What Is The Impact Of Ransomware On Financial Crime Compliance In The UAE? – Technology | #cybersecurity | #cyberattack



United Arab Emirates:

What Is The Impact Of Ransomware On Financial Crime Compliance In The UAE?


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Ransomware attacks are now a bigger concern to major
organizations around the world in. In this article we will discuss
the major concerns around such attacks and the laws and regulations
governing the same.

What is a ransomware attack?

A ransomware attack can be defined as malicious software
designed to block access to a computer system until certain sum of
money is paid. It is thus a malware that includes encryption, which
when passed to the victim company’s system, holds the hosts
information at ransom resulting in both business interruptions and
loss of income. An additional aspect that makes such attacks even
more deadly is the fact that ransomware is often designed in a
specific way in order to spread across a network and quickly
paralyze an entire organization by targeting their database and
file servers. Critical data is then encrypted and thereby became
non -accessible to the said organization until released by the
attacker, which happens on making the ransom payment and hence the
name “ransomware“.

How common are these attacks?

Recent statistics released by Carbon Black, a cyber security
company shows that such attacks have increased by a 148 % since
early 2020 with the top targets being the financial sector.
Pursuant to the statistics released in the UAE shows that companies
have paid almost Aed 5 million as ransom in order to gain back
access after a cyber-attack. Pursuant to the reports, at least 84
percent of the companies that were subject to ransomware attacks
ended up making the ransom payments.

Recommended safe guards:

With the increasing number of ransomwares, the possible defenses
are required to be thoroughly examined as well as adopted. The
following measures can be adopted as a protective measure against
ransomware attacks.

  • Antivirus software: Ensure to take the
    proactive measures in order to invest in antivirus software that
    comes with market reliability in fending off ransomware
    attacks.

  • Data Storage and backup: Another measure
    includes taking steps to ensure that your critical data including
    the company’s database is stored whether it being cloud storage
    or otherwise and further, ensuring that there exist back up storage
    that can be accessed to incase the primary database is compromised.
    Further, it goes without say that the backup database should be
    periodically updated in order for the same to be considered
    reliable and effective.

  • Routine upgrade: Ensuring routine updating of
    the security features of your system is one such measure. This may
    sound straight forward enough, but studies show that this step is
    often ignored or overlooked by companies. Routine system updating
    ensure that the latest technical changes in the security system as
    well integrated and can often act as the first shield barrier
    against a ransomware attack.

  • Awareness: Raise internal awareness and
    provide training courses for employees to understand safe internet
    practices and to build a proper security awareness.

It does not matter whether you’re an established company
with deep pockets or a new entrepreneur or even an individual.
Cyber attacks are increasingly prevalent in today’s world and
investing in property protocols that can prevent as well as provide
damage control measures have to be adopted and practiced.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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