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.
UAE currency: the story behind the money in your pockets
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
UAE currency: the story behind the money in your pockets
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Mohammed bin Zayed Majlis
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
INFO
Everton 0
Arsenal 0
Man of the Match: Djibril Sidibe (Everton)
FA Cup fifth round draw
Sheffield Wednesday v Manchester City
Reading/Cardiff City v Sheffield United
Chelsea v Shrewsbury Town/Liverpool
West Bromwich Albion v Newcastle United/Oxford United
Leicester City v Coventry City/Birmingham City
Northampton Town/Derby County v Manchester United
Southampton/Tottenham Hotspur v Norwich City
Portsmouth v Arsenal
Poacher
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ERichie%20Mehta%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Nimisha%20Sajayan%2C%20Roshan%20Mathew%2C%20Dibyendu%20Bhattacharya%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
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
Killing of Qassem Suleimani