Police have targeted key criminals in global ransomware operations which paralysed large corporations and infrastructure in 71 countries.
The operation focused on 12 “high-value” cybercriminals in Ukraine and Switzerland behind a range of ransomware, including LockerGoga, which severely damaged one of the world’s largest aluminium producers, Norsk Hydro.
The 12 were said to be behind attacks that left 1,800 victims in 71 countries, and are under investigation in a number of different jurisdictions, said the EU law enforcement agency Europol.
LockerGoga is also believed to have been used in an attack on French engineering consultancy Altran Technologies in January 2019.
Ransomware is a form of malicious software that locks computers until the victim pays a fee to the criminals. It remains enduringly popular for criminals, with companies continuing to pay to retrieve critical data.
Law enforcement officials have said that an increasing trend is to combine locking up computers with threats to release market-sensitive data online.
The police operation was launched in the early hours of October 26, and $52,000 in cash and five luxury vehicles were seized.
The 12 had different roles in “professional, highly organised” criminal organisations, said Europol.
The roles included plotting the attacks, carrying them out, penetrating companies’ computer networks and laundering the Bitcoin ransom payments.
Some of the attacks would have happened months before a ransom was demanded, said Europol.
The operation involved investigators from across the EU, the UK and the US, it added.
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Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Strait of Hormuz
Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
