superior handling
• Brake control system enables better vehicle control, even for less experienced drivers
• Continental Engineering Services has been a long-standing project partner for Bugatti

Frankfurt, Germany, November 6, 2024. An impressive order for an exceptional vehicle: Continental has developed an electronic brake control system for the Bugatti Bolide, a hypercar featuring an anti-lock braking system (ABS), electronic stability control (ESC) and traction control system (TCS), based on the “Motorsports ABS Kit by Continental Engineering Services.” This motorsports brake control system makes the 1,600 hp racing car controllable for professional racing drivers and enthusiasts alike. The Bugatti Bolide is an extremely powerful racing car from the hypercar manufacturer which is approved only for the racetrack. Originally conceived as a concept vehicle based on the Bugatti Chiron production model, the Bolide is now being built in a limited run of 40 units, with the first deliveries scheduled before year-end.

Continental’s internal development and engineering service provider, Continental Engineering Services (CES), and Bugatti have been cooperating on advanced developments for several years, particularly for the Bugatti Chiron and Bugatti Veyron models. The current project stands out due to the development and integration of hardware and software components because racing cars not approved for road use are primarily optimized for top performance and do not usually feature this type of complex driving dynamics system.

Christian Willmann, Bugatti’s chief engineer for the Bolide, explains: “Never before has an ESC system been combined with carbon-carbon brakes – until now. With the Bolide, we’ve achieved this breakthrough, creating a solution based on Continental’s motorsport brake control system that surpasses our expectations in performance, stability, and safety. Continental’s Motorsports ABS makes the Bolide even more exceptional.”

“We’re extremely proud that we were able to push boundaries with Bugatti in this extraordinary project,” adds Volker van Lier, head of the Chassis & Brake Systems business unit at CES. “Developing brake control technology for a hypercar is an exclusive discipline in which Continental Engineering Services has a great deal of experience. Making a racing car controllable not just for professional motorsport racers, but for all drivers, was a particularly interesting challenge for us.”

The challenge: to make a 1,600-horsepower hypercar controllable for anyone

CES was able to contribute its many years of experience both from its work for Bugatti and in the field of motorsports to this sports car project. The development service provider has previously developed brake control systems for the Veyron and Chiron production hypercars (the Bolide is based on the Chiron platform). Additionally, CES provides a foundational Motorsports ABS for all its motorsport clients, which has now been adapted and enhanced with new functionalities specifically for the Bugatti Bolide.

In developing the customized product, the CES Motorsports team tackled the challenge of making a vehicle with outstanding driving dynamics controllable for any driver. The vehicle’s acceleration and braking forces needed to be precisely managed to ensure safe steering and handling, despite its 1,600 hp. Vehicle dynamics control systems make this possible. The traction control system regulates the 1,600 hp output to deliver maximum propulsion in every scenario. The anti-lock braking system ensures the best possible braking performance regardless of external conditions, while the electronic stability control maintains vehicle stability, even during complex maneuvers.

An exclusive vehicle of this type, deliberately not developed for use on public roads, must simultaneously meet the high demands of professional racing drivers while remaining safe for inexperienced motorists. The solution was a brake control system that allows individual driving dynamics functions to be activated or deactivated as needed. One of the advantages in this development was the involvement of a Continental Engineering Services engineer who is also an active racing driver with a racing license. Working alongside the manufacturer’s factory drivers, he helped fine-tune the control systems specifically for racetrack performance.

The Bolide’s brake control system provides five different driving modes for the anti-lock braking system and for the combination of electronic stability and traction control. These modes range from pure racing mode to gradual activation of the driving dynamics control and extensive use of electronic assistance. Driving characteristics can be adjusted directly on the steering wheel, depending on the track, weather conditions and tire status. If brake balance between the front and rear axles is adjusted, CES’ flexible system handles these changes seamlessly. This makes it possible to achieve outstanding braking performance at all times – regardless of whether the tires are cold or optimally warmed up after a few laps on the racetrack.

Software expertise paired with motorsport know-how

The extreme physical forces common in motor racing proved to be a particular challenge. Braking the 1,600 kg sports car generates decelerations of up to 2.5 g more than twice the maximum deceleration of a road-legal vehicle. The aerodynamic downforce at high speeds also had to be factored into the control strategies of CES’s motorsport brake control system: the 380-km/h vehicle places more than double load on the wheels at high speeds as when stationary. To meet these extreme requirements, the experts at CES had to adapt and expand the in-house software package for the basic Motorsports ABS – the control function algorithms were enhanced in order to tame the Bolide’s extraordinary dynamics. Thanks to these optimizations, the systems were also able to fully develop their impressive performance as they interact with racing components such as the carbon-carbon brake system and special endurance slicks.

Although at first glance the brake control system seems inconspicuous, it is capable of maneuvering a 1,600 hp hypercar safely through tight hairpin bends and precisely controlling the brake pressure, even at top speeds of up to 380 km/h, all this while also weighing less than two kilograms and being no larger than a brick. Speed was also of the essence during development: CES was able to develop the exclusive control system within just a year, from the initial meeting to the final driving test.

• This new feature is implemented in partnership with a large bank in India with advances of USD 65.5 billion and brings GST non-compliance into sharp focus within the robust rt360 Credit Monitoring framework
• It empowers banks with improved risk management, a consolidated view of non-compliance, and enhanced reporting capabilities.

Chennai, November 6: BCT Digital, a global risk and compliance products technology company delivering FinTech, RegTech, and SustainTech solutions, today announced a key enhancement to its rt360 Early Warning System (EWS) with the integration of GST (Goods and Services Tax) data. This new feature is implemented in partnership with a large bank in India with advances of USD 65.5 billion and brings GST non-compliance into sharp focus within the robust rt360 Credit Monitoring framework.

With the integration of GST data into the rt360 EWS, financial institutions now have a powerful tool for identifying and addressing compliance-related risks associated with GST filings. This new capability allows banks to proactively detect potential credit risks tied to GST non-compliance, enabling swift corrective measures.

Jaya Vaidhyanathan, CEO, BCT Digital, stated “The integration of GST data into our rt360 EWS marks a significant advancement in credit monitoring capabilities, aligning with our goal to provide financial institutions with proactive, data-driven risk management. By enabling early detection of compliance risks, this feature strengthens banks’ ability to safeguard their credit portfolios and act swiftly on potential risks. At BCT Digital, we are dedicated to supporting the BFSI sector with innovative solutions that drive resilience and regulatory compliance.”

The new enhancement allows API integration for seamless GST data access, retrieval of all GSTINs linked to a PAN, verification of filing statuses and provides alerts or notifications for non-compliance, along with details on specific non-compliant GSTINs.

BCT Digital’s rt360 product suite has emerged to be a powerful risk management tool, leading the company to rank among top 70 global risk management firms by Chartis. The company’s ‘rt360 Real Time Monitoring System’ successfully tested and received approval by RBI, through a rigorous evaluation during the fourth Cohort of the Regulatory Sandbox themed ‘Prevention and Mitigation of Financial Frauds’.

Mumbai; November 6, 2024: Lockton, the world’s largest privately held insurance brokerage firm, announced the appointment of Neha Sharma as Senior Director – People & Culture for its India operations. This strategic addition to Lockton India’s leadership team underscores the firm’s commitment to fostering a vibrant, inclusive, and high-performing work culture aligned with its growth ambitions in the region.

Neha joins Lockton with an extensive experience of over 17 years in diverse HR roles spanning multiple industries and global markets. She has a proven track record in talent acquisition, organizational development, HR transformation, and strategic workforce planning. Her expertise in building robust HR frameworks, facilitating large-scale cultural transformations, and leading diversity and inclusion initiatives has earned her prestigious industry recognitions, including the India 50 Best HR Leaders Award (2021) and a spot on WAH Story’s 40 Under 40 list for her inspirational career journey.

Dr. Sandeep Dadia, Chief Executive Officer & Country Head Asia Board Member, Lockton, expressed on the appointment, “We are thrilled to welcome Neha to our leadership team at Lockton. Her dedication to fostering inclusive, high-performing teams will play a key role in promoting our values, enriching our culture, and accelerating business growth. With her outstanding expertise and leadership, we are excited to reach new milestones together and confident she will lead our team to even greater achievements”.

Prior to joining Lockton, Neha held senior HR leadership roles at companies such as Sanderson, TrueBlue Inc. and Yatra Online, where she successfully led learning and development initiatives, talent management, and strategic HR programs. In her new role, she will work closely with Dr. Sandeep Dadia, overseeing the HR function to align with Lockton’s strategic goals, focusing on nurturing talent, fostering innovation, and reinforcing Lockton’s cultural values as the company continues to scale and deepen its impact in the Indian market.

About Lockton

What makes Lockton stand apart is also what makes us better: independence. Lockton’s private ownership empowers its 12,500+ Associates doing business in more than 150 countries to focus solely on clients’ risk and insurance needs. With expertise that reaches around the globe, Lockton delivers the deep understanding needed to accomplish remarkable results.

ISACA research reveals only 30% cybersecurity professionals are involved in AI policy-making as organizations leverage AI for endpoint security and threat detection

Bangalore, India (28 October 2024)—Only 27 percent of cybersecurity professionals or teams in India are involved in the development of policy governing the use of AI technology in their enterprise, and half (50 percent) report no involvement in the development, onboarding, or implementation of AI solutions, according to the recently released 2024 State of Cybersecurity survey report from ISACA, a global professional association advancing trust in technology.

In response to new questions asked by the annual study, sponsored by Adobe—which showcases the feedback of more than 1,800 global cybersecurity professionals on topics related to the cybersecurity workforce and threat landscape—security teams in India noted they are primarily using AI for:

• Endpoint security (31 percent)
• Automating threat detection/response (29 percent)
• Automating routine security tasks (27 percent)
• Fraud detection (17 percent)

“In light of cybersecurity staffing issues and increased stress among professionals in the face of a complex threat landscape, AI’s potential to automate and streamline certain tasks and lighten workloads is certainly worth exploring,” says Jon Brandt, ISACA Director, Professional Practices and Innovation. “But cybersecurity leaders cannot singularly focus on AI’s role in security operations. It is imperative that the security function be involved in the development, onboarding and implementation of any AI solution within their enterprise – include existing products that later receive AI capabilities.”

“AI is promising for enhancing cybersecurity operations, but for the benefits to be fully realized, cybersecurity teams must be integrated in the AI governance process. The fact that only 27 percent of these teams in India are currently involved in AI policy-making is a missed opportunity to ensure that AI is implemented securely and responsibly,” says RV Raghu, director, Versatilist Consulting India Pvt Ltd, and ISACA India Ambassador. “There is an urgent need for organizations to rethink how they integrate cybersecurity professionals in AI decision-

making. The strategic importance of collaboration between AI and cybersecurity experts must not be overlooked by organizations.”

Exploring the Latest AI Developments

In addition to the 2024 State of Cybersecurity survey report findings on AI, ISACA has been developing AI resources to help cybersecurity and other digital trust professionals navigate this transformational technology:

• EU AI Act white paper: Enterprises need to be aware of the timeline and action items involved with the EU AI Act, which puts requirements in place for certain AI systems used in the European Union and bans certain AI uses—most of which will apply beginning 2 August 2026. ISACA’s new white paper, Understanding the EU AI Act: Requirements and Next Steps, recommends some key steps, including instituting audits and traceability, adapting existing cybersecurity and privacy policies and programs, and designating an AI lead who can be tasked with tracking AI tools in use and the enterprise’s broader approach to AI.

 

• Authentication in the deepfake era: Cybersecurity professionals should be aware of both the advantages and risks of AI-driven adaptive authentication, says new ISACA resource, Examining Authentication in the Deepfake Era. While AI can enhance security by being used in adaptive authentication systems that adapt to each user’s behavior, making it harder for attackers to access, AI systems can also be manipulated through adversarial attacks, are susceptible to bias in AI algorithms, and can come with ethical and privacy concerns. Other developments, including research into integrating AI with quantum computing that could have implications for cybersecurity authentication, should be monitored, according to the paper.
• AI policy considerations: Organizations adopting a generative AI policy can ask themselves a set of key questions to ensure they are covering their bases, according to ISACA’s Considerations for Implementing a Generative Artificial Intelligence Policy—including “Who is impacted by the policy scope?”, “What does good behavior look like, and what are the acceptable terms of use?” and “How will your organization ensure legal and compliance requirements are met?”

Advancing AI Knowledge and Skills

ISACA also has added to its education and credentialing options to help the professional community keep pace with the changing AI and cybersecurity landscape:

• Machine Learning: Neural Networks, Deep Learning, Large Language Models— ISACA’s latest on-demand AI course, which joins the recent Machine Learning for Business Enablement course, as well as others on topics such as AI essentials, governance, ethics and audit, can be accessed through ISACA’s online portal at the learner’s convenience and offers continuing professional education (CPE) credits. The courses are available at isaca.org/ai.
• Certified Cybersecurity Operations Analyst— As emerging technologies like automated systems using AI evolve, the role of the cyber analyst will become more critical in protecting digital ecosystems. ISACA’s upcoming Certified Cybersecurity Operations Analyst certification, launching in Q1 2025, focuses on the technical skills to evaluate threats, identify vulnerabilities, and recommend countermeasures to prevent cyber incidents.

A complimentary copy of ISACA’s 2024 State of Cybersecurity survey report can be accessed at www.isaca.org/campaigns/cyber-month. For more cybersecurity resources from ISACA, visit www.isaca.org/cybersecurity.

ISACA AI resources and courses can be found at www.isaca.org/ai.

 

•  Lockton Plans to Expand Operations in India
• Lockton Acquires Arihant Insurance Broking to Expand Market Reach

Mumbai; 29 Oct 2024 – Lockton, a globally renowned, privately held insurance brokerage firm, has been granted regulatory approval by the Insurance Regulatory and Development Authority of India (IRDAI) for acquisition of Arihant Insurance Broking Services Limited. This pivotal milestone marks Lockton’s strategic expansion into the Indian market, where it aims to address the growing demand for advanced risk consulting and management services.

Arihant Insurance Broking Services Limited is part of the Arihant Capital Group. As a matter of group strategy, Arihant Capital Markets decided to sell its insurance broking business to focus on its core equity broking arm and exploring other business opportunities. Lockton’s acquisition of the insurance broking business aligns with their interest in entering the Indian market.

With over 135 offices globally, Lockton is now poised to leverage its international expertise and deep industry knowledge to deliver bespoke insurance solutions tailored to the unique needs of the Indian market. This move is part of Lockton’s broader vision to enhance its footprint in key emerging markets, aligning with the company’s commitment to deliver high-quality, client-focused services across the globe.

This acquisition has been concluded with transfer of shares; further solidifies Lockton’s market presence and enhances its ability to serve a broader range of clients with comprehensive risk management and insurance solutions.

Dr. Sandeep Dadia, CEO & Country Head, Lockton India. “We are excited to receive the approval at a time when there is a significant demand for robust risk management solutions. Our team is dedicated to offering unparalleled technical expertise while building long-term, strategic partnerships with our clients. As we establish this new venture, backed by Lockton’s global resources, we are committed to making a positive impact in the Indian insurance sector.”

Lockton’s entry into the Indian market underscores its commitment to delivering innovative insurance solutions that support clients in navigating complex risks.

Becomes one of the first fintechs to receive RBI’s Payment Aggregator (PA), Payment Aggregator-Cross Border (PA-CB) and Prepaid Payment Instrument (PPI) licences

Bangalore, October 29: Cashfree Payments, India’s leading payments and API banking company, today announced that it has received the Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) licence. Cashfree Payments is one of the first fintechs to have received the Payment Aggregator (PA), Payment Aggregator-Cross Border (PA-CB) and Prepaid Payment Instrument (PPI) licences from the RBI.

Akash Sinha, CEO & Co-Founder, Cashfree Payments commented, “The PPI licence opens up a new field of opportunity for innovation in the payments landscape. Our focus has always been to provide secure, flexible and efficient payment experiences to Indian businesses as well as their customers. The PPI (Prepaid Payment Instrument) licence will help us build offerings that let internet businesses retain and grow their user base.”

In July this year, Cashfree Payments became the first payment service provider to receive RBI’s Payment Aggregator-Cross border licence for imports and exports. And, in December 2023, Cashfree Payments secured the RBI Payment Aggregator licence, becoming one of the first few entities to receive it.

Cashfree Payments is trusted by 6,00,000+ businesses and processes transactions worth USD 80+ billion annually. The company has been at the forefront of redefining how businesses approach digital payments, onboarding and payouts through its wide range of tech-first offerings. Over the last few months, it has introduced industry-first products like Secure ID for onboarding KYC, FlowWise for payment orchestration, Risk Shield for fraud monitoring and more. Cashfree Payments is expanding its presence in the UAE region outside of India through its acquired partner, Telr.

 

New Delhi October 28, 2024 – Footprints Childcare, a renowned preschool and daycare chain, a leading provider of high-quality early education and childcare services, celebrates the ‘Joy of Giving Week’ (Daan Utsav) in the lead-up to Diwali. This special week is dedicated to nurturing kindness, compassion, and generosity in our little ones, and inspiring them to give back to the community. Through a series of meaningful activities, Footprints aims to instill values of sharing and caring, reflecting the true spirit of Diwali.

‘Daan Utsav,’ celebrated nationwide, encourages individuals and communities to engage in charitable acts, volunteer their time, and contribute to social causes. Footprints Childcare has embraced this initiative by organizing various events that nurture empathy and a sense of responsibility among children, parents, and staff.

Raj Singhal, Co-founder & CEO of Footprints, expressed the importance of this initiative, stating, “At Footprints, we believe in holistic development, which includes not only academic learning but also teaching children to be compassionate and to be responsible towards others. The ‘Joy of Giving Week’ is a perfect opportunity for our young learners to understand the value of sharing and giving back, especially as we approach the festival of lights.”

During the ‘Joy of Giving Week’ at Footprints, a range of activities were organized to encourage a spirit of kindness and sharing. Parents participated in a donation drive, contributing gently used toys and books, which will be given to local children in need, helping to build a sense of community and compassion. Children also gathered craft and decor supplies, which will be donated to those without access to creative resources, allowing them to express themselves through art. Allergy-conscious, child-friendly snacks were collected and shared, ensuring everyone could enjoy the week’s celebrations. Age-appropriate books on sharing and generosity were donated by parents and distributed among the children to reinforce the value of giving. Additionally, special donation boxes were placed at each Footprints center, making it easy for families to contribute during drop-off and pick-up times.

In addition to these drives, daily activities were held to immerse children in the spirit of giving. The children also visited a local NGO, where they experienced firsthand the joy of sharing and making a difference in the lives of others.

This initiative not only brings joy to those who receive it but also builds a foundation for the children to grow into empathetic and socially responsible individuals. As a trusted partner in early childhood development, Footprints continues to lead by example, combining education with values that will guide children throughout their lives.

• New Continental Mobility Study shows that more than half of younger people in Germany see cars as a prestige item
• Technological advances in cars such as automated driving, large displays and AI voice control are highly popular
•  Philipp von Hirschheydt, member of the Executive Board responsible for the Automotive group sector: “The response to new technologies in cars varies greatly between generations and also between countries. That’s why we aim to provide customized solutions – market-specific, tailor-made and modular”
• Still skepticism toward all-electric vehicles; much higher approval for hybrid solutions • Concerns remain regarding the affordability of personal mobility
• Strong interest in sustainable car tires

Hanover, Germany, October 30, 2024. The majority (54 percent) of younger drivers in Germany (up to the age of 34) see cars as a status symbol. This is a key finding of the representative mobility study conducted in August 2024 by market research institute infas on behalf of Continental in Germany, China, France, Japan and the USA. In Germany, 1,000 people aged 18 and over were surveyed about their mobility needs. According to a study commissioned by HORIZONT in 2017, for example, only 25 percent of younger respondents viewed cars as a status symbol.

Overall, 84 percent of car owners in Germany, regardless of age, believe that it is important to own a car. For almost 90 percent, having a car is essential for shopping and running other errands. The majority of young people in Germany are particularly enthusiastic about technological advances in cars. They look forward to the benefits self-driving cars will offer in terms of being able to read, play video games or work (51 percent of 25 to 34-year-olds). In addition to autonomous driving, artificial intelligence (AI) in the form of digital voice assistants is very popular with this group. There is a similar level of approval in the four other countries surveyed in the study. “The findings show that the response to new technologies such as automated driving, large displays and AI in cars varies greatly between generations and also between countries. That’s why we aim to provide customized solutions – market-specific, tailor-made and modular,” says Philipp von Hirschheydt, Continental Executive Board member responsible for the Automotive group sector, commenting on the survey findings.

The findings of the study also reveal the current status of the trend toward lower-emission mobility worldwide. Particularly striking is that acceptance of fully electric cars remains low. In Germany, only 3 percent of all car owners have an electric vehicle. However, just over a third of respondents who do not yet own an electric vehicle believe their next car will be fully electric (39 percent, compared with 34 percent in 2022). By contrast, hybrid drives are highly popular across all countries. In Germany (48 percent) and the USA (47 percent), nearly half of respondents who do not own an electric car can imagine their next vehicle being a hybrid with a combustion engine and an electric motor. In China, that figure rises to almost nine out of 10 respondents (86 percent). This means that hybrid cars could increasingly bridge the gap to e-mobility and give it a renewed boost. With a share of 68 percent, younger people in Germany aged between 25 and 34 are particularly interested in electric cars – also compared with their international peers.

Generations Y and Z admit that cars are a status symbol

On the one hand, younger people up to the age of 34 in Germany do not feel that attached to cars. For them, more than for older respondents, it is one of many means of transportation available. On the other hand, generation Y and Z drivers born in the 1990s and later have a clear emotional connection to their cars: for more than half of 18 to 34-year-olds (54 percent) in Germany, cars are regarded as a status symbol – twice the share among respondents aged 45 and over. People aged between 18 and 34, particularly those living in large cities, see cars as a prestige item (67 percent). In small towns and rural areas, the approval rate is around 49 percent. This view of the car is accompanied by growing expectations. Of the 25 to 34-year-olds surveyed, for example, 51 percent believe that cars of the future should not only be a safe means of transportation, but also a place to relax and work.

Technological advances in cars attract interest and bring benefits into focus

Younger people in Germany also have a positive attitude toward highly automated and autonomous driving, with around two-thirds (65 percent) of 18 to 34-year-olds seeing this as a useful development. Among older respondents aged 55 and over, 39 percent share this view. Around two-thirds of younger people up to the age of 34 also believe that state-of-the-art technologies should be mandatory in newly registered cars in order to make traffic even safer – a viewpoint that signals approval of the EU directive requiring certain advanced driver assistance systems in new cars, which has been in force since July 2024. Another future technology that is particularly popular with younger people is AI assistants in cars. Almost three-quarters of respondents (74 percent) between the ages of 18 and 34 would welcome an AI voice as a service that, like a virtual travel companion, provides useful information about sights and restaurants along the route, finds the nearest gas or charging station, searches for free parking spaces or even compiles personal messages. “Younger people in particular have changing expectations of cars.

These are closely linked to pioneering technologies such as automated driving, which deliver new user experiences,” explains Philipp von Hirschheydt, adding, “At Continental, we’re already equipping cars with AI. Together with our partner Google Cloud, we have developed a virtual companion for drivers. We are particularly proud to be one of the first automotive suppliers worldwide to integrate Google Cloud applications directly into our vehicle computers.”

Automated driving, AI and large displays compared internationally

The comparison between countries reveals a widespread openness to highly automated and autonomous driving in Asia across all age groups. In China, nine out of 10 respondents

(90 percent) view the relevant technologies as a useful development, while in Japan, almost three- quarters (72 percent) share this sentiment. In France (60 percent) and the USA (56 percent), more than half of those surveyed have a positive attitude. In Germany, around one in two respondents (49 percent) feel the same. An AI-powered virtual travel companion is particularly popular in China, where nine out of 10 respondents (91 percent) say they would like to have such a service. In the USA (66 percent) and Japan (63 percent), around two-thirds express this wish, while in France (58 percent) and Germany (57 percent) more than half would be happy to have the technology.

There is broad agreement across all countries on the ideal size of a car display for infotainment content. Most people prefer larger displays, with 90 percent of respondents in China favoring this option. In Germany (81 percent), France (79 percent) and the USA (80 percent), eight out of 10 respondents would like their navigation, vehicle data and music to be shown on large screens. In Japan, the figure is more than two-thirds (69 percent). However, preferences differ significantly when it comes to technological details. While the majority of respondents in Japan (79 percent) and more than half in Germany (57 percent) prefer a simpler display on car screens, a slight majority in the USA (58 percent) favor more colors. By contrast, many features are popular in China (69 percent). In Japan (70 percent), the majority prefer a more straightforward digital design, while in Germany, around half feel the same way (55 percent). There are also differences between countries when it comes to the question of whether a display should be controlled by voice or manually: voice control is particularly popular in Japan (67 percent), more than half are in favor of it in China (59 percent), while the number is significantly lower in Germany (43 percent). In the USA, just over half (55 percent) also prefer to operate a display manually.

a car with a combustion engine (China: 80 percent). There is potential for higher sales of electric cars in Germany, particularly among those aged 18 to 34. In this age group, around two-thirds (64 percent) of respondents believe it is certain or likely that their next car will be fully electric – a trend that gradually diminishes in older generations. A look at age-dependent attitudes toward electric mobility reveals that, like many other technological developments, e-mobility is more appealing to younger drivers than older ones. They are more willing to forgo subsidies: 50 percent of 25 to 34-year-olds would consider buying an electric car without government assistance. However, the willingness to fully finance an electric vehicle decreases significantly among those aged 45 and older.

Trade-off between sustainable and affordable mobility

The fact that two-thirds of respondents in Germany link the purchase of an electric car to a government subsidy is an expression of their concerns about being unable to finance an electric car on their own. In Germany, 71 percent of respondents worry that mobility will no longer be affordable due to rising energy prices. In the 2022 Mobility Study, 73 percent of people in Germany expressed their concerns about the affordability of mobility.

premium for tires made from a higher share of renewable and sustainable materials. Here again, this willingness is most pronounced among 25 to 34-year-olds (65 percent).

Study provides internationally comparable findings on many mobility topics

For the Mobility Study 2024, infas was commissioned by Continental in August 2024 to survey a total of around 5,000 people aged 18 and over in Germany, China, France, Japan and the USA about their mobility habits and attitudes to a variety of mobility issues. In each country, the respective sample is representative of the population; for China, it is representative of the urban population. The aim of the Continental Mobility Study, now in its eighth edition since 2011, is to provide an international comparison of people’s attitudes toward current and future developments in mobility and their personal usage habits. The range of topics covered in this year’s study included automated driving, user experience, AI in cars, sustainable mobility concepts, mobility in urban areas, the affordability of mobility and attitudes toward government regulation in the mobility sector.

Continental develops pioneering technologies and services for sustainable and connected mobility of people and their goods. Founded in 1871, the technology company offers safe, efficient, intelligent and affordable solutions for vehicles, machines, traffic and transportation. In 2023, Continental generated sales of €41.4 billion and currently employs around 200,000 people in 56 countries and markets.