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Ransomware is Indiscriminatory – Prepare for Everything to Fail

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2 years ago

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Rick Vanover

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.

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MultiBank Group and Khabib Nurmagomedov Launch an Exclusive Worldwide Multi-Billion-Dollar Joint Venture to Build the World’s First Regulated Tokenized Sports Ecosystem

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5 days ago

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October 24, 2025

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Multibank Group, the financial derivatives institution, has entered into an exclusive worldwide multi-billion-dollar joint venture with global sports icon and undefeated UFC champion Khabib Nurmagomedov (29-0) to create a first-of-its-kind regulated ecosystem connecting global finance, sports and technology.

The partnership will culminate in the creation of a multi-billion-dollar joint venture, MultiBank Khabib LLC, uniting two global powerhouses: MultiBank Group, a leader in regulated financial excellence, and Khabib Nurmagomedov, undefeated in the octagon and whose influence extends far beyond sport. The company will operate from MultiBank Group’s headquarters in Dubai, building a worldwide network of high-end sports ventures and real-world digital assets. This structure fulfills the vision of MultiBank Group Founder and Chairman, Naser Taher, for an exclusive global joint venture, granting MultiBank exclusive rights to develop and promote projects under the Khabib Nurmagomedov brand name, including the development of 30 state of the art Khabib gyms, Gameplan and Eagle FC brands.

The entire venture is backed by MultiBank Group’s regulated digital ecosystem and powered by its cornerstone $MBG Token being the driving force behind its expanding portfolio of real-world-asset (RWA) technologies and initiatives.

 Naser Taher, Founder and Chairman of MultiBank Group, stated: “From the UAE, we are shaping a new blueprint for the business of sport through the regulated tokenization of real-world sports assets (RWSA). Together with Khabib Nurmagomedov, and powered by our ecosystem token, $MBG, we are uniting finance and athletics into a single transparent, technology-driven ecosystem — one built on trust, innovation, and the strength of the MultiBank framework. This initiative proudly aligns with the UAE’s vision of becoming a global hub for digital asset innovation and world-class sports.”

Khabib Nurmagomedov added: “This partnership with MultiBank Group is built on shared values of strength, respect, and discipline. Together with Multibank, we are building real global opportunities that go beyond sport, empowering athletes, and fans through a regulated and innovative digital ecosystem. This is only the beginning.”

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Edenred UAE strengthens market leadership with financially inclusive payroll solutions, C3Pay serving 2.5 million users

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5 days ago

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October 24, 2025

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Edenred, a leading digital platform for services and specific purpose payments and the undisputed market leader in salary processing and financial inclusion for the underbanked in the UAE, continues to reinforce its leading position in payroll card solutions, value-added financial services, and compliance-first innovation under the leadership of newly appointed Managing Director Claudio Di Zanni.

As the first company authorised by the Central Bank of the UAE to process WPS salaries, Edenred UAE has long positioned financial inclusion as the foundation of its offer in UAE — ensuring that access to financial services isn’t an added benefit, but a guaranteed outcome of getting paid. 

Trusted by both large enterprises and a growing base of SMEs, the backbone of the UAE economy, Edenred UAE now serves more than 15,000 corporate clients, 2.5 million cardholders, and partners with over 10 banks and 20 financial institutions. Demand has been strong in sectors such as manufacturing, construction, and facility management—where reliability and seamless execution are critical.

Edenred UAE salary cards, C3Pay, powered by RAKBANK and part of the Mastercard network, can be used globally. A key driver of Edenred’s adoption success is its unmatched expertise in on-site training at worker accommodations, which helps large enterprises efficiently onboard thousands of employees. This ensures that workers understand how to activate their cards, utilise app features, and engage with key financial tools.

Claudio Di Zanni, Managing Director, Edenred Middle East, said: “Edenred UAE has set the benchmark for payroll and financial access in the region with digital innovative solutions, great ambitions and internationally committed teams. Our ambition now is to extend that lead by deepening trust with our clients, scaling services that matter to end users, and ensuring full compliance in a fast-evolving regulatory landscape. With unmatched reach, an expanding client base, and a proven model for financial inclusion, we are ready to shape the next phase of the region’s salary card ecosystem — developing its full potential and contributing to giving workers who were previously excluded from the financial system a secure, transparent, and dignified way to manage their money.”

Edenred UAE remains the reference in payroll solutions, as it continues to scale high-impact services, deepen banking partnerships, and reinforce its role as the benchmark for secure, compliant, and ethical financial access in the UAE and beyond. With a sharpened focus on innovation and strengthened leadership, it is entering a new chapter of platform excellence as the backbone of financial access for the UAE’s workforce.

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Dhruva urges UAE firms to focus on data sovereignty in e-Invoicing transition

Published

6 days ago

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October 23, 2025

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The 2026 mandate is an opportunity for businesses to align compliance with stronger data governance standards

With the UAE’s mandatory eInvoicing framework set to launch in 2026, Dhruva urges taxpayers to move beyond data residency considerations and focus on the critical issue of data sovereignty when selecting accredited service providers (ASPs). When adopting any cloud solution, it’s crucial to take the UAE National Cloud Security Policy into consideration, which provides a comprehensive checklist for cloud customers. This policy details necessary arrangements with cloud service providers, outlines contract requirements and sets cloud security requirements and enforcement measures.Dhruva is a leading tax advisory firm specializing in VAT, corporate tax, transfer pricing, and international taxation in the Middle East.

The eInvoicing rollout, based on the OpenPeppol five-corner model, will route all business-to-business (B2B) and business-to-government (B2G) invoices through ASPs that validate, exchange, and report tax-relevant data directly to the Federal Tax Authority (FTA). This shift makes the question of where data lives and who ultimately controls it – a matter of legal, operational, and financial consequence.

Commenting on the development, Nimish Goel, Partner and Head of GCC, Dhruva Consultants, said: “Businesses cannot afford to mix data residency with sovereignty. Hosting tax data within UAE data centres is necessary, but it does not, by itself, guarantee compliance or protection. True sovereignty means that encryption keys, administrative controls, and audit logs remain fully under UAE jurisdiction and cannot be accessed by foreign authorities. For taxpayers, this distinction is not technical—it is a fundamental risk-management decision.”

Dhruva highlights that this distinction is becoming urgent for three reasons. First, the UAE has enacted a robust Federal Data Protection Law (PDPL) and sector-specific rules that demand explicit safeguards on cross-border data flows. Second, with eInvoicing deadlines approaching, taxpayers must evaluate how each provider’s hosting model aligns with UAE data hosting requirements, sovereignty and National Cloud Security Policy laws. Finally, the operational reality is that migrating data and applications between clouds is not seamless. Factors such as data gravity, proprietary platforms, and audit trail integrity make switching providers slow, risky, and expensive.

“E-invoicing will not only redefine how businesses transact with government authorities, but also how they safeguard their most sensitive tax and financial records,” Goel added. “Companies need to recognise that the choice of ASP is a long-term strategic decision. The location of the cloud operator, the jurisdiction under which they fall, and the location of their control plane and encryption keys all impact compliance and data security far more than the physical location of the server rack.”

Dhruva advises taxpayers to approach ASP selection with a structured due-diligence process aligned with the policy for cloud customers in the UAE. This policy covers key domains such as governance, data location and sovereignty, interoperability, security incident and access management, data confidentiality, architecture and infrastructure companies should ensure that all storage, backups, and logs are held within UAE borders, that operational control and key management remain in UAE jurisdiction, and that providers comply with the UAE’s Peppol interoperability standard. Audit logs should be immutable, recovery sites must be located in the country, and exit strategies need to be documented and tested, with transparency on egress costs.

“Taxpayers cannot treat this as a simple IT procurement,” Goel emphasized. “It is a compliance and sovereignty choice that will determine their risk exposure for years to come. The time to ask these questions is now—before companies find themselves locked into providers that may not meet their future regulatory and operational needs.”

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