Ransomware is the most prevalent cybersecurity threat faced by businesses of all sizes today, while the landscape continues to evolve every year, delegates at a top conference held in Bahrain heard yesterday.
This was among the threats identified during the Arab International Cyber Security Conference and Exhibition (AICS) which was inaugurated yesterday by Interior Minister General Shaikh Rashid bin Abdulla Al Khalifa. The event is taking place at Exhibition World Bahrain.
“Ransomware is the number one threat globally and it is not a surprise that Bahrain is seeing this as well,” National Cyber Security Centre (NCSC) chief executive Shaikh Salman bin Mohammed Al Khalifa told the GDN on the sidelines of the event.
Standards
“The NCSC has developed standards for small and medium-sized enterprises (SMEs), which make up the majority of businesses in Bahrain, that help them do what is critically important to secure their operations from cyber attacks.
“Cybersecurity is now a necessary part of doing business, and ransomware has been targeting businesses of all sizes, but smaller family businesses are not looking at it seriously.”
Ransomware is malicious software that encrypts a victim’s files or restricts access to their computer system until a ransom is paid.
It is typically spread through phishing emails, malicious downloads, or exploiting vulnerabilities in software. Once the ransomware infects a system, it encrypts important files, rendering them inaccessible, and often displays a ransom message demanding payment in Bitcoin or other cryptocurrencies in exchange for the decryption key.
“Ransomware is something we have become used to in the last three years,” keynote speaker and SANS Institute chief technology and innovation officer James Lyne noted in his prepared remarks.
“Criminals figured out that rather than stealing bank cards or committing fraud, where they might get blocked, they can block access to data – everyone values their data, whether it’s personal or professional.
“This is not something I would have predicted when I first started my career.”
Mr Lyne added that such threats in the cybersecurity were constantly improving as he highlighted the case of the Russian ransomware gang Clop.
Clop is known for hacking systems, stealing data and encrypting files before demanding a ransom to not make this data public.
“They set up a website to show off the people that have been victims and demand money or their data would be released,” he added.
“They were so successful with this strategy that they had to extend their deadline of extortion to deal with the volume of inquiries. They simply couldn’t negotiate ransoms fast enough with the victims.”
Clop exploited a security flaw in MOVEit Transfer, a tool used by corporations and enterprises to share large files over the Internet. Amongst its victims were top US banks, educational institutions and even the BBC and British Airways.
Mr Lyne highlighted that both cybersecurity professionals and hackers were always on the look-out for new technological tools to leverage to achieve their objectives, which are being highlighted during the exhibition and conference.
Held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander of the Armed Forces and Prime Minister, the AICS, which ends today, is bringing together key decision-makers, industry leaders and cutting-edge solution providers within the cybersecurity space.
In addition to two full days of sessions discussing the most pertinent threats in the cybersecurity space and tools to combat them, the event also has more than 50 exhibitors showcasing their solutions to prospective clients.
cyber attacks, which are launched daily in many countries of the world, are dealt with automatically by protection devices, but there are many influential cyber attacks that put people’s lives and interests at risk, especially since they are launched quickly, suddenly, and without warning from different locations in the world.
During his inaugural keynote address, Gen Shaikh Rashid noted that the world is in need of a stable cyberspace that humanity can benefit from in dealing with its challenges in order to prosper.
“Cybersecurity is not just a technical term, but rather a vital part of the national strategy of any country that aspires to have a secure future,” he added.
“In the face of all the benefits that technology has achieved, it has also seen many challenges, and achieving cybersecurity remains amongst the most important challenges.
“Efforts must be united, starting from government institutions and private companies, all the way to individuals, in order to protect digital information and data.”
Today’s sessions will include talks about public-private partnerships to enhance cyber defence, innovations in financial cybersecurity and women in cyber.
There will also be keynotes about cyber fraud and the next generation of hackers delivered by the Interior Ministry.
naman@gdnmedia.bh
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