More than 80 per cent of UAE organisations said they have the right staff to effectively manage a ransomware cyber attack, matching the global average, a global survey has found.
About 67 per cent of UAE respondents also said they have a plan in place to counter any potential ransomware attempt, compared with 72 per cent globally, Boston-based security firm Cybereason said in its annual ransomware study.
Ransomware is a malware that is designed to deny users or organisations access to their online data and files stored in computers or servers. All data is encrypted, and criminals demand payment for the decryption key.
As more businesses adopt hybrid work models and undergo rapid digital transformation to cope with Covid-19 challenges, they are also more exposed to cyber threats. This has resulted in an increase in budget allocations towards thwarting potential security breaches.
More than 85 per cent of UAE businesses surveyed said their security budget has increased in the past year to address ransomware, compared with 92 per cent globally.
“Ransomware attacks are traumatic events … and when ransomware gangs attack a second, third or fourth time in a matter of weeks, it can bring an organisation to its collective knees,” said Lior Div, chief executive and co-founder of Cybereason.
The report surveyed 1,456 cyber security professionals in the UAE, the US, the UK, Japan, Germany, France, Italy, South Africa and Singapore. Major industry verticals covered in the research included financial services, government, retail, manufacturing, health care and legal.
When asked what investments have been made based on ransomware concerns, 72 per cent of UAE organisations cited cyber insurance.
While 45 per cent have invested in employee awareness training, about 40 per cent have allocated capital towards hiring new cyber security talent and 35 per cent of respondents have adopted new technology.
The report revealed that budget allocations for cyber insurance policies were also top on the list for increased spending globally.
More than 90 per cent of global respondents said their organisations have a cyber insurance policy in place, up from 75 per cent in the 2021 report. Of those with cyber insurance, 84 per cent indicated their policies include coverage specifically for ransomware attacks, up from 54 per cent last year.
When ransomware gangs attack a second, third or fourth time in a matter of weeks, it can bring an organisation to its collective knees
Lior Div,
chief executive and co-founder of Cybereason
The increasing cases of ransomware attacks are credit-negative for insurers since it exposes them to higher claim costs.
California-based cyber insurance provider Coalition said ransom demands among its policyholders during the first quarter of 2020 grew 100 per cent from 2019.
While cyber insurance can be an effective tool for transferring some of the risks of a ransomware attack, it does not mitigate all of it or provide any meaningful defence, industry experts said.
Even if a cyber insurance policy covers a ransom demand, it may not cover a number of other financial consequences, such as lost revenue, cost of remediation, higher insurance premiums, regulatory fines and legal fees.
“Deploying effective anti-ransomware solutions is easier said than done, and the hackers know it,” Mr Div said.
“After being hit the first time by a ransomware attack, organisations need time to assess their security posture, determine what are the right tools to deploy and then find the budget to pay for it. The ransomware gangs know this, and it is the biggest reason they strike again quickly.”
The study found that 77 per cent of UAE organisations suffered at least one ransomware attack over the past 24 months. About seven in 10 companies said attackers were after customer data.
About 90 per cent of the UAE organisations that paid ransom were hit by ransomware a second time, with 83 per cent saying the second attack came in less than a month and 78 per cent reporting that threat actors demanded a higher amount.
Zayed Sustainability Prize
Mohammed bin Zayed Majlis
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
Tips for SMEs to cope
- Adapt your business model. Make changes that are future-proof to the new normal
- Make sure you have an online presence
- Open communication with suppliers, especially if they are international. Look for local suppliers to avoid delivery delays
- Open communication with customers to see how they are coping and be flexible about extending terms, etc
Courtesy: Craig Moore, founder and CEO of Beehive, which provides term finance and working capital finance to SMEs. Only SMEs that have been trading for two years are eligible for funding from Beehive.
1971: The Year The Music Changed Everything
Director: Asif Kapadia
4/5
More on animal trafficking
Killing of Qassem Suleimani
UAE%20Warriors%2045%20Results
%3Cp%3E%3Cstrong%3E%0DMain%20Event%0D%3A%20Lightweight%20Title%3C%2Fstrong%3E%0D%3Cbr%3EAmru%20Magomedov%20def%20Jakhongir%20Jumaev%20-%20Round%201%20(submission)%0D%3Cbr%3E%3Cstrong%3ECo-Main%20Event%0D%3A%20Bantamweight%3C%2Fstrong%3E%0D%3Cbr%3ERany%20Saadeh%20def%20Genil%20Franciso%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3ECatchweight%20150%20lbs%3C%2Fstrong%3E%0D%3Cbr%3EWalter%20Cogliandro%20def%20Ali%20Al%20Qaisi%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%0D%3Cbr%3ERenat%20Khavalov%20def%20Hikaru%20Yoshino%20-%20Round%202%20(TKO)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3EVictor%20Nunes%20def%20Nawras%20Abzakh%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3EYamato%20Fujita%20def%20Sanzhar%20Adilov%20-%20Round%201%20(submission)%0D%3Cbr%3E%3Cstrong%3ELightweight%3C%2Fstrong%3E%0D%3Cbr%3EAbdullo%20Khodzhaev%20def%20Petru%20Buzdugen%20-%20Round%201%20(TKO)%0D%3Cbr%3E%3Cstrong%3ECatchweight%20139%20lbs%3C%2Fstrong%3E%0D%3Cbr%3ERazhabali%20Shaydullaev%20def%20Magomed%20Al-Abdullah%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%0D%3Cbr%3ECong%20Wang%20def%20Amena%20Hadaya%20-%20Points%20(unanimous%20decision)%0D%3Cbr%3E%3Cstrong%3EMiddleweight%3C%2Fstrong%3E%0D%3Cbr%3EKhabib%20Nabiev%20def%20Adis%20Taalaybek%20Uulu%20-%20Round%202%20(submission)%0D%3Cbr%3E%3Cstrong%3ELight%20Heavyweight%3C%2Fstrong%3E%0D%3Cbr%3EBartosz%20Szewczyk%20def%20Artem%20Zemlyakov%20-%20Round%202%20(TKO)%3C%2Fp%3E%0A
Killing of Qassem Suleimani
More from Rashmee Roshan Lall
Building boom turning to bust as Turkey's economy slows
Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.
Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.
The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.
After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.
The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.
The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.
But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.
It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.
More on Quran memorisation:
HOW DO SIM CARD SCAMS WORK?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
More from Neighbourhood Watch
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The years Ramadan fell in May
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
More on animal trafficking
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
The five pillars of Islam
The years Ramadan fell in May
Mohammed bin Zayed Majlis
The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
OPINIONS ON PALESTINE & ISRAEL
More from Neighbourhood Watch:
More from Neighbourhood Watch:
Super Rugby play-offs
Quarter-finals
- Hurricanes 35, ACT 16
- Crusaders 17, Highlanders 0
- Lions 23, Sharks 21
- Chiefs 17, Stormers 11
Semi-finals
Saturday, July 29
- Crusaders v Chiefs, 12.35pm (UAE)
- Lions v Hurricanes, 4.30pm
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
