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Cyber Security

Financial Services in the GCC Will Continue to Attract More Attention From Fraudsters

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Dmitry Volkov, the CEO of Group-IB, says the region’s rapid digital transformation has made it vulnerable to cyber threats such as phishing, counterfeiting, VIP impersonation, data leaks, and trademark abuse

Can you elaborate on the key findings of Group-IB’s Digital Risks Report for the Middle East and Africa?
The Middle East and Africa (MEA) region is a major player on the world stage, wielding significant influence globally through its economic power, political influence, rich energy resources, and vast technological potential. The Middle East’s economy is valued at $5.2 trillion and the concerted shift to diversify the economy away from commodities and natural resources has introduced an entirely new problem to deal with: digital risks. The region’s rapid digital transformation has made it vulnerable to cyber threats such as phishing, counterfeiting, VIP impersonation, data leaks, and trademark abuse.

Group-IB’s Digital Risk Protection (DRP) team has closely monitored trends across the Middle East and Africa over the past three years (2021-2023). Given the large number of brands that we monitor, we can reliably draw the following conclusions based on the average number of incidents per brand monitored in a given period:

  1. Phishing incidents increased by 13 times, making it one of the fastest-growing threats.
  2. Scam incidents doubled over the three years, with scam resources outnumbering phishing resources 76 times in 2022.
  3. The rate of trademark misuse surged by 16 times, highlighting the rise in brand exploitation by cybercriminals.
  4. Social media violations saw a two-fold increase and became the largest category in terms of overall numbers among all violations tracked by Digital Risk Protection.
  5. The number of mobile app violations grew by 2.5 times, reflecting the rise in illegal app stores.
  6. Violations on messaging platforms also grew by 1.5 times, indicating a steady growth in illicit activity.

The team also observed a dramatic surge in fraudulent web resources targeting the brands it monitors over the past three years. In 2022, the number of phishing resources saw an astounding 950% increase compared to 2021. This alarming trend continued into 2023 when phishing resources grew by an additional 457%. Scam resources followed a similar trend, with a 452% rise between 2021 and 2022. In 2023, scam resources continued to show extremely high figures, though the growth rate slowed to 5% compared to 2022.

Tell us about the security threat landscape in the region.
We see some interesting trends from the data that the DRP platform has gathered, based on hundreds of brands in the MEA region since 2021 and while overall it has shown a consistent rise in violations across various categories, some key trends (listed below), can be categorised into three key themes – “things that have morphed beyond recognition”, “Things that have stood the test of time since 2021” and “Things that have faded into oblivion”.

  • Deepfakes: the rise of deepfake technology has led to its use in scams, especially on social media. Cybercriminals create fake videos of celebrities or influencers to lure victims into fraudulent schemes, such as “investment opportunities” or “giveaways”.
  • AI’s dual role: Artificial Intelligence (AI) has become a powerful tool for both cybersecurity specialists and cybercriminals. DRP platforms, like the one developed by Group-IB, use AI to detect violations. Conversely, attackers leverage AI to create more convincing and more targeted phishing scams.
  • Investment scams using AI: AI is increasingly being marketed in fraudulent schemes as a tool for generating wealth. Scammers promise “AI-powered investment platforms” that guarantee high returns, preying on people’s trust in technology.
  • HR scams: Fake job postings have become significantly more common, especially on social media platforms like Facebook. They target job seekers in countries like Egypt, Saudi Arabia, and Algeria. Scammers often abuse brands of well-known companies, including governmental organizations, to steal personal information.
  • Smaller businesses as easy targets: Scammers are more and more often focusing on smaller, local brands like driving schools or water delivery companies, which usually lack the cybersecurity defences that larger corporations can afford. Such attacks often involve phishing campaigns as a way of stealing payment information.
  • Exploitations of religious holidays and faith: Scammers continue to exploit religious festivals like Ramadan by creating fake promotions or donation pages. For example, scams offering “free high-speed internet” during Ramadan have become a recurring tactic for collecting people’s data.
  • Charity scams during political crises: Whether collecting donations for conflict zones or humanitarian crises, scammers exploit public sympathy for personal gain. Such scams often involve the use of cryptocurrency wallets, which provide anonymity and make it harder for law enforcement to trace the fraud.
  • Quiz scams: Fraudulent quiz schemes spread quickly on social media and instant messaging platforms. Victims are promised prizes for completing a survey, but in reality, they are redirected to phishing or malware-laden websites.
  • Scams related to COVID-19: During the height of the pandemic, there was a surge in scams related to vaccines, including phishing campaigns that abused the names of health organizations and schemes that involved counterfeit vaccine certificates. Nevertheless, such scams have faded along with the pandemic, as vaccine mandates have lessened.

Which sectors are commonly targeted? What attack vectors are being employed? What are threat actors after?
Financial services are seeing rising investment activity carried out by countries part of the Gulf Cooperation Council (GCC) and it will continue attracting more attention from fraudsters. As financial opportunities for businesses, migrants and locals grow, so will fraud attempts as cybercriminals identify lucrative opportunities.

With cryptocurrency becoming more widely accepted across MEA countries, fraudsters will use it more and more often in their operations. The increase will require stronger measures to counter fraud involving cryptocurrency.

Social media platforms will evolve beyond communication tools and become fraud hubs. As these platforms continue to grow, so will their use by cybercriminals to carry out scams to target younger, tech-savvy users in particular.

How have AI, deepfakes and geopolitical tensions altered the cyber threat landscape in the region?
In 2023, the MEA region faced an ongoing wave of cyberattacks of a geopolitical nature launched by diverse and highly skilled groups. Attacks coordinated by groups such as APT42, Oilrig and Hexane (all from MEA) reflect the desire of certain countries in the region to strengthen their influence through espionage. Phishing is the main method used by APTs operating in the region to obtain initial access.

What can businesses do to keep themselves and their customers safe?
A new trend is that scammers increasingly often target smaller, lesser-known businesses that lack the backing of large cybersecurity vendors – the key idea being that profit potential no longer depends on a company’s size. Smaller brands often lack the resources to protect themselves effectively, making them easy prey, hence it is vital for businesses of all sizes to recognize these risks and take proactive measures to protect their operations and customer data from the rising tide of cybercrime.

While new attack vectors continue to emerge, some vectors remain consistently popular – email is one of the top entry points. One essential tool is Group IB’s Business Email Protection, which automatically detects and blocks phishing and scam attempts. With patented retroactive analysis, it neutralizes malicious content even post-delivery while continuously monitoring your organization’s email security.

For threats like domain spoofing, typosquatting, and phishing websites, Group-IB’s Threat Intelligence platform analyzes phishing databases and manages the threat landscape to quickly react and block phishing resources before they cause harm.

What are some of the key technologies developed by Group-IB to prevent and investigate digital crimes?
Digital Risk Protection (DRP) is an encompassing solution that leverages advanced AI, machine learning (ML), and proprietary neural networks to automatically monitor a company’s digital footprint, detect violations, prioritize tasks, and initiate appropriate takedown tactics. The solution offers full-fledged protection against risks that lie beyond the company’s perimeter, including but not limited to phishing, scams, piracy, data leaks, false partnerships, and fake mobile apps by monitoring all possible online resources such as regular websites, social media networks, messengers, advertising networks within social media, search engines, and mobile app stores. After identifying an issue, we immediately take action to mitigate the threat.

DRP uses state-of-the-art technology, including its Graph module, to map violations and connect related incidents. This module helps track and take down entire fraud networks more quickly and effectively. Additionally, the platform offers 24/7 monitoring, scanning millions of online resources, including screenshots, HTML files, redirect chains, and more, to protect your brand and intellectual property. The platform tracks a wide range of digital assets, including domain names, TLS certificates, search engines, the dark web, honeypots, and telemetry from integrated solutions such as Fraud Protection and Managed XDR.

Cyber Security

Here’s How Smart Devices are Eroding Privacy and Security

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Privacy is generally held as a fundamental right, with citizens often having high expectations regarding the protection of their personal information. Citizens protest when they fear that governments are increasing their involvement in the citizens’ personal lives. However, they don’t consider how much personal and sensitive data they share with any application that they install on their smartphone, or with smart devices in their homes.

Big tech companies and vendors of personal devices such as wearables, smartphones, and voice assistants collect intimate details about their users—often far more than any healthcare provider or government agency. These devices capture data on physical health (like heart rate, sleep patterns, and physical activity), mental well-being (through analysis of speech, facial expressions, and online activity), and personal preferences, including what we search for, buy, or listen to. Voice assistants continuously learn from user interactions, building profiles that can include details about routines, relationships, and even moods, inferred from voice tone and language.

This data extends beyond what any individual doctor could know, compiling a digital “fingerprint” of personal health and behaviour. For instance, wearables record heart rate, stress levels, and steps taken, creating a comprehensive record of the wearer’s physical and mental state. Online Platforms use sophisticated algorithms to understand users’ interests and behaviours better than many friends or family members might, mapping out everything from buying habits to political views.

These companies achieve such depth by aggregating data across devices, apps, and digital environments. The insights generated are not just for providing services but are also used in targeted advertising and can be shared with third parties or government entities under certain conditions, sometimes without users’ explicit knowledge.

Applications must request consent and permission to ask for sensors in your device, and usually, users easily give it. While this data has immense value for improving products and personalizing services, it raises significant privacy concerns because it operates largely without oversight, allowing tech companies to wield unprecedented insight into the intimate details of billions of lives.

In 2018, we learned about the Facebook and Cambridge Analytica scandal. In short, a consulting firm harvested personal data from millions of users without their consent. The data was used to build psychological profiles of users, which were then leveraged to deliver targeted political advertisements. The major concern was data monetization, ad profiling and targeted campaigns.
The discussion has escalated since then, and it is now around homeland security, influence campaigns, and espionage by foreign governments.

Privacy and cultural differences
A current public debate surrounds data collection practices by popular social media and technology companies. Investigations revealed that such apps gather extensive user data, including location, contacts, and behavioural data, raising concerns about data security and potential access by foreign governments. While these companies deny any unlawful access, governments have imposed strict oversight measures to ensure that sensitive user information is not compromised. This has sparked action worldwide, as countries prioritize data security for their citizens.

Smartphone and IoT device manufacturers from various regions are also under scrutiny. Concerns have been raised about the risk of foreign governments accessing user data through backdoors or other surveillance mechanisms. This issue is particularly prominent in countries with different approaches to data privacy, especially in authoritarian regimes that prioritise state control over individual privacy. These practices have led to heightened concerns over the potential misuse of devices for espionage or surveillance.

How Governments are Responding
Privacy Laws in Western countries exemplify this commitment to data privacy by giving individuals control over their data and requiring transparency from companies about data collection and sharing practices. Such frameworks are influenced by cultural values that prioritise individual freedoms and a deep-seated aversion to surveillance, especially in the private domain of one’s home.

This divergence not only shapes local privacy standards but also impacts international relations and the global IoT market. Democracies are increasingly implementing policies to restrict foreign-made devices suspected of being vulnerable to government interference, reinforcing the broader geopolitical contest between open and closed data governance models.

As these cases demonstrate, the threat is not hypothetical. Governments worldwide are actively grappling with the security and privacy implications posed by IoT devices, particularly from vendors with potential ties to state surveillance. In response, several regulatory and legal actions are underway:

  1. Bans and Restrictions on High-Risk Vendors: Select governments have taken action by banning specific foreign-made devices from critical infrastructure, particularly in government buildings and other sensitive areas. This approach, while controversial, is perceived as a necessary step to reduce the risk of espionage.
  2. Data Protection and Privacy Laws: The European GDPR and similar laws around the world are designed to give consumers more control over their data. These regulations require that companies provide clear consent options, disclose data usage, and allow users to manage the data collected by their devices. However, enforcing these laws on foreign companies remains a challenge. Therefore, in Europe, the commission approved last month the new extended Cyber Resilience Act (CRA), which demands manufacturers to comply with both privacy and security requirements in any connected device, if they want to sell them in the European market.
  3. Device Security Standards: Several countries have introduced laws mandating minimum security standards for devices used by government agencies. These laws encourage basic security measures like banning default passwords, thereby reducing the risk of unauthorized access.

The privacy breach incidents highlight the urgent need for stronger regulations and better consumer awareness of potential security threats. This story is not just about one family or a single breach; it’s a broader narrative of how the “smart” devices in our homes could, in the wrong hands, compromise our privacy and security. As governments, regulatory bodies, and consumers begin to navigate this new reality, collaboration and vigilance will be key to preserving the sanctity of our private spaces.

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Cyber Security

OPSWAT and TCC Partner to Secure Saudi Arabia’s Critical Infrastructure

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OPSWAT has formed a strategic partnership with Technology Control Company (TCC), a prominent Saudi firm specialising in security services, digital solutions, and big data. Through this partnership, TCC will implement and market OPSWAT’s unified MetaDefender platform, addressing critical challenges in malware detection, secure access, and data sanitisation. Together, OPSWAT and TCC will provide scalable, comprehensive solutions to protect Saudi Arabia’s essential IT and OT environments, addressing the growing demand for secure digital infrastructure across energy, finance, and government sectors.

Saudi Arabia’s Vision 2030, which emphasises the importance of cybersecurity to drive digital transformation and economic diversification, has pushed the growth of the Saudi cybersecurity market which is projected to grow at a compound annual growth rate (CAGR) of 12.5%, reaching SAR 15 billion by 2025. The industry still faces a significant shortage of cybersecurity professionals, with an estimated gap of 500,000 experts across the Middle East. OPSWAT’s solutions, combined with its educational initiatives through OPSWAT Academy, aim to address this skills gap by upskilling local professionals and reducing dependency on highly specialised in-house expertise through the solutions provided in collaboration with TCC.

“The demand for advanced cybersecurity solutions in Saudi Arabia has surged throughout 2023 and 2024, driven by the Kingdom’s ambitious digital transformation initiatives,” said Amjad Quteifan, Regional Sales Director at OPSWAT. “Through our partnership with TCC, we are uniquely positioned to deliver comprehensive security solutions that protect the critical infrastructure, empowering Saudi organisations to innovate and scale securely in support of Saudi Vision 2030.”

TCC has been a trusted provider of cutting-edge security solutions across Saudi Arabia since 2008. Commenting on the partnership, Mohammed AlMarri, TCC’s General Manager of Cybersecurity Services, stated, “With the growing convergence of IT and OT environments, the demand for advanced cybersecurity solutions is at an all-time high. At TCC, we leverage decades of expertise to deliver tailored cybersecurity services that protect critical infrastructure and sensitive data. Through our partnership with OPSWAT, we enhance our ability to provide comprehensive, scalable solutions that empower organisations to navigate the evolving threat landscape and safeguard their most valuable assets with confidence.”

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Cyber Security

Positive Technologies and MCS Join Forces as MEA Cyber Threats Surge

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Positive Technologies has signed a distribution agreement with Mideast Communication Systems (MCS), a leading provider of information technology and cybersecurity solutions headquartered in Cairo for the Middle East and Africa markets. The partnership will focus on sharing cybersecurity expertise and jointly promoting products and services in Egypt, Saudi Arabia, and Africa for result-driven cybersecurity.

Cyberattacks are still on the rise around the world: in the Middle East, their number tripled in Q1 compared to the same period in 2023. In Africa, over 70% of all cyberattacks in the last year targeted the public, finance, industry, and telecommunication sectors. Dark web marketplace research for the same period shows that information to access the networks of large domestic companies is available for an average of $2,970.

According to the 2023–2024 report by the International Telecommunication Union, Egypt is one of 12 nations awarded the highest rating in the Global Cybersecurity Index. However, Positive Technologies ranks the country second in Africa in terms of the number of cyberattacks (13%) after South Africa (22%).

Tarek Shabaka, MCS CEO, stated, “MCS has been in cybersecurity for 18 years, and today our strategic plan is centred on implementing cutting-edge solutions, supporting Egypt’s digital transformation, and expanding in the region. Our company has been growing its presence in Africa for the last several years. I’m confident that our partnership with Positive Technologies, a leading developer of advanced cybersecurity solutions and services, will help us significantly contribute to building a high level of cyber resilience among companies and organizations in the region.”

Ilya Leonov, Regional Director for MENA, Positive Technologies, stated that Positive Technologies has been working in the Middle East for several years and is excited to expand its partner network in Africa. “MCS has a wealth of experience with public sector and financial institutions, which we see targeted in more than half of all cyberattacks in Africa. We’re ready to share our extensive expertise, experience, and practical knowledge with our partners. Our collaboration with MCS will stretch beyond Egypt and include other countries in the Middle East and Africa. Priority will be given to industrial safety, DevSecOps, red team services, and ATM security assessment,” noted Ilya Leonov.

Mideast Communication Systems was founded in 2006 in Egypt, and today also has an office in Nairobi and operates in 10 countries in East and Central Africa. MCS annually hosts the FDC Summit, one of the largest IT exhibitions in Egypt held under the patronage of the Egyptian government and the Ministry of Communications and Information Technology.

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