SolarWinds, the US IT management solutions provider, recovered well in the aftermath of the massive cyber attack it fell victim to last year but said its experience should serve as a warning to other companies to remain vigilant amid an increase in global hacking campaigns.
The Texas-based company, which has a global clientele of more than 300,000 companies in 190 countries, including key US government entities and almost all Fortune 500 businesses, called for streamlining infrastructure and developing a culture of security within organisations to at least detect, if not fully prevent, cyber attacks.
Not doing so can result in potentially significant financial and reputational damages, it said.
“If threat actors are patient and thoughtful, they can get a larger payday from a cyber crime perspective and can boast they got the job done. We need to out-think them, learn what their patterns and activities are, and what they are after,” Tim Brown, chief information security officer of SolarWinds, told The National.
SolarWinds was among a number of companies breached in the wide-scale cyber attack that came to light in December 2020 after going undetected for a year. The hacking continues to reverberate today, with the growing threat of similar supply-chain attacks expected to increase further.
Considered one of the worst cyber espionage cases in history, the attackers exploited software credentials from SolarWinds and other US companies, including Microsoft and VMware, and used them to infiltrate several American federal departments, including defence, state, homeland security, treasury and commerce, while also affecting global organisations such as the UK government, the European Parliament and Nato.
US intelligence agencies said the culprit behind the attacks was a group backed by the Russian government.
Phishing – the practice of sending emails purportedly from reputable companies to trick recipients into revealing personal and sensitive information – has significantly increased during the Covid-19 pandemic, with 70 per cent of respondents in a SophosLabs survey reporting an increase in attacks.
All sectors were hit, with central government experiencing the highest increase (77 per cent), followed by business and professional services (76 per cent) and health care (73 per cent).
The incident, however, did little to dent SolarWinds' profits. For the first quarter ending March 31 this year – the first full three-month period following the attack – the company posted revenue of $256.9 million, up 4 per cent from a year ago but down 3 per cent from the preceding quarter's $265.3m. It rebounded by about 2 per cent to $262m during the second quarter.
“We were expecting a worse first quarter, but it came out better than expected,” said Mr Brown, who was involved in the SolarWinds' investigation and recovery mission of the breach.
"We're still growing well, very healthy from a company perspective and moving forward."
Successful cyber attacks can taint a company's reputation. However, in the case of SolarWinds, Mr Brown said while a number of clients sought other IT management providers, many chose to return to SolarWinds.
If you think you know everything, you don't. If you have just one person for something, it won't work... you're never fully prepared for a major cyber incident
Tim Brown,
chief information security officer of SolarWinds
The attack prompted SolarWinds to add security contacts for customers, "people that are on speed" all the time, ensuring that assistance will be immediately available in such emergencies.
“If you think you know everything, you don't. If you have just one person for something, it won't work, so we split up the tasks and communicate as frequently as we can. You are never fully prepared for a major cyber incident,” Mr Brown said.
“Prepare for alternate modes of communications, especially when your email is compromised. We can only see so far; we need others to give suggestions or say, 'I see something'."
SolarWinds participated at Gitex Global in Dubai, where it showcased the latest additions to its IT operations management portfolio.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
Review: Tomb Raider
Dir: Roar Uthaug
Starring: Alicia Vikander, Dominic West, Daniel Wu, Walter Goggins
two stars
Results
6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m
Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor
Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
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COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
UAE currency: the story behind the money in your pockets
