Financial News

Ransomware is Indiscriminatory – Prepare for Everything to Fail

Published

10 months ago

September 5, 2023

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Ransomware attacks continue to grow in frequency. As well as being more common, ransomware is also getting more potent. As per Veeam’s 2023 Ransomware Trends Report, 21% of companies paid the ransom but could not recover their data. The threat landscape is as volatile as it has ever been. There are more attacks taking place. They are more diverse. And they can have grave consequences for the companies they affect.

On the other hand, rather than tremble with fear at the awesome power of the cyber-attacks waiting to be deployed against them, organizations must focus on what they can control – their defence. Protecting your business against cyber-attacks requires following some fundamental and consistent principles – no matter what is thrown at you.

The ransomware wild west

There is a lawless and brutal feeling about businesses’ current cyber landscape. It is difficult for governments to hold cyber criminals to account, and companies are often keen to minimize public attention towards an incident that has compromised them. This contributes to a situation where almost all the focus is on the victim (the business) rather than the criminal (the attacker).

Furthermore, ransomware – and most contemporary cybercrime – is almost indiscriminatory for those who suffer. The fact is that every business is a target. Yes, hacktivist organisations such as Anonymous use organised cyber-attacks to exercise social justice and call out businesses or governments they view as immoral, unlawful, or dangerous. But even the most philanthropic and virtuous companies can find themselves begging a cybercriminal gang to restore their data and systems while a hefty ransom is demanded.

You often see a comparison made between cyber-attacks and fishing. Hence, the term ‘phishing’ refers to using an email or text as bait to trick a victim into ‘biting’ – in this case, clicking on the link and unwittingly downloading malware onto their device. With ransomware especially, we are now seeing industrial-scale attacks being carried out, which are more analogous to trawler fishing. This isn’t one guy with a rod casting out to get a bite off one or two fish. It’s AI-infused algorithms programmed to target everyone and everything – playing a blind numbers game to catch whatever it can.

This indiscriminate nature is compounded by cyber-attacks being generally difficult to contain. For example, cyber warfare between nation-states threatens every organisation – not just those deemed to be in the firing line. We saw this with the NotPetya attack in 2017 – an attack on a specific utility company – which impacted multiple unrelated organisations through an entirely organic chaos spread. Attack types also continue to evolve. For example, the LokiLocker attack was one of the first reported ransomware strains to include a disk wiper functionality. This means organisations are not only held to ransom by having services suspended and threats of data extortion. Now, they are being threatened with losing vast swathes of data entirely if they do not pay up.

Consistent principles of defence

There is some good news for businesses. No matter how scalable, spreadable, or malicious an attack is, these various evolutions can be viewed as attackers simply using bigger guns and more of them. The fundamental principles of preparing your defences against even the most sophisticated and powerful ransomware stay relatively the same.

First, practice impeccable digital hygiene. All employees must be trained to identify suspicious content and be warned of the impact that malpractice using work devices can have. For all the might at the hands of cybercriminals, in many ways, their biggest weapons are unsuspecting employees who give them the keys to the back door of an enterprise network. Given the scattergun approach now adopted by many cyber-attacks, criminals are not necessarily targeting your organisation specifically. But you’ll become a victim if you prove to be an easy hit.

With that said, all businesses must prepare for their defences to fail – no matter how robust you might think they are. Concepts such as zero trust and deploying techniques such as two-factor authentication can be useful for restricting an attacker’s access to data by taking over one individual’s workstation. Ultimately, the best way to protect data is to ensure that it has been securely backed up and fully recoverable before an incident occurs. Follow the 3-2-1-1-0 backup rule, which states there should always be at least three copies of data on at least two different types of media, at least one off-site and one immutable or offline, with zero unverified backups or errors.

While the headlines and constant discussion around cybersecurity and ransomware can be daunting, it’s important to remember that the fundamental actions required to protect data remain the same. Data Protection and Ransomware Recovery strategies ensure businesses can protect all data from cyber-attacks, server outages, accidental loss, and deletion across physical, virtual, cloud, SaaS, and Kubernetes environments. Investing in a data protection strategy and taking advantage of a solution that enables continuous backup and Disaster Recovery (DR) can give businesses peace of mind that should the worst happen, they never need to pay the ransom.

Financial

Wio Bank and Fiskl Embark on Groundbreaking Journey to Redefine Financial Management with AI

Published

6 days ago

July 1, 2024

Integrator Web-Editor

Wio Bank announced a groundbreaking partnership with Fiskl, marking a significant step forward in advancing digital banking and AI-powered financial management solutions. This collaboration leverages Wio’s world-class banking APIs to integrate with Fiskl’s advanced AI-driven financial management platform, setting a new benchmark for digital banking and financial management services in the region.

Innovative Digital Banking Solutions and Beyond

Wio transcends traditional banking by not only embracing but leading technological innovation, offering its customers in the UAE an enhanced way to manage their finances. The availability of Wio’s banking API and its direct integration with Fiskl establishes a new standard in digital banking. This collaboration merges reliability with real-time API banking data access and leverages advanced AI-driven financial management to deliver a comprehensive and seamless experience for Wio business banking customers.

Empowering SMEs with AI-Driven Financial Management

Fiskl’s integration with Wio Bank simplifies financial management for SMEs by combining cutting-edge AI technology with real-time API banking data access. This strategic partnership provides Wio Business banking customers with a unified, user-friendly platform that fully automates financial processes, enabling them to optimize their financial operations and make informed decisions more effectively.

Transformative Benefits of the Wio – Fiskl Integration

● Seamless Connectivity: A direct link between Wio accounts and Fiskl’s platform ensures efficient financial management and real-time cash flow overviews.

● Instant Financial Clarity: Real-time transactions keep businesses aligned with their financial status, without the need for manual updates.

● Automated Transactions: Exclusive to Wio, this feature automates internal and cross-currency transfers, simplifying complex financial reconciliation with Fiskl’s AI-based engine.

● Mobile First: The integration provides a comprehensive accounting mobile experience, enabling on-the-go financial management with full Wio Bank sync capabilities.

● Simplified financial flow: Simplifies the process of adding and managing new Wio accounts within Fiskl, enhancing user experience.

Setting up Small Businesses for the Future

The need for modern, compliant financial and accounting tools is paramount for UAE businesses navigating corporate tax and digital tax submissions. Wio, through its partnership with Fiskl, is at the forefront of addressing these requirements, offering businesses the solutions they need to navigate the evolving financial landscape with confidence.

Prateek Vahie, Chief Commercial Officer of Wio, shared his vision: “Wio’s direct integration with Fiskl underlines our commitment to pioneering digital banking solutions and empowering our customers to manage their finances. We continue to work with our partners to develop and provide innovative financial services that make banking easier and more transparent for SMEs.”

Alina Lapusneanu, CEO of Fiskl, remarked, “Our collaboration with Wio is more than a partnership; it’s a pivotal step forward in our quest to make sophisticated financial management accessible to all small businesses. By joining forces with Wio, a leader in banking innovation, we’re enhancing our AI-powered banking to accounting services to better serve the broader UAE market. This ensures that small businesses can navigate the complexities of new financial regulations not just with ease, but with confidence. It stands as proof of the transformative power of technology when aligned with visionary partners.”

Financial

Ajman Bank Partners with Magnati to Leverage Merchant Acquiring Services for its Customers

Published

6 days ago

July 1, 2024

Integrator Web-Editor

Ajman Bank has entered into a strategic partnership with Magnati to enhance the digital payment capabilities of its corporate and business banking clients. Through this collaboration, Ajman Bank will leverage Magnati’s merchant acquiring services to offer secure payment solutions for both online and in-store payments.

With Magnati’s expertise in payment processing and Ajman Bank’s robust banking infrastructure, clients can look forward to a more streamlined and efficient payment experience.

Mr. Mustafa Al Khalfawi, CEO of Ajman Bank, said, “Our collaboration with Magnati will enable us to offer our corporate and business banking clients with state-of-the-art technology and innovative payment solutions. It aligns with Ajman Bank’s strategic vision of fostering innovation and embracing cutting-edge technologies to push boundaries of excellence. We are committed to providing top-tier banking solutions that cater to the evolving needs of businesses to thrive in an increasingly digital economy by supporting their growth and success.”

Mr. Ramana Kumar, CEO of Magnati said, “We are excited to partner with Ajman Bank to implement our advanced merchant acquiring services. Our solution is designed to offer improved experiences and increased efficiency with fast, secure and convenient payment options. With a vast network of partners and state-of-the-art platform, we ensure an efficient connection across the ecosystem.”

Financial

Ajman Bank Among the First in the UAE to Accept Jaywan Cards Across its ATM Network

Published

1 week ago

June 26, 2024

Integrator Web-Editor

Ajman Bank is among the first banks in the UAE to successfully integrate Jaywan card acceptance across its ATM network, facilitating seamless cash withdrawals for Jaywan cardholders.

The Jaywan card, launched by Al Etihad Payments, a subsidiary of the Central Bank of the UAE, is designed to boost efficiency and sovereignty in the national payment landscape by promoting digital transactions in the local currency.

Mr. Mustafa Al Khalfawi, CEO of Ajman Bank said, “We are proud to be one of the first banks in the UAE to accept Jaywan cards on our ATMs. This initiative reflects our dedication to innovation and our commitment to contributing to the UAE’s domestic payments agenda. We are confident that this will enhance the payment experience for Jaywan cardholders while supporting the broader economic goals of the nation.”

Jan Pilbauer, CEO, Al Etihad Payments, said, “Jaywan has been launched in line with a vision to expand the national financial market infrastructure in the UAE. Jaywan cards are designed to offer convenience for customers of UAE’s Licensed Financial Institutions, being progressively accepted across all payment channels – ATMs, Point of Sale, and eCommerce. Our partnership with Ajman Bank, along with other financial institutions in the UAE, marks a significant step towards enhancing convenience and accessibility for users throughout the UAE.”