Trend Micro Incorporated, a global leader in cybersecurity solutions, conducted a survey in partnership with Enterprise, the daily e-news round-up of economics, business, and most important news, which was designed to uncover the threat of ransomware in Egypt. Aimed at top business leaders, a quarter of the survey respondents were c- suite executives, while about 30 percent were either IT directors or staff, and 2 percent were dedicated Internet security specialists.
The survey examined whether companies are being targeted by ransomware, and if they have the right expertise and security systems necessary to protect themselves from such threats. According to the survey results, 81percent believed that ransomware is a real threat to their business, and 41percent are unsure or unaware about the interworking of ransomware.
Noura Hassan, Egypt’s country manager for Trend Micro, said, “we conducted this survey to understand the Egyptian business community’s stance regarding ransomware. During the first half of 2017, business email compromise (BEC) was still one of the top threats enterprises are facing. According to a document published by the FBI in the USA in May, global losses attributed to BEC scams since 2013 have reached $5.3bn.”
According to Trend Micro’s report released in October 2017 discussing the Middle Eastern and North African cyber underground community, evidence reveals that the regional market place is not as profit-driven in comparison to Russia or China. However, the “spirit of sharing” is one of the most apparent forces behind distribution of crime ware in the region. The regional marketplaces are also flooded with do-it-yourself kits that provide resources enabling beginners to launch their own cybercriminal business.
“A common practice among its players is to readily hand out codes, malware, and instruction manuals for free. Crypters, typically used to obfuscate malware, as well as SQL injection tools, keyloggers, and basic malware builders, are given away—a reflection of the culture within the regions’ underground scene,” Hassan stated.
The products and services that have become cybercriminal staples across the world are also available in the Middle East and North African underground. Products include credit card dumps, online accounts, credentials, and malware. Stolen identities are available in bundles that include passport scans and copies of driver’s licence and local utility bills.