Latest news with #cyberthreats
Gulf Business
4 days ago
- Gulf Business
Dubai Police arrest cybercrime gang behind fake online investment schemes
Image: Dubai Media Office The arrests were carried out by the Anti-Fraud Centre at the General Department of Criminal Investigation, following extensive monitoring and investigation efforts, according to a report published by the Dubai Media Office. The suspects had contacted victims through phone calls, falsely presenting themselves as representatives of legitimate electronic trading and investment platforms. They used these claims to gain victims' trust and convince them to transfer funds with the promise of fast and high returns, police said. The funds were then funneled into bank accounts located outside the UAE, authorities added. Dubai Police made the arrest as part of larger efforts to raise awareness about cyber threats The operation was part of the ongoing national awareness campaign, launched to educate the public about rising cyber threats. Dubai Police said they acted swiftly after receiving several reports from victims and were able to identify the gang's identities and locations before making the arrests. Legal procedures have been initiated to refer the suspects to the appropriate judicial authorities.
Yahoo
5 days ago
- Business
- Yahoo
The cost of disharmony: Why banks must rethink the money lifecycle
Financial systems today are often anything but harmonious. With rising complexity, cyberthreats and regulatory pressures creating costly disruption, it's perhaps no surprise to hear that money is going astray. Conducted in collaboration with Oxford Economics, our latest report, The Harmony Gap, finds that every single hour, the average organisation loses $11,200 to financial disharmony. Annually, this figure reaches $98.5m. Large banks (those with more than $20bn of AUM) report an average of $124m in annual losses because of tensions within their money lifecycle. The question is, why, and how? The money lifecycle To answer this, we must first and foremost understand the lifecycle's three key phases. These are: Money at Rest, which covers deposits and treasury accounts; Money in Motion, covering payments and transfers; and Money at Work, which is trading, lending, investing and capital deployment. While all three phases face challenges, the money in motion stage is where the majority of problems surface. Specifically, our research finds that 51% of financial friction occurs here, due to the complexity of multi-party transactions, cross-border payments, legacy infrastructure and inconsistent data standards. This friction opens the door to a number of vulnerabilities, with the most significant - and costly - being cybersecurity threats. 35% of executives surveyed ranked this their top concern, with $31.7m in annual losses attributed to cyberattacks alone. Other major pain points include financial fraud, whereby $21.6m is lost annually, particularly affecting the tech and fintech sectors. A further $17.2m of combined losses were a direct result of operational inefficiencies and human error, posing a concern for internal training and compliance processes. All this being said, banks have an integral role to play in not just recovering costs but ensuring the safety of money throughout the entire lifecycle, whether that is through infrastructure or fraud protection. Banks owe it to their customers to not only safeguard the money lifecycle but modernise it for the future. Solving the disharmony dilemma Banks must take some bold and structural steps to solve the disharmony that exists within modern banking architecture. To create harmony across the money lifecycle - every system, platform and decision needs to be connected, intelligent and secure. This demands strategic investment in four key areas. First, banks must prioritise cybersecurity defence. Our research shows 37% of companies experience cyberthreats daily, and 74% face critical or high-profile threats on a monthly basis. Unsurprisingly, nearly a quarter (24%) already identify cybersecurity enhancement as their top investment focus. However, while there is concern over this technological hurdle, only 53% of companies offer regular cybersecurity training. If banks want to protect customers from cyberthreats we need to see meaningful cyber resilience built into every layer of the banking architecture. Secondly, we need to see improved operational efficiency. One in five institutions already list this as a core priority, recognising that streamlined processes can reduce costs, enhance compliance and enable faster responses to customer needs. But we are still waiting to see true action. As we head into the future, the banks that invest in tech for efficiency will build the most effective operations. This is evidenced by respondents from firms with dedicated fintech teams reporting higher sales growth than those without, with 83% of these companies seeing revenue increases after embedding fintech solutions. The third key ingredient to a harmonious money lifecycle for banks is employee training and upskilling. It is all well and good to be investing in and implementing new technologies, but these will sink if there is no one around to steer the ship. A skilled, resilient workforce is critical for long-term success, ensuring that digital transformation is embedded throughout the organisation, not just in the IT department. Finally, banks should embrace AI and machine learning - not as a silver bullet, but as powerful tools to enhance decision-making and enable smart automation that complements, rather than replaces, human workers. Despite the hype surrounding AI, 73% of respondents cited high implementation and maintenance costs as major obstacles to adoption. Additionally, 64% pointed to a lack of in-house expertise, while 58% struggled with integrating AI into existing systems. To succeed, banks must invest in the right talent and infrastructure to fully realise AI's potential. When banks achieve true harmony across these four areas, they reduce risk, improve agility, accelerate innovation and unlock sustainable competitive advantage. Looking ahead With $98.5m in annual losses at stake (and more for larger institutions), the price of inaction far outweighs the cost of change. But this isn't just a financial issue. Disharmony drags on innovation, slows down agility, and erodes customer trust. Banks that move now to close the harmony gap through rethinking how money flows, investing strategically, and focusing on integration and intelligence will be better equipped to lead in a world defined by embedded finance, AI-powered insights, and real-time expectations. The opportunity is clear: Rethink the lifecycle. Invest smartly. Build a more secure, connected, and harmonious financial future. Kanv Pandit is Head of International Banking and Payments Sales at FIS "The cost of disharmony: Why banks must rethink the money lifecycle" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Tahawul Tech
6 days ago
- Business
- Tahawul Tech
'The OPX Lab brings to life the kinds of cyber threats our customers face every day.' – Saif AlRefai, OPSWAT
Against a backdrop of rising geopolitical tensions and critical infrastructure becoming an increasingly more attractive target for both physical and cyber-attacks, OPSWAT, a global leader in critical infrastructure protection, has officially opened the doors to its OPX Lab in Dubai. This state-of-the-art Critical Infrastructure Protection (CIP) lab is the only facility of its kind in the region that delivers high-fidelity simulations of real-world cyber threats and provides a testing ground for developing and deploying robust, sector-specific defenses. Designed as an immersive and interactive space, the OPX Lab offers existing and prospective customers a rare opportunity to experience real-time cyberattack simulations tailored to their unique environments. 'This isn't just a demo, it's a proving ground,' said Saif AlRefai, Solutions Engineering Manager at OPSWAT. 'The OPX Lab brings to life the kinds of cyber threats our customers face every day. It allows them to test how our technologies detect, prevent and respond to those threats in a fully controlled, hands-on environment. That level of experience translates into faster, more informed security decisions and a higher level of operational resilience.' More than just a showcase, OPX Lab replicates sector-specific scenarios with a focus on banking, energy, and defense — sectors that are not only vital to the Middle East's economy but are also frequent targets of sophisticated cyber threats. OPSWAT was deliberate in choosing Dubai as one of the homes, citing the city's status as a regional innovation hub, ease of accessibility, and proximity to both enterprise customers and local cybersecurity talent. The lab in Dubai is part of OPSWAT's global OPX Labs initiative, to bring critical infrastructure simulation capabilities closer to high-risk markets. Demonstrating the company's deep industry expertise, one of the sector-specific showcases is OPSWAT's Nuclear Plant Model Reactor. The display is more than conceptual, integrating OPSWAT's IT/OT cybersecurity platform in a practical demonstration of how sensitive environments like nuclear power stations can be protected from sophisticated cyberattacks. 'It's this kind of realism that allows clients to move beyond theory and gain meaningful insights into their actual security readiness,' explained AlRefai. Importantly, OPSWAT is also extending access to its OPX Lab to its channel partners. This positions the facility not just as a customer experience centre, but as a strategic enablement platform. 'Experiencing live demonstrations of real-world cyberattack scenarios and seeing how OPSWAT's technologies such as MetaDefender and NetWall Data Diodes mitigate those threats was truly eye-opening. It not only deepened our technical understanding but also equipped us with practical insights to better guide our clients in securing their critical infrastructure. This is an invaluable resource for both partners and end-users alike,' said Tareq Joudeh, Senior Business Unit Head at StarLink. At the heart of the OPX Lab is OPSWAT's MetaDefender platform, a comprehensive threat prevention solution that safeguards networks by securing files at every entry point. In addition to MetaDefender, the lab showcases over 20 OPSWAT products, including the MetaDefender Kiosk and MetaDefender NetWall Data Diodes. These solutions have been built specifically to meet the cybersecurity needs of highly regulated, mission-critical environments. Organisations interested in visiting the lab can register their interest via the OPX Labs Dubai webpage at
Zawya
16-07-2025
- Business
- Zawya
OPSWAT opens doors to OPX Lab, a Critical Infrastructure Protection lab in Dubai
One-of-a-kind cyber lab offers live simulations of attacks on critical infrastructure sectors such as energy, banking and defense, equipping regional organisations with real-world skills and strategies to combat escalating cyber threats. Dubai, United Arab Emirates – Against a backdrop of rising geopolitical tensions and critical infrastructure becoming an increasingly more attractive target for both physical and cyber-attacks, OPSWAT, a global leader in critical infrastructure protection, has officially opened the doors to its OPX Lab in Dubai. This state-of-the-art Critical Infrastructure Protection (CIP) lab is the only facility of its kind in the region that delivers high-fidelity simulations of real-world cyber threats and provides a testing ground for developing and deploying robust, sector-specific defenses. Designed as an immersive and interactive space, the OPX Lab offers existing and prospective customers a rare opportunity to experience real-time cyberattack simulations tailored to their unique environments. 'This isn't just a demo, it's a proving ground,' said Saif AlRefai, Solutions Engineering Manager at OPSWAT. 'The OPX Lab brings to life the kinds of cyber threats our customers face every day. It allows them to test how our technologies detect, prevent and respond to those threats in a fully controlled, hands-on environment. That level of experience translates into faster, more informed security decisions and a higher level of operational resilience.' More than just a showcase, OPX Lab replicates sector-specific scenarios with a focus on banking, energy, and defense — sectors that are not only vital to the Middle East's economy but are also frequent targets of sophisticated cyber threats. OPSWAT was deliberate in choosing Dubai as one of the homes, citing the city's status as a regional innovation hub, ease of accessibility, and proximity to both enterprise customers and local cybersecurity talent. The lab in Dubai is part of OPSWAT's global OPX Labs initiative, to bring critical infrastructure simulation capabilities closer to high-risk markets. Demonstrating the company's deep industry expertise, one of the sector-specific showcases is OPSWAT's Nuclear Plant Model Reactor. The display is more than conceptual, integrating OPSWAT's IT/OT cybersecurity platform in a practical demonstration of how sensitive environments like nuclear power stations can be protected from sophisticated cyberattacks. 'It's this kind of realism that allows clients to move beyond theory and gain meaningful insights into their actual security readiness,' explained AlRefai. Importantly, OPSWAT is also extending access to its OPX Lab to its channel partners. This positions the facility not just as a customer experience centre, but as a strategic enablement platform. 'Experiencing live demonstrations of real-world cyberattack scenarios and seeing how OPSWAT's technologies such as MetaDefender and NetWall Data Diodes mitigate those threats was truly eye-opening. It not only deepened our technical understanding but also equipped us with practical insights to better guide our clients in securing their critical infrastructure. This is an invaluable resource for both partners and end-users alike,' said Tareq Joudeh, Senior Business Unit Head at StarLink. At the heart of the OPX Lab is OPSWAT's MetaDefender platform, a comprehensive threat prevention solution that safeguards networks by securing files at every entry point. In addition to MetaDefender, the lab showcases over 20 OPSWAT products, including the MetaDefender Kiosk and MetaDefender NetWall Data Diodes. These solutions have been built specifically to meet the cybersecurity needs of highly regulated, mission-critical environments. About OPSWAT For the last 20 years OPSWAT, a global leader in IT, OT, and ICS critical infrastructure cybersecurity, has continuously evolved an end-to-end solutions platform that gives public and private sector organizations and enterprises the critical advantage needed to protect their complex networks and ensure compliance. Empowered by a 'Trust no file. Trust no device.™' philosophy, OPSWAT solves customers' challenges around the world with solutions and patented technologies across every level of their infrastructure, securing their networks, data, and devices, and preventing known and unknown threats, zero-day attacks, and malware. Discover how OPSWAT protects the world's critical infrastructure and helps secure our way of life; visit
Zawya
15-07-2025
- Business
- Zawya
Weaponising the threat: The changing face of cybercrime
Companies and high-profile individuals are using cyber-attacks as a way of discrediting and disrupting their competitors, says Richard Frost, Head of Technology and Innovation at Armata Cyber Security. Cyberthreats have been weaponized for years. Companies use hackers to infiltrate competitors and steal data or ruin their reputation. Fake news and false information disseminated to erode customer trust. Online smear campaigns designed to give one company or high-profile person an edge over another. These cases aren't as rare as they sound, and they are evolving – the hacks themselves are being used to discredit and disrupt. False accusations, witch hunts, distractions – these are some of the core approaches that can be used to damage a competitor or a high-profile person. It doesn't matter whether or not the company taking credit actually perpetuated the attack. Their goal is to cast a shadow, to create deeper disruption and it often works. False accusations are perhaps one of the most insidious. A company blames someone for a successful attack, creating a witch hunt which has media and investigators digging into their business and activities. One of the most well-known cases of such an attack was when the hacking group Anonymous accused a Canadian man of attacking Amanda Todd online. After a lengthy investigation, the man was cleared but not after the incident had caused significant damage to his life and reputation. On the corporate side, ExxonMobil was accused of commissioning hackers to target climate activists – claims that lacked definitive proof. But what about hacks used as a form of misdirection in a move that's as old as the Colosseum? There are several notable examples of how hacking accusations were used to misdirect others and distract from other activities. The Sony breach false claim in 2023 is a case in point. A ransomware group claimed to have hacked the company and stolen information which had a serious impact on Sony's reputation. While Sony did prove the claims were false, the damage was done. Epic Games experienced a similar attack in 2024 when a Russian hacking group made the same claim. Epic rapidly proved them wrong, but the hacking group got what it wanted – credibility among its peers. These acts of misdirection and fake claims always have a motive. Money, notoriety, reputational damage or gain, manipulating markets and bringing down a competitor. While the hack has the headlines, people are too busy watching to notice what is actually happening in the background. It's a similar tactic used by cybersecurity companies. There are tools that allow security teams to misdirect attacks. These dummies keep the threats away from the primary systems, distracting them while teams orchestrate a defence. Then there's the other element to these attacks. Companies use them to get information from their competitors so they can gain a market advantage. The Industrial Spy marketplace is exactly what it says on the tin, for example, a marketplace that sells stolen trade secrets to companies willing to pay. Their packages can cost in the millions. KnowBe4, a security training awareness company, discovered that its new employee was, in fact, an operative pretending to be a software engineer. The moment they received their Mac workbook, they started to plant malware in the company. While this example isn't quite in the same lane as corporate espionage, it was a crime committed by a state operative from North Korea with the goal of infiltrating and tearing down a US company. What makes these attacks increasingly vicious is how they're being twisted to fit new motives or to protect companies from being indicted. Companies are employing dirty tactics to stay ahead of the game and divert suspicion. Like, getting the hackers to attack them as well as their competitor so they can claim they had nothing to do with it. Then potentially turning accusations around back on their competitors to suggest they were responsible in the first place. One hand is waving so the other hand can't see what's happening, and the permutations are only growing more convoluted and sophisticated. Organisations need to pay attention to these threats, recognising that they are introducing complex new ways of affecting business and reputations. Defending against them needs accurate records, superb security support and visibility into the entire business ecosystem.
