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.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Mubadala World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
RESULTS
Cagliari 5-2 Fiorentina
Udinese 0-0 SPAL
Sampdoria 0-0 Atalanta
Lazio 4-2 Lecce
Parma 2-0 Roma
Juventus 1-0 AC Milan
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Dubai World Cup nominations
UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer
USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.
Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Info
What: 11th edition of the Mubadala World Tennis Championship
When: December 27-29, 2018
Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams
Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%203S%20Money%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20London%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ivan%20Zhiznevsky%2C%20Eugene%20Dugaev%20and%20Andrei%20Dikouchine%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%245.6%20million%20raised%20in%20total%3C%2Fp%3E%0A
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
