Financial News

Ransomware is Indiscriminatory – Prepare for Everything to Fail

Published

2 years 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

US based Ryan and Dhruva Form Strategic Joint Venture to Expand Global Tax Services Footprint

Published

17 hours ago

September 30, 2025

Integrator Web-Admin

Ryan and Dhruva Form Strategic Joint Venture

Dhruva, a premier tax advisory firm with deep expertise across the Middle East, India, and Asia, today announced a strategic investment by Ryan, a leading global tax services and software provider. This partnership marks a significant step in Ryan’s expansion into the Middle East, India, and Asia, enhancing its ability to serve clients in high-growth markets while reinforcing its global capabilities.

As part of the transaction, US based Ryan will acquire a majority stake in Dhruva, creating a joint venture in India, Ryan’s senior leadership will join the Board of Dhruva, Partners of Dhruva will acquire equity in Ryan, ensuring long-term alignment, and Dinesh Kanabar, CEO of Dhruva Advisors, will take on the role of Vice Chairman at Ryan.

Founded in 2014 by Dinesh Kanabar, Dhruva has rapidly grown into one of the most respected tax advisory firms in India and the UAE. With 38 partners and senior leaders, supported by over 500 professionals across 11 offices in the Middle East, India, and Singapore, Dhruva advises leading businesses across industries such as aerospace, automotive, chemicals, finance, healthcare, technology, and real estate.

“Joining Ryan is a major milestone in Dhruva’s global growth journey as this partnership extends our global reach,” said Dinesh Kanabar, Chairman and CEO of Dhruva. “My leadership team and I chose to partner with Ryan because we believe it provides the strongest platform for our clients and team members for continued success. I am encouraged by the alignment of our respective leadership teams to meet the growing needs of our multinational clients and look forward to driving that growth in my new role as Vice Chairman at Ryan.”

“This partnership with Ryan is a defining moment for Dhruva. For the Middle East, this partnership is more than just scale – it’s about combining global expertise and regional insights. Together we are not only expanding scale but also shaping the future of tax advisory in the Middle East,” said Nimish Goel, Partner and Head of Middle East at Dhruva.

“We are excited to enter into this strategic partnership with Dhruva, which gives us a client-facing presence in the Middle East for the first time. The combination of our two firms will provide clients with unrivalled service in one of the fastest-growing markets for tax advisory services in the world,” said Tom Shave, President, Europe & Asia Pacific, Ryan.

Dhruva’s services span corporate tax and regulatory advisory, M&A tax structuring, indirect tax, transfer pricing, and cross-border trade compliance.

This move builds upon Ryan’s longstanding presence in India, where the firm has operated for over two decades with a primary office in Hyderabad, while marking its first client-facing entry into the Middle East. Together, Ryan and Dhruva will now expand across the Middle East and Asia with offices in Dubai, Abu Dhabi, Riyadh, and Singapore.

Financial

White-glove banking reinvented for a digital generation

Published

7 days ago

September 24, 2025

Integrator Web-Editor

Online Mobile Banking Services Isometric Flowchart

By Sara Hoteit, Regional Sales Lead, Backbase Middle East

For decades, white-glove banking in the Middle East relied on personal trust. High-net-worth individuals (HNWIs) and family offices turned to relationship managers (RMs) for access, expertise, and discretion. However, today’s digital-first generation of clients is inheriting wealth, and they expect faster, more transparent, and more personalised service than traditional models can deliver.

Why are younger clients walking away?

Recent surveys show a dramatic shift. Capgemini reports that 81% of affluent heirs plan to change their wealth managers. The reason is not a lack of expertise, but dissatisfaction with slow, opaque, and disconnected experiences.

Traditional private banking often resembles a black box: clients see limited transparency, receive quarterly reports, and rely on infrequent meetings. In contrast, new generations want data, control, and insights at their fingertips. EY research confirms this gap, noting that only 7% of Gen Z trust bank advisers for financial guidance. Digital-first wealth platforms like Sarwa and StashAway are stepping in to meet these demands.

The human role in private banking

Despite this shift, the human element remains essential. Relationship managers still play a critical role in building trust and offering tailored advice. However, many spend most of their time on administrative tasks rather than client-facing work. McKinsey estimates up to 70% of RM time goes to back-office processes.

For banks, the solution lies in rethinking the role of advisers and empowering them with technology that eliminates inefficiencies while elevating client engagement.

Digital tools that elevate wealth management

Digitisation should enhance, not replace, personal service. Clients now expect customisable dashboards that reflect estate planning, performance analytics, or ESG-focused investments. Both advisers and clients benefit when these tools deliver real-time insights that support collaboration.

In addition, clients want flexible access to their advisers. EY notes that 85% still value personal advice, but they prefer it delivered on their terms—through secure chat, video calls, or collaborative digital platforms.

How AI empowers relationship managers

Technology can give RMs the edge they need. AI tools identify risks, recommend diversification, and flag liquidity needs. When embedded in RM workspaces, these insights keep advice timely and proactive.

Automation further reduces administrative work, allowing advisers to spend more time building meaningful client relationships. This shift restores the core value of wealth management: trust, loyalty, and personalised advice.

From products to financial journeys

Wealthy clients no longer want just products; they want holistic support. They expect advisers to guide them through succession planning, family governance, philanthropy, and alternative investments. Global disruptors like Robinhood proved how fast expectations can change, and regional players such as Baraka are echoing this trend.

Reinventing the white-glove model

Private banking is not obsolete, but it must adapt. Banks that reinvent white-glove banking for digital-first clients will combine AI-driven efficiency with human empathy. By empowering advisers, streamlining processes, and blending digital convenience with trust, banks can keep this premium model relevant.

In the end, successful institutions will prove that strong relationships, enhanced by smart technology, remain the most valuable currency in wealth management.

Check out our previous post on Sobha Realty Green Sukuk marks $750m milestone

Financial

Sobha Realty Green Sukuk marks $750m milestone

Published

7 days ago

September 24, 2025

Integrator Web-Editor

Sobha Realty has achieved a major financing breakthrough with its inaugural Sobha Realty Green Sukuk, valued at USD 750 million. This record-setting deal stands as the company’s largest issuance and the biggest Green Sukuk by a real estate developer worldwide. The Sukuk, launched under a USD 1.5 billion Trust Certificate Issuance Programme, will trade on both the London Stock Exchange and Nasdaq Dubai.

Sobha Realty Green Sukuk oversubscribed 2.8x

Investor demand proved exceptional. The five-year Sukuk, set to mature in 2030, attracted USD 2.1 billion in orders—2.8 times its issue size. As a result, pricing tightened by 50 basis points from initial guidance. Moreover, Sobha Realty fixed the Sukuk at a profit rate of 7.125% with an effective yield of 7.375%. Importantly, allocations reflected a balance: 56% from regional investors and 44% from international buyers.

Financing green projects through the Sukuk

The proceeds will finance or refinance sustainable projects outlined in Sobha Realty’s Green Financing Framework. Furthermore, the framework aligns with ICMA’s Green Bond Principles and LMA’s Green Loan Principles. In addition, DNV issued a Second Party Opinion confirming this alignment. Consequently, the Sobha Realty Green Sukuk directly connects capital markets with climate-focused development, ensuring measurable environmental benefits.

Chairman’s view on growth and responsibility

Ravi Menon, Chairman of Sobha Group, expressed confidence in the company’s strategy.

“The success of our Green Sukuk demonstrates investor belief in our financial strength and ESG vision. This issuance aligns our financing with our sustainability agenda. It also accelerates our green initiatives, positions us as a leader in sustainable luxury real estate, and supports the UAE’s Net Zero by 2050 Strategic Initiative.”

His words underline how the Sukuk combines financial discipline with long-term responsibility.

Ratings and banking partners

Moody’s expects to rate the Sukuk at Ba2 (Stable) and S&P at BB (Stable), matching Sobha Realty’s corporate profile. Additionally, leading banks supported the transaction. Dubai Islamic Bank, Emirates NBD Capital, J.P. Morgan, Mashreq, and Standard Chartered acted as Joint Global Coordinators. Several other institutions joined as Joint Lead Managers and Bookrunners. Moreover, Deutsche Bank and Emirates NBD Capital served as Joint ESG Structuring Coordinators, embedding sustainability into every stage.

A milestone in Sobha Realty’s financing journey

This issuance strengthens Sobha Realty’s balance sheet and sets a benchmark for sustainable real estate financing. By pairing luxury projects with green funding, the company proves that ESG and profitability can align. Communities like Sobha Hartland and Sobha Siniya Island will benefit as proceeds flow into projects built for long-term environmental and social value.

Ultimately, the Sobha Realty Green Sukuk represents more than a financing success. It reflects investor trust, confirms global credibility, and reinforces the company’s role in shaping sustainable communities aligned with the UAE’s national vision.

Check out this previous post on Lebanon fintech investment: Whish Money Q&A