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Norton Research raises concerns over threats to smart devices

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Recent global research from Norton by Symantec reveals one-third of UAE consumers have smart home devices, and an overwhelming majority of them (86 percent) find they simplify their life. However, while they welcome the added convenience Internet-connected thermostats, TVs, gaming consoles and baby monitors offer, consumers’ lax security habits and overconfidence in connected devices are leaving them vulnerable.

The research by Symantec found that an unsecured Internet of Things (IoT) device is attacked within two minutes once connected to the Internet. According to the Norton Cyber Security Insights Report, a survey of nearly 21,000 consumers globally, including 883 in the UAE, people are beginning to recognise that with each connected device purchase, a new avenue opens for hackers to launch attacks in their home.

One in two (50 percent) believe that as connected home devices become more popular, hackers will start targeting them more often. More than half (55 percent) believe it’s more likely someone could gain unauthorised access to their connected home device than to their physical home. A whopping 64 percent believe connected home devices provide hackers new ways to steal their personal information

Yet despite acknowledging the security risks that come with the smart home, device vulnerabilities and poor consumer security habits are increasingly acting as an easy on-ramp for hackers to access them.

One in 10 connected home device users in the UAE don’t have any protective measures in place for their devices. One in six (18 percent) admit their Wi-Fi network is not password protected. One in five (19 percent) do not change the default password when setting up their Wi-Fi network. Half (49 percent) admit they don’t know how to set-up a secure home Wi-Fi network or router and more than half don’t know how to keep its software up-to-date (70 percent). More than half (58 percent) of consumers surveyed don’t believe there are enough connected device users for them to be a worthwhile target for hackers. Further, more than two-thirds (68 percent) of consumers said they believe connected home devices were designed with online security in mind. However, Symantec researchers identified security vulnerabilities in 50 different connected home devices ranging from smart thermostats to smart hubs that could make the devices easy targets for attacks.

“There have been an array of high-profile attacks in recent months demonstrating how cybercriminals are taking advantage of poor device security to hijack consumers’ home networks, spread malware and launch botnet attacks unbeknownst to their device owners,” said Tamim Taufiq, Head of Norton Middle East. “While smart devices may offer some notable benefits and convenience, there are also risks associated. Just as hackers learned to benefit from targeting social media and financial accounts, they are on their way to learning how access to connected home devices can be lucrative.”

Symantec recommends some tips on how to keep home networks and connected devices safe:
• Review/research the reputation, capabilities and security features of a smart device before purchase.
• Set-up and/or change the default login and password information on your router and all the devices connected to your home network. Most importantly, always use strong and unique passwords for your router, smart devices and your Wi-Fi network(s).
• Use a strong encryption method when setting up Wi-Fi network access (WPA).
• Consider disabling features and services you do not use or are not required.
• Modify the default privacy and security settings of your smart devices according to your needs.
• Consider turning off or disabling your smart devices and home network when not in use.
• Review the settings of voice-activated features and commands for potential privacy risks and change them according to your needs.
• Disable Universal Plug and Play (UPnP) on routers unless absolutely necessary.
• Consider using wired connections instead of a Wi-Fi connection where possible.
• Regularly check manufacturers’ websites for software updates and patches.
• Exercise caution when sharing sensitive information, such as your Wi-Fi password, with others. Consider setting up a specific network for guest use.
• Don’t use your real name when “naming” your device and Wi-Fi network.
• Consider the hidden costs of “free” services and products.
• Use security software if it is available.

Recent incidents involving home-connected devices include the massive Mirai botnet cyberattack in October 2016 from common smart household items, which took major websites down across the globe. There was also an attack that allowed anyone on the internet to watch live footage of thousands of home webcams and baby monitors, as well as cases where people modified the thermostat of their ex-spouse or disabled security locks. There have also been reports of people taking control of home automation systems belonging to others.

The US Federal Trade Commission settled a case against a firm that makes Internet-enabled security cameras and baby monitors. The FTC said that the cameras had been marketed as secure when, in fact, “the cameras had faulty software that left them open to online viewing, and in some instances listening, by anyone with the cameras’ Internet address,” the FTC said. “As a result of this failure, hundreds of consumers’ private camera feeds were made public on the Internet”.

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THIRD EDITION OF BENTLEY’S EXTRAORDINARY WOMEN INITIATIVE WELCOMES STUDENTS FROM THE UK AND QATAR TO CREWE

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Extraordinary Women

The third edition of Bentley Motors’ Extraordinary Women initiative has concluded with students from universities in the UK and Qatar spending a week at the luxury car brand’s headquarters in Crewe, England. As part of a specially designed schedule, they met with Bentley experts and executives, went behind the scenes of its manufacturing operations, and tackled individual tasks.

Designed to encourage and develop the next generation of young female leaders, the 2024 edition of the Extraordinary Women programme has seen the students receive one-on-one mentorship over the past three months from a selection of inspirational Pioneers from the fields of technology, engineering, design, and business.

The students, who passed through a structured selection process focused around these four specific fields, came from a variety of participating universities: including The University of Doha for Science and Technology in Qatar, and the Universities of Bath, Loughborough, and Manchester Metropolitan in the UK.

Noora Al-Hajri, University of Doha for Science & Technology student, commented, “This experience has been nothing short of life-changing. Through the programme, I have gained invaluable knowledge and skills that will significantly impact my personal and professional growth. The opportunity to learn from inspiring mentors in both Qatar and the UK has been particularly enriching. Their guidance has broadened my horizons, challenged me to think critically, and empowered me to pursue my dreams with renewed confidence. The opportunity to visit the Bentley headquarters at the end of the programme has also been truly awe-inspiring. Thank you, Bentley, for believing in us and for creating such a transformative programme.”

The Pioneers were equally carefully selected. In the UK, entrepreneur Sara Davies MBE, founder and owner of Crafter’s Companion and TV personality from BBC One show Dragons’ Den, provided business mentorship, with Cecilia Harvey, founder of Tech Woman Today, offering the same in the field of technology.

Titi Oliyide CEng MIET, Senior Process Safety Engineer and winner of the 2023 Young Woman Engineer of the Year, mentored the engineering student, and renowned interior designer and Founder of Studioilse, Ilse Crawford provided design support.

The four Qatari Pioneers included Qatar’s UNESCO art ambassador, Muna Al-Bader, in the field of design. Dr Noora Fetais Al Marri, honoured by the Arab Women of the Year 2024 awards for her contributions to cyber security. Education and founding President of the Arab Association for Cyber Security, offered technology mentorship.

Covering the field of engineering was Dr. Hanan Farhat, founder of the Qatar Association for Women Engineers, and Dr. Buthaina Al Ansari in the field of business, who is a senior advisor at the organisation that established Tamkeen Training and Consulting Solutions.

Member of the Board for Human Resources at Bentley Motors, Dr. Karen Lange, commented, “With every year, the Extraordinary Women programme grows stronger, as exemplified by the quality of this year’s Pioneers, all who have generously given their time in the spirit of collaboration as we seek to build a legacy for young women. It has been a great honour to meet and engage with such talented young women during their visit – witnessing their energy and ability fills me with great optimism for the future.”

Launched in the UK and Middle East in 2022, the Extraordinary Women initiative has previously engaged students and Pioneers from the United Arab Emirates, Saudi Arabia, and the United Kingdom. It forms part of Bentley’s wider commitment to diversity, equity, and inclusion under its Beyond100 strategy, and was created to encourage women to explore a variety of career paths in the STEM and automotive sectors.

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Financial

Reem Finance signs with Network International to accelerate digital transformation

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Network International (Network) has announced the signing of a strategic partnership with Reem Finance, the leading financial services provider in the UAE. The strategic alliance aims to leverage Network’s expertise to provide a fully-fledged payment processing solution to support the digital transition.

The partnership with Network complements Reem Finance’s focus on offering customers with a unique banking experience in tune with the digital age. The scope of services includes a comprehensive range of products and services from transaction processing, card hosting and management, as well as value-added services. As the region’s largest payment solutions company, Network is committed to supporting the UAE financial services sector by providing innovative solutions to customers and enhancing the experience of consumers.

Navneet Dave, Managing Director & Co-Head of Processing – Middle East at Network International, commented, “We are thrilled to partner with Reem Finance as we jointly deliver innovative digital payment solutions that offer an effortless and secure experience for customers. Our collaboration builds on Network’s three decades of experience and expertise in creating world-class digital payments infrastructure and services for clients. It underscores Network’s commitment to empowering our partners with cutting-edge processing services and value-added solutions and driving growth in the UAE financial services industry.”

Mr. Seraj Faidi, CEO of Reem Finance,said: “As part of our ongoing commitment to enhancing the quality of our products and services for our esteemed clients, and in light of our recent collaborations with prominent service providers and partners, we are delighted to partner with Network International to explore innovative paths to accelerate digitizing our services to better serve our customers. This engagement is an important step for Reem Finance in expanding our capabilities to provide top tier, friendly and easy to use services to our customers. We are confident that with Network International, the processing of card transactions related to both consumer and commercial sectors will be state-of-the-art and seamless. We are committed to playing a vital role in elevating the financial system in the UAE, delivering value to our shareholders, and prioritizing the needs of our clients.”

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Wio Bank Redefines SME Banking with New Embedded Finance

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Wio Bank PJSC is introducing a new embedded finance service designed especially for the UAE’s small and medium-sized enterprises (SMEs). This initiative includes strategic partnerships with leading accounting software platforms Zoho Books, Fiskl and Wafeq, aiming to embed banking services into daily business operations and simplify financial management.

Wio Business, the bank’s first digital banking application, caters to micro, small, and medium enterprises (MSMEs), as well as freelancers and entrepreneurs. By directly integrating with accounting and financial management systems through APIs, Wio Business facilitates seamless financial workflows, enhancing management and eliminating the need for third-party intermediaries. This integration automates bookkeeping, significantly reducing manual labor and allowing businesses to concentrate on their core activities.

Jayesh Patel, Chief Executive Officer of Wio Bank PJSC, shares his vision for the new service: “By adopting Embedded Finance, we are transforming how businesses manage their finances. Our direct integration initiative simplifies how financial services are delivered and managed, making it easier and more transparent for SMEs.”

With over 94% of UAE businesses categorized as SMEs and significant contributors to employment, Wio Bank’s new service is tailored to meet a vital market need. This initiative, along with its strategic partners, is designed to simplify business operations, allowing them to thrive by focusing on growth rather than administrative financial tasks.

A New Era of Financial Management

Through Wio Business, companies can now link their accounts with selected software platforms such as Zoho Books, Fiskl, and Wafeq, offering a holistic view of their financial health. This integration eliminates the dependency on third-party intermediaries, simplifies financial workflows, ensures real-time financial insights with automatic updates, and streamlines accounting tasks with features like auto-reconciliation of bank statement. Additionally, integrating Wio Business APIs into Corporate ERPs and payment platforms facilitates automated account payables and instant transaction reconciliation, thus reducing manual labor and errors, and enhancing cost efficiency and operational gains.

Wio Bank was established to redefine banking in the UAE for both businesses and consumers. Its second digital offering, Wio Personal, is a day-to-day banking platform that changes how individuals see, manage, and grow their money. It provides users with unprecedented financial visibility and flexibility, serving as a foundation for achieving personal financial goals with an engaging experience that includes smart cards and exciting rewards.

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