ZeroFox Physical Security Intelligence Daily Brief - September 25, 2024

ZeroFox Physical Security Intelligence Daily Brief - September 25, 2024

ZeroFox physical security experts collect, curate, and analyze information derived from open and proprietary sources for comprehensive context of the circumstances surrounding global events. Here is today’s daily roundup of major developments.

Brief Highlights

• China Rolls out Broad Stimulus Measures to Revive Economy
• New Cyber Force Is Fourth Branch of Indonesia Military
• IED Targets Diplomatic Convoy on the Way to Swat, Pakistan

China Rolls out Broad Stimulus Measures to Revive Economy

On September 24, 2024, the People’s Bank of China (PBOC) announced major rate cuts and other economic stimulus measures to meet this year's five percent GDP growth target. PBOC will cut banks’ reserve requirement ratio (RRR) by 50 basis points, freeing up about USD 142.21 billion for new lending while also lowering mortgage rates. The bank also forecast further rate cuts in the short term, hoping the lower interest rates will encourage residents to take out loans and spend more money. To support the struggling property market, China will lower the minimum downpayment ratio from the current 25 percent to 15 percent for second-home buyers nationwide. China also issued some of its biggest support for the local stock markets. The measures were announced ahead of the key week-long travel and shopping holiday known as Golden Week starting on October 1. The stimulus measures could provide a late-term boost to local consumption by encouraging Chinese consumers to purchase more locally. Since China lifted COVID-19 restrictions in late 2022, its economy has struggled across sectors, led by a severe slump in the property sector. This is the latest and most significant act of stimulus, arguably ever by China.

New Cyber Force Is Fourth Branch of Indonesia Military

Indonesia's current and incoming Presidents (Joko Widodo and Prabowo Subianto) announced the creation of a fourth branch of the country's military, the Cyber Force. This branch will defend Indonesia from cyberattacks from abroad, which have become increasingly common in recent years. A ransomware attack against the country in June paralyzed airports and government bureaucracy, highlighting the need for more resources to defend the country's internet infrastructure. Indonesia is rapidly digitizing, increasing the number of potential cyberattack targets, but its pace of securitization has lagged behind.

IED Targets Diplomatic Convoy on the Way to Swat, Pakistan

An improvised explosive device (IED) targeted a diplomatic convoy with ambassadors from Indonesia, Portugal, Kazakhstan, Bosnia and Herzegovina, Zimbabwe, Rwanda, Turkmenistan, Vietnam, Iran, Russia, and Tajikistan on the way to a tourist resort in the northwestern region of Swat. Terror attacks are common in the region, but no group has claimed responsibility. The Pakistani Taliban (TTP) and Islamic State Khorasan (IS-K) are the most likely culprits. TTP has been especially active since the Taliban re-took control of Afghanistan in 2021, while its enemy, IS-K, has managed large-scale attacks, taking advantage of security gaps in Afghanistan.