Quectel’s Ultra-high Bandwidth 5G R16 Module Certified for Use on T-Mobile’s 5G and LTE-A Networks

 VANCOUVER, British Columbia - Monday, 29. August 2022 AETOSWire 

VANCOUVER, British Columbia--(BUSINESS WIRE)--Quectel Wireless Solutions, a global IoT solutions provider, has announced that its 5G NR module RM520N-GL, compliant with 3GPP Release 16 (R16) standards, has been certified to operate on T-Mobile’s 5G and LTE-A networks in the United States.

With this certification, RM520N-GL customers can commercially deploy their home gateways, industrial routers, industrial automation devices, unmanned delivery vehicles, robots, drones, consumer and industrial laptops and other next generation IoT applications on T-Mobile’s 5G and LTE-A networks.

“We are thrilled to see that Quectel has made further significant progress in 5G, as our module supporting 5G R16 features has gained this important certification in the North American market,” said Norbert Muhrer, President and CSO of Quectel. “This confirms our commitment to drive innovation and provide our global customers with highly reliable, best-in-class IoT solutions, which will help accelerate the next wave of 5G IoT applications.”

Based on Qualcomm’s SDX62 platform, the RM520N-GL supports both 5G NSA and SA modes, as well as R16 enhanced features such as ultra-high bandwidth, millisecond-level latency, 5G network slicing and ultra-reliability.

Targeting global markets, this module is designed to support 28 major sub-6GHz bands worldwide (n1/ 2/ 3/ 5/ 7/ 8/ 12/ 13/ 14/ 18/ 20/ 25/ 26/ 28/ 29/ 30/ 38/ 40/ 41/ 48/ 66/ 70/ 71/ 75/ 76/ 77/ 78/ 79), is backwards compatible with LTE-A/3G networks and features integrated GNSS for location services. This highly integrated module can significantly enhance customers' global IoT deployments.

Designed in an industry-standard M.2 form factor, the dimensions of the RM520N-GL are 30.0mm x 52.0mm x 2.3mm, making it pin-to-pin compatible with Quectel’s 5G module RM50xQ series, LTE-A Cat 6 module EM06/ EM060K series, Cat 12 modules EM12/ EM12xR/ EM120K series and Cat 16 module EM160R-GL, which facilitates easy network upgrades of customer devices.

The RM520N-GL supports downlink and uplink NR 2 x Carrier Aggregation (CA) and all three combinations of sub-6GHz time division duplex (TDD) and frequency division duplex (FDD) CA, including CA of FDD+TDD, FDD+FDD and TDD+TDD. This ensures greater 5G coverage, capacity and throughput by enabling the combination of available 5G spectrum assets. These features enable the RM520N-GL to have maximum downlink rates of up to 3.4Gbps and maximum uplink rates of up to 900Mbps. These data rates meet the needs of industry applications requiring enhanced mobile broadband and reliable communication capabilities, such as fixed wireless access (FWA), mobile broadband equipment and industrial automation.

Featuring a rich set of internet protocols, the RM520N-GL supports multiple optional functions including eSIM and VoLTE and integrates USB 3.1/ PCIe 3.0 super speed interfaces.

In addition to the T-Mobile approval, Quectel’s RM520N-GL has also achieved worldwide certification from GCF, PTCRB, CE, CCC, RCM, FCC and IC.

In order to help customers simplify their designs, Quectel also provides a full range of off-the-shelf and customized 5G antennas which boost wireless connectivity significantly. IoT developers can bundle the RM520N-GL module with Quectel’s antennas and pre-certification services, reducing both cost and time-to-market for their 5G devices.

About Quectel

Quectel’s passion for a smarter world drives us to accelerate IoT innovation. A highly customer-centric organization, we are a global IoT solutions provider backed by outstanding support and services. Our growing global team of over 4,000 professionals sets the pace for innovation in cellular, GNSS, Wi-Fi and Bluetooth® modules, antennas and IoT connectivity. With regional offices and support across the globe, our international leadership is devoted to advancing IoT and helping build a smarter world.

For more information: www.Quectel.com, LinkedIn, Facebook, and Twitter.

 

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Contacts

Media

Ashley Liu – media@quectel.com

 

Phosphorus Partners with CyberKnight to Expand xIoT Security to the Middle East and Africa

  New Partnership Addresses the Region's High Demand for xIoT Attack Surface Management and Remediation Capabilities

(BUSINESS WIRE) -- Phosphorus, the leading provider of advanced and full-scope security for the extended Internet of Things (xIoT), today announced a new distributor partnership for the Middle East and Africa (MEA) with CyberKnight, a leading cybersecurity value-added distributor for the region, in preparation for the official opening of the Phosphorus MEA office in Dubai on January 1st, 2023. The new partnership will see the two companies jointly delivering a new generation of xIoT security solutions for the MEA market.

With the CyberKnight partnership, Phosphorus will significantly expand its global presence in the MEA region, providing a critical xIoT security technology to these fast-growing markets. Phosphorus’s Enterprise xIoT Security Platform is the world’s first and only security technology capable of delivering attack surface management, hardening and remediation, and extended detect and response to the full range of IoT, OT, and network-connected devices—spanning both new and legacy devices.

“We are excited to partner with CyberKnight which has a strong presence in the Middle East and will play a key role in helping us to expand our international sales channels and xIoT security and service offerings throughout this important economic region,” said Chris Rouland, CEO of Phosphorus. “This region is growing rapidly and many modern cities are incorporating ‘smart’ technologies and infrastructure in novel and exciting ways. However, anything that is smart is vulnerable to security threats, and we will be working closely with CyberKnight to make sure all private and public organizations throughout the region have full access to the most advanced xIoT security solution and platform in the world today.”

“Due to an onslaught of ransomware and other targeted attacks affecting xIoT devices – especially in the transportation and oil and gas sectors – our customers are looking for solutions that will not only identify IoT and OT devices, but will finally remediate them while providing extended detect and response capabilities,” said Avinash Advani, the Founder and CEO at CyberKnight. “Our partnership with Phosphorus as our newest vendor will enable us to help our customers address a massive and expanding gap in their attack surface by finding, fixing, and constantly monitoring their IoT, OT, and IIoT devices. We are very excited about working with them to further support our Middle East customers across the region.”

Phosphorus provides unprecedented xIoT defense solutions for enterprise, industrial, and government customers through a fully automated security platform that discovers, assesses, remediates, hardens, and monitors tens of thousands of unique brands and models of connected or ‘smart’ devices—ranging from security cameras to PLCs. This enables large organizations to scale IoT and OT technologies (which often amount to millions of devices per organization) without having to add any additional employees to secure them. Phosphorus’s advanced security platform deploys on premises and defends against targeted attacks, malware, out of date firmware, vulnerabilities, default passwords, risky configurations, and insider threats.

Phosphorus has been pursuing a robust international growth strategy, since its $38 million Series A growth round earlier this year led by SYN Ventures. The company has expanded its platform and services for industrial users with the launch of new cybersecurity protections and defensive capabilities for OT and IIoT devices and safety-critical systems within the oil and gas, transportation, manufacturing, and critical infrastructure sectors. Phosphorus recently debuted the industry’s first Mobile xIoT Lab at Black Hat USA 2022, which offered live demonstrations of the platform’s unique capabilities for finding, fixing, and monitoring both high-risk enterprise IoT and network-connected devices as well as OT and IIoT devices used in critical industries.

For more information about Phosphorus’s Enterprise xIoT Security Platform, go to www.phosphorus.io. You can also visit Phosphorus and check out the Mobile xIoT Security Lab at upcoming security conferences, including CircleCityCon, Infosec World 2022 and S4x23.

ABOUT PHOSPHORUS

Phosphorus Cybersecurity™ is the leading extended Security of Things platform designed to secure the rapidly growing and often unmonitored enterprise IoT and OT landscape. Our Extended Enterprise xIoT Security Platform fully automates the remediation of the biggest IoT/IIoT/OT vulnerabilities—including unknown and inaccurate asset inventory, out-of-date device firmware, default device credentials, and out-of-date certificates. Founded in 2017 by Chris Rouland, Rebecca Rouland, and Earle Ady, the company is a trusted partner of Fortune 500s, Global 2000, and government agencies. Phosphorus is a privately held company headquartered in Nashville, TN, with investors including SYN Ventures and MassMutual Ventures. Follow Phosphorus on LinkedIn, Twitter, and YouTube, and learn more at www.phosphorus.io.

About CyberKnight:

CyberKnight Technologies is a cybersecurity focused value-added-distributor (VAD) covering the Middle East with on-the-ground presence in all key regional markets. Our ZTX (Zero Trust Security) methodology, based on the Forrester framework, incorporates emerging and market-leading cybersecurity solutions that protect the entire attack surface, by leveraging AI, threat intelligence and collective defense. CyberKnight helps security and risk teams at enterprise and government customers simplify breach detection, prevention, and incident response, while addressing regulatory compliance. CyberKnight's Art of Cybersecurity Distribution methodology enables strategic partners to achieve greater market penetration, return-on-investment, and time-to-value.

 

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Media Contact for Phosphorus:

Michael Sias

Firm 19

inquiry@firm19.com

Moove Signs Agreement with MUFG and Suzuki to Promote Financial Inclusion for Mobility Gig Workers Across Africa

 (BUSINESS WIRE) -- Moove, the world's first mobility fintech, today announced the signing of a Memorandum of Understanding [MoU] with MUFG, one of the world's leading financial groups and Suzuki, one of the world's leading suppliers of vehicles to mobility businesses. Through this MoU, Moove, which provides revenue-based financing to mobility entrepreneurs, aims to advance financial inclusion and job creation as well as upskilling opportunities in the sector.

Signed at the eighth Tokyo International Conference on African Development [TICAD] conference, the tri-party agreement is one of the first to involve an African fintech company and underscores the opportunity to leverage technology to improve the livelihoods of millions of people in emerging markets. Moove's alternative credit scoring technology will enable access to vehicle financing to mobility entrepreneurs, backed by the strength of MUFG's financial services capabilities and Suzuki's expertise in supplying durable, high performance and fuel efficient vehicles.

Launched in Lagos, Nigeria in 2020, Moove is a mission-led company committed to empowering mobility entrepreneurs to be productive and successful through providing access to vehicle financing and other financial services. Moove has since scaled to seven markets across sub-Saharan Africa and six markets in MENA, Asia and Europe, and its customers have completed over 7 million trips in Moove-financed vehicles.

The MoU creates a framework for the parties to work closely together on solving other challenges in mobility, including providing access to finance for more female customers as well as improving road safety and training support for mobility entrepreneurs.

To learn more about Moove and its mission to democratize vehicle ownership across Africa, visit: https://www.moove.io/

###

About Moove

Moove is an African-born global start-up and the world’s first mobility fintech, providing revenue-based vehicle financing and financial services to mobility entrepreneurs. By embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, Moove uses proprietary performance and revenue analytics to underwrite loans to drivers that may have previously been excluded from financial services. Backed by some of the world’s leading investors, Moove has raised over $200 million to date, and its customers have completed over 7 million trips in Moove-financed vehicles. With a commitment to ensuring at least 60% of its fleet is hybrid and electric vehicles and that 50% of its customers are women, Moove is a mission-led business that puts impact at the core of its growth. Moove was recently awarded the IFC’s Annual Corporate Award as one of the top 20 most impactful and transformational projects, applying an innovative and scalable solution towards a global problem.

 

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Contacts

For additional information on Moove, please contact

Tingting Peng

tingting.peng@moove.io

or

Burlington

Harry Ashcroft

(44)7429108277

 

University of Technology Sydney Gets Better Support and Security for Oracle Database by Switching to Rimini Street

 LAS VEGAS - Wednesday, 24. August 2022

Rimini Street support and security enables university to slash support wait times, improve security, reduce support costs and improve its service delivery as tertiary education sector adopts hybrid learning and navigates labor shortages

(BUSINESS WIRE)--Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced that the University of Technology Sydney (UTS) has switched from Oracle to Rimini Street for improved support and security of its Oracle database and technology platforms. In doing so, the University has slashed wait times for support requests, enjoyed improved service quality and innovative, advanced security to protect its database and application middleware. Rimini Street is also helping the University manage through the ongoing IT skills shortage by reducing the amount of IT labor required for support and instead, allowing resources to focus on the rapid transition to hybrid learning.

UTS is one of Australia’s leading universities, with around 45,000 students and 4,000 staff. The IT department employs around 300 staff and is responsible for the digital experiences supporting the people, processes, and culture at the university. The University faced challenges during the pandemic including a massive shift to online learning and remote work, and a growing IT skills shortage. The large decline in the number of international students enrolling in Australia has also seen IT budgets shrink. Because of these limitations, UTS needed to refocus its strategic resources more efficiently.

“UTS, like all universities in Australia, has had to rapidly transition to a hybrid learning model that includes classroom and online service delivery. There are many innovations and technologies needed for the transition to hybrid learning; budgets are tightening across the board and the quality-of-service delivery expectations remain the same or higher,” said Daniel Benad, group vice president and regional general manager, Australia, New Zealand and Oceania, Rimini Street. “Students can now log into their online classes from almost anywhere in the world which adds a new layer of complexity for the IT team. Fast, reliable, and secure systems are needed to keep up with the changing world and to remain a leading provider in the education market.”

Focusing on the big issues with more time and money to spare

Maintaining their Oracle database landscape was draining on the university’s IT budget and internal resources. Support tickets were often slow to be resolved by the software vendor, preventing IT staff from completing other system maintenance and responding quickly to new IT challenges. Staff were preoccupied with keeping databases operating properly in a rapidly scaling up environment and had little time to focus on university initiatives to support growth and innovation.

“Skilled staff are only getting more expensive to hire and retaining these employees just to work on support and operational tasks for our enterprise software is no longer sustainable,” said Brian Kelly, Head of IT Operations at UTS. “We’ve had to really maximize the resources we have to keep our IT services growing, improving and meeting the needs of the university.”

In addition, as UTS increasingly moved towards a hybrid learning model for its students, and a remote working environment for its staff, cost, capability, supportability, and flexibility were key to guaranteeing robust and reliable IT services. The rapid move into the remote workspace also opened new avenues and risks for cybersecurity attacks and breaches. As the number and location of users increased, so too did opportunities for unauthorized access. As such, the University was conscious it needed to increase the security of its Oracle software, particularly as routine patching was a costly and time-consuming endeavour for its IT team that did not necessarily provide the fastest protection model in the case of a discovered vulnerability.

“UTS is relatively new to the hybrid working and learning space, and it’s important to be mindful of risks from such a rapid transformation,” said Kelly.

The University began to look at ways to get improved support, better security and reduced operating costs for its Oracle Database landscape while also reducing the resource drain on its IT team. UTS turned to Rimini Street’s enterprise software support and security solutions.

Lowering Costs and Response Times

Each Rimini Street client benefits from the Company’s flexible, premium-level enterprise software support model, including its industry-leading Service Level Agreement of 10-minute response times for all critical Priority 1 cases. All clients are also assigned a Primary Support Engineer with an average of 20 years’ experience in enterprise software and backed by a team of functional and technical engineers.

In addition, Rimini Street’s Database Management Services provide UTS with new expert skills from skilled and responsive engineers. Since partnering with Rimini Street, resolving support tickets is easier and quicker, with expert engineers available to respond to challenges at any time.

“Being able to shrink how much time is spent on routine work has really allowed us to prioritise the bigger picture, and Rimini Street gives us time back in our day,” said Kelly. “The team is no longer worried about how long a patch or upgrade will take, how long it’ll take to get issues resolved, or how many hours they’ll have to dedicate to something routine. Rimini Street has taken care of that for us, and having such a quick turnaround for support has really eased up our workload.

“Rimini Street gives us high-quality support for these business-as-usual activities without breaking our budget. Being able to be flexible with what senior ICT staff we hire means we’re putting a microscope on what our team actually needs, rather than allowing necessity to dictate it.”

Rimini Street Protect - Proactive Security

Having the time and resource availability enabled UTS to develop and deploy additional enterprise security enhancements. Further, Rimini Street’s security solutions gave UTS peace of mind that it would be secure and remain live while it implemented the additional security enhancements.

“Completed security enhancements include secure identity management and access controls,” said Kelly. “Thanks to Rimini Street, we now have time and budget to spare and we are now looking at developing and deploying additional security measures utilizing a cloud-first strategy. We’re also working on automating service management and migrating to the cloud anything that improves the quality of user experience.”

“UTS is yet another example of an institution that has benefited from Rimini Street’s comprehensive and effective database support and security,” said Benad. “As international borders continue to open and students choose Australia as an education destination, UTS’ improved service delivery and flexibility supporting a hybrid education model will play a huge part in improving the student learning experience.”

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI), a Russell 2000® Company, is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. To date, more than 4,200 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries have relied on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn.

Forward-Looking Statements

Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the amount and timing of repurchases, if any, under our stock repurchase program and our ability to enhance stockholder value through such program; the impact of our credit facility’s ongoing debt service obligations and financial and operational covenants on our business and related interest rate risk, including uncertainty from the discontinuance of LIBOR and transition to any other interest rate benchmarks; the duration of and economic, operational and financial impacts on our business of the COVID-19 pandemic, as well as the actions taken by governmental authorities, clients or others in response to the pandemic; changes in the business environment in which Rimini Street operates, including the impact of any recessionary economic trends, including inflation, rising interest rates and changes in foreign exchange rates, as well as general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates and the industries in which our clients operate; the evolution of the enterprise software management and support landscape facing our clients and prospects and our ability to attract and retain clients and further penetrate our client base; catastrophic events that disrupt our business or that of our current and prospective clients, including terrorism and geopolitical actions specific to an international region; adverse developments in and costs associated with defending pending litigation or any new litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements, including under our credit facility; our ability to maintain an effective system of internal control over financial reporting and our ability to remediate any identified material weaknesses in our internal controls; changes in laws and regulations, including changes in tax laws or unfavorable outcomes of tax positions we take, or a failure by us to establish adequate reserves for tax events; competitive product and pricing activity; challenges of managing growth profitably; customer adoption of our products and services, including our Application Management Services (AMS) offerings, in addition to other products and services we expect to introduce in the future; the loss of one or more members of Rimini Street’s management team; our ability to attract and retain qualified employees and key personnel; uncertainty as to the long-term value of Rimini Street’s equity securities; the effects of seasonal trends on our results of operations, including the contract renewal cycles for vendor supplied software support and managed services; our ability to prevent unauthorized access to our information technology systems and other cybersecurity threats, protect the confidential information of our employees and clients and comply with privacy and data protection regulations; and those discussed under the headings “Risk Factors” and “Cautionary Note About Forward-Looking Statements” in Rimini Street’s Quarterly Report on Form 10-Q filed on August 3, 2022, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.

© 2022 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.

 

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Contacts

Jeff Spicer
Rimini Street, Inc.
+1 415-297-6488
pr@riministreet.com

Court Denies Majority of Motorola Solutions’ Motion to Dismiss Antitrust Case Filed by Hytera

 SHENZHEN, China - Monday, 29. August 2022

(BUSINESS WIRE)--Hytera Communications (SZSE: 002583), a leading global provider of professional communications technologies and solutions, learned that the US District Court for the Northern District of Illinois has allowed Hytera’s antitrust claims against Motorola Solutions Inc. (“Motorola Solutions”) to move forward. On August 24, 2022, the Court issued a Memorandum Opinion and Order ruling that Hytera alleged sufficient facts in eight of nine counts in its complaint against Motorola Solutions’ anticompetitive conduct in the United States. The Court’s order marks a significant milestone of Hytera’s fight against Motorola Solutions’ anticompetitive scheme that prevents manufacturers of two-way radios from competing on the merits.

Hytera is pleased to see progress in this case and is eager to move forward to prove its allegations through discovery.

In its complaint amended on September 11, 2018, Hytera alleged that Motorola Solutions engaged in anticompetitive conduct violating U.S. federal and state antitrust and unfair competition laws. Hytera asserted that Motorola Solutions has – for decades – engaged in a scheme to monopolize the market for Land Mobile Radios (“LMRs”) in the United States. The Complaint further alleges that in recent years, Motorola Solutions has targeted Hytera in its anticompetitive conduct, and that it has succeeded in foreclosing Hytera and other competitors from the market. Specifically, Hytera alleged that Motorola has engaged in a scheme to promote a system of exclusive dealing combined with tying and leveraging, serial sham petitioning, and a coordinated campaign of misinformation about Hytera’s products.

Hytera filed its original complaint in December 2017 in the United States District Court for the District of New Jersey. The case was later transferred to the U.S. District Court for the Northern District of Illinois. The motion decided by the Illinois Court had been pending since April 2019.

Hytera looks forward to proving in Court how Motorola Solutions’ anticompetitive conduct has harmed competition and consumers.

 

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Contacts

For information, contact:

Lingran Tao

Lingran.Tao@hytera.com

LuLu Exchange opens three new branches in UAE: zips past the 250-branch milestone globally

DUBAI, United Arab Emirates - Monday, 29. August 2022

With these openings, LuLu Exchange now has a network of 89 branches in the UAE

The new branches are located in Dubai’s Silicon Central Mall and Sharjah’s Al Majaz and Maaza regions

UAE’s premier cross-border payments company LuLu Exchange today opened three new branches in the country, to zip past the 250-global branch count.

The 250th milestone branch was inaugurated at Dubai’s Silicon Central Mall, with the other two branches opening at Sharjah’s Al Majaz and Maaza regions.

The milestone branch was inaugurated by H.E Dr Aman Puri, Consul General of India, in the presence of the holding company’s Managing Director, Mr. Adeeb Ahamed, and other senior management.

Speaking at the opening, H.E. Dr. Aman Puri said, “I am delighted to be part of this momentous occasion that celebrates the eventful journey of LuLu Financial Holdings. The company’s network of LuLu Exchange branches in the UAE, coupled with its digital innovations, have positively influenced the remittance & currency exchange sector in many ways. I wish the team my very best on their ambitious journey to further disrupt this space.”

Mr. Adeeb Ahamed on his part, congratulated the team and said, “Today’s openings are a celebration of our incredible journey in the UAE, a nation from where we started in the year 2009 and spread our wings globally. The new branches represent our trust in the UAE economy, and our determination to disrupt the regional payments ecosystem. We have constantly been attuned to the sector’s needs, and the branches will serve to build upon our ongoing goal to bridge the gap between our consumers and various physical & digital touchpoints.”

With these openings, the total number of LuLu Exchange branches in the UAE stands at 89.

About LuLu Exchange

LuLu International Exchange is a part of the LuLu Financial Group, an ISO 9001:2015 certified global financial services enterprise headquartered in Abu Dhabi. Through its physical branches and digital solution of LuLu Money, LuLu Exchange offers fast & reliable money transfer and foreign exchange services to a cross-section of society, powered by a robust network, reputed partners and high standards of customer care. The company operates 89 branches across all seven emirates and is also a leading facilitator of UAE’s Wage Protection System.

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Contacts

Ajit Johnson

ajit.johnson@lulufin.com

Acronis’ Mid-Year Cyberthreats Report Finds Ransomware is the Number-One Threat to Organizations, Projects Damages to exceed $30 Billion by 2023

 DUBAI, United Arab Emirates - Monday, 29. August 2022 

Increasing complexity in IT continues to lead to breaches and compromises highlighting the need for more holistic approaches to Cyber Protection

Acronis, a global leader in cyber protection, unveiled its mid-year cyberthreats report, conducted by Acronis’ Cyber Protection Operation Centers, to provide an in-depth review of the cyber threat trends the company’s experts are tracking. The report details how ransomware continues to be the number one threat to large and medium-sized businesses, including government organizations, and underlines how over-complexity in IT and infrastructure leads to increased attacks. Nearly half of all reported breaches during the first half of 2022 involved stolen credentials, which enable phishing and ransomware campaigns. Findings underscore the need for more holistic approaches to cybersecurity.

 

To extract credentials and other sensitive information, cybercriminals use phishing and malicious emails as their preferred infection vectors. Nearly one percent of all emails contain malicious links or files, and more than one-quarter (26.5%) of all emails were delivered to the user’s inbox (not blocked by Microsoft365) and then were removed by Acronis email security.

 

Moreover, the research reveals how cybercriminals also use malware and target unpatched software vulnerabilities to extract data and hold organizations hostage. Further complicating the cybersecurity threat landscape is the proliferation of attacks on non-traditional entry avenues. Attackers have made cryptocurrencies and decentralized finance systems a priority of late. Successful breaches using these various routes have resulted in the loss of billions of dollars and terabytes of exposed data.

 

These attacks are able to be launched due to overcomplexity in IT, a common problem throughout businesses as many tech leaders assume more vendors and programs lead to improved security when the inverse is actually true. Increased complexity exposes more surface area and gaps to potential attackers, keeping organizations vulnerable to potentially devastating damage.

 

“Today’s cyberthreats are constantly evolving and evading traditional security measures,” said Candid Wüest, Acronis VP of Cyber Protection Research. “Organizations of all sizes need a holistic approach to cybersecurity that integrates everything from anti-malware to email-security and vulnerability-assessment capabilities. Cybercriminals are becoming too sophisticated and the results of attacks too dire to leave it to single-layered approaches and point solutions.”

 

Critical data points reveal a complex threat landscape

As reliance on the cloud increases, attackers have homed in on different entryways to cloud-based networks. Cybercriminals increased their focus on Linux operating systems and managed service providers (MSPs) and their network of SMB customers. The threat landscape is shifting, and companies must keep pace.

 

Ransomware is worsening, even more so than we predicted.

Ransomware gangs, like Conti and Lapsus$, are inflicting serious damage.

The Conti gang demanded $10 million in ransom from the Costa Rican government and has published much of the 672 GB of data it stole.

Lapsus$ stole 1 TB of data and leaked the credentials of over 70,000 NVIDIA users. The same gang also stole 30 GB worth of T-Mobile’s source code.

The U.S. Department of State is concerned, offering up to $15 million for information about the leadership and co-conspirators of Conti.

 

The use of phishing, malicious emails and websites, and malware continues to grow.

Six hundred malicious email campaigns made their way across the internet in the first half of 2022.

58% of the emails were phishing attempts.

Another 28% of those emails featured malware.

The business world is increasingly distributed, and in Q2 2022, an average of 8.3% of endpoints tried to access malicious URLs.

 

More cyber criminals are focusing on cryptocurrencies and decentralized finance (DeFi) platforms. By exploiting flaws in smart contracts or stealing recovery phrases and passwords with malware or phishing attempts, hackers have wormed their way into crypto wallets and exchanges alike.

Cyberattacks have contributed to a loss of more than $60 billion in DeFi currency since 2012.

$44 billion of that vanished during the last 12 months.

 

Unpatched vulnerabilities of exposed services is another common infection vector—just ask Kaseya. To that end, companies like Microsoft, Google, and Adobe have emphasized software patches and transparency around publicly submitted vulnerabilities. These patches likely helped stem the tide of 79 new exploits each month. Unpatched vulnerabilities also tie into how overcomplexity is hurting businesses more than helping, as all of these vulnerabilities serve as additional potential points of failure.

 

Breaches leave financial, and SLA distress in their wake

Cybercriminals often demand ransoms or outright steal funds from their targets. But companies do not suffer challenges only to their bottom lines. Attacks often cause downtime and other service-level breaches, impacting a company’s reputation and customer experience.

In 2021 alone, the FBI attributed a total loss of $2.4 billion to business email compromise (BEC).

Cyberattacks caused more than one-third (36%) of downtime in 2021.

 

The current cybersecurity threat landscape requires a multi-layered solution that combines anti-malware, EDR, DLP, email security, vulnerability assessment, patch management, RMM, and backup capabilities all in one place. The integration of these various components gives companies a better chance of avoiding cyberattacks, mitigating the damage of successful attacks, and retaining data that might have been altered or stolen in the process.

 

You can download a copy of the full Acronis Mid-Year Cyberthreats Report 2022 here or you can learn more here.

 

About Acronis:

Acronis unifies data protection and cybersecurity to deliver integrated, automated cyber protection that solves the safety, accessibility, privacy, authenticity, and security (SAPAS) challenges of the modern digital world. With flexible deployment models that fit the demands of service providers and IT professionals, Acronis provides superior cyber protection for data, applications, and systems with innovative next-generation antivirus, backup, disaster recovery, and endpoint protection management solutions powered by AI. With advanced anti-malware powered by cutting-edge machine intelligence and blockchain-based data authentication technologies, Acronis protects any environment - from cloud to hybrid to on-premises - at a low and predictable cost.

 

Founded in Singapore in 2003 and incorporated in Switzerland in 2008, Acronis now has more than 2,000 employees in 34 locations in 19 countries. Acronis Cyber Protect solution is available in 26 languages in over 150 countries and is used by over 20,000 service providers to protect over 750,000 businesses.

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Contacts

Melwyn Abraham - melwyn@matrixdubai.com