Business

Ransomware menace plagues Sri Lankan businesses: Kaspersky

Published

2 years ago

2024/06/13

A total of 2,650 ransomware incidents were detected and blocked by Kaspersky cybersecurity solutions for businesses in Sri Lanka from January to December 2023.

Experts from the global cybersecurity company insist on organisations, regardless of shape and size, to beef up their IT security posture as ransomware, especially the targeted type, continues to be a damaging menace for organisations in the region.

“The era of widespread mass attacks by encryptors on both individuals and businesses is gradually fading away. Instead, we are witnessing a shift towards organised groups that execute hacks involving data theft and encryption, commonly referred to as double extortion. The rationale behind this evolution lies in the perpetrators’ ability to operate with greater efficiency, thereby enabling them to demand significantly higher ransom sums,” says Fedor Sinitsyn, Lead Malware Analyst at Kaspersky.

Last year, ransomware incidents in Sri Lanka include the compromise of 5,000 government-related emails as well as attacks on telecom servers.

“It’s evident that the threat actors behind ransomware attacks target all sectors in Sri Lanka. The total number of attempts may be low, but organisations need to realise the real impact of each successful ransomware infection, both on the financial and reputation fronts. It’s imperative for businesses here to look into cybersecurity technologies that provide absolute anti-ransomware effectiveness in third-party exams. Because not all cybersecurity solutions are created equal,” Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky.

Kaspersky Endpoint Security for Business, Kaspersky Small Office Security and Kaspersky Standard demonstrated complete protection against ransomware in 10 different real-life attack scenarios during regular Advanced Threat Protection assessments held by AV-TEST.

To combat ransomware and assist those affected, Kaspersky, alongside Europol, the Dutch National Police, and others has the No More Ransom initiative, launched in 2016. On the official website, participants provide decryption tools, guidelines, and instructions to report cybercrimes, irrespective of the location of the incident.

By the end of 2023, Kaspersky marked the seventh anniversary as a key contributor to the No More Ransom initiative. This period witnessed expanded access to Kaspersky’s free decryption tools, in line with its commitment to combating ransomware. These tools, targeting 39 ransomware families, have been integral in assisting nearly 2 million victims globally, as reported by Europol, underscoring the profound impact of the No More Ransom initiative supported by Kaspersky.

To protect yourself and your business from ransomware attacks, consider following the rules proposed by Kaspersky experts:

Do not expose remote desktop/management services (such as RDP, MSSQL, etc.) to public networks unless absolutely necessary and always use strong passwords, two-factor authentication and firewall rules for them.

Promptly install available patches for commercial VPN solutions providing access for remote employees and acting as gateways in your network.

Always keep software updated on all the devices you use to prevent ransomware from exploiting vulnerabilities.

Focus your defense strategy on detecting lateral movements and data exfiltration to the Internet. Pay special attention to the outgoing traffic to detect cybercriminals’ connections.

Back up data regularly with special attention to offline backup strategies. Make sure you can quickly access it in an emergency when needed.

Avoid downloading and installing pirated software or software from unknown sources.

Assess and audit your supply chain and managed services’ access to your environment.

Prepare an action plan for reputational risk of your data exposure in the unfortunate event of data theft.

Use solutions like Kaspersky Endpoint Detection and Response Expert and Kaspersky Managed Detection and Response service which help to identify and stop the attack on early stages, before attackers reach their final goals.

To protect the corporate environment, educate your employees. Dedicated training courses can help, such as the ones provided in the Kaspersky Automated Security Awareness Platform.

Use the latest Threat Intelligence information to stay aware of actual TTPs used by threat actors. The Kaspersky Threat Intelligence Portal is a single point of access for Kaspersky’s TI, providing cyberattack data and insights gathered by our team for over 26 years.

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Business

Sri Lanka pitches Saudi investors for new investment partnerships

Published

8 hours ago

2026/09/29

Sahan Weerasooriya

Saudi and Sri Lankan dignitaries at the National Day reception.

By Ifham Nizam

Sri Lanka is pitching Saudi Arabia for greater investment and deeper trade ties, seeking to attract Saudi capital into new development opportunities while aligning bilateral economic cooperation with the Kingdom’s ambitious Vision 2030 agenda, Ports and Civil Aviation Minister Anura Karunathilaka, chief guest at Saudi Arabia’s 96th National Day celebrations in Colombo, said.

Addressing the National Day reception at ITC Ratnadipa, Karunathilaka said Sri Lanka was keen to identify new areas of economic cooperation with the Kingdom and create fresh opportunities for Saudi investors and businesses.

‘We look forward to creating new opportunities for the people of both countries by working in cooperation with Saudi Arabia’s Vision 2030 and its broader development initiatives, he said.

The minister said Sri Lanka wanted to move beyond its existing development cooperation with Saudi Arabia and build a broader economic partnership encompassing investment, trade and new development projects.

He noted that Saudi Arabia had already made a substantial contribution to Sri Lanka’s development. Since 1981, the Kingdom has provided concessional financing amounting to around Saudi Riyals 1.5 billion for 13 projects in Sri Lanka, supporting key sectors including energy, healthcare, education, drinking water and infrastructure.

Karunathilaka said Sri Lanka appreciated this support and was keen to build on the foundation created by those projects by opening further avenues for Saudi investment.

The minister’s investment pitch comes as Saudi Arabia advances its Vision 2030 programme, with the Kingdom seeking to diversify its economy and develop new international partnerships. Sri Lanka, meanwhile, is seeking to attract investment and expand economic opportunities through closer engagement with international partners.

Karunathilaka also highlighted the strong people-to-people links between the two countries, noting that nearly 250,000 Sri Lankans currently work and reside in Saudi Arabia.

‘They serve as an important bridge between our two countries and contribute significantly to strengthening the people-to-people ties between Sri Lanka and Saudi Arabia, he said.

He expressed appreciation for Saudi Arabia’s continued assistance to Sri Lanka and thanked the Saudi government for the facilities extended to Sri Lankan Muslims undertaking Hajj and Umrah pilgrimages.

Karunathilaka said Sri Lanka looked forward to working more closely with Saudi Arabia to strengthen political relations, broaden investment opportunities and enhance development cooperation.

Yaser Abdulrahman Al-Hazme, Chargé d’Affaires of the Royal Embassy of Saudi Arabia to Sri Lanka, said the embassy remained committed to strengthening bilateral relations by promoting political, economic and cultural communication between the two countries.

‘The embassy of the Kingdom of Saudi Arabia in Colombo has been keen during the past period to strengthen bilateral relations between the two countries by playing its role in supporting political, economic, and cultural communication, Al-Hazme said.

Al-Hazme also highlighted the embassy’s role in strengthening communication between Saudi and Sri Lankan institutions and following up on the interests of Saudi citizens in Sri Lanka.

‘On this precious national occasion, I extend my sincere thanks and appreciation to the government and people of the Democratic Socialist Republic of Sri Lanka for the attention and care given to relations between our two countries, and for the constructive cooperation that has contributed to strengthening the bonds of friendship and partnership between the Kingdom and Sri Lanka, he said.

Business

Sonali Rodrigo earns national recognition from Australia’s finance industry

Published

8 hours ago

2026/09/29

Sahan Weerasooriya

Sonali Rodrigo receiving the prestigious AFG Women on the Move Scholarship at the awarding ceremony held in Melbourne.

Australian finance professional Sonali Rodrigo has been recognised with the prestigious AFG Women on the Move Scholarship, presented by Australian Finance Group (AFG), in recognition of her leadership, industry contribution and impact spanning more than two decades in Australia’s finance industry.

The AFG Women on the Move program is dedicated to supporting and advancing women in the finance and mortgage broking industry, recognising individuals who demonstrate leadership, professional contribution, growth, impact and a commitment to empowering other women. The scholarship is supported by leading industry partners, including HSBC and Thinktank.

Sonali’s career spans more than 20 years in Australia’s finance industry, encompassing senior leadership, financial advisory and governance roles. Alongside her professional responsibilities, she has actively mentored and supported women in their career development, contributed to financial literacy, and helped individuals make more informed financial decisions. Her recognition reflects both her professional achievements and the broader impact of her leadership, particularly in creating opportunities and empowering the next generation of women in finance.

Business

Beyond the crisis: Sectoral paths to durable growth

Published

8 hours ago

2026/09/29

Sahan Weerasooriya

Institute of Policy Studies of Sri Lanka (IPS)

Continued From last Friday

Regional infrastructure improvements beyond the Western Province are essential to close market-access gaps and improve efficiency. The Western Province alone generates 42% of Sri Lanka’s GDP, but the dynamics of such agglomeration may also be highly underestimated. Officially, barely a fifth is deemed ‘urban’ in the province, but IPS re-estimates from the 2024 census using population density and infrastructure access, place the true figure at nearly 61%. The absence of strong secondary cities and industrial clusters outside the province reduces the potential gains from this agglomeration, thereby weakening incentives for firms to locate elsewhere or decentralise operations.

Fiscal incentives can promote decentralised corporate operations by offering tax rebates, lower property taxes, and land access in secondary cities like Kalutara and Gampaha, leveraging the connectivity of Southern and Colombo-Katunayake Expressways. The Hambantota seaport and airport, along with Koggala and Mirijjawela Export Processing Zones, can help develop the Southern Province through geography-based tax concessions.

Immediate measures, such as pricing vehicle entry into Colombo city will support regional agglomeration while tackling the acute problem of city congestion. Adopting a low-cost, technology-anchored free-flow method, similar to the Automated Number Plate Recognition (ANPR) currently used in commercial parking facilities for vehicles entering the city, is one such means. Installing high-mounted overhead ANPR gantries at key arterial entry points can operationalise congestion pricing without disrupting traffic speed. Fee collection can use a system like E-Tags electronic toll collection on expressways, integrated with digital payment gateways like GovPay and LankaQR for dynamic, time-of-day variable pricing.

The renewable energy transition is vital to drive competitiveness, external shock resilience, and green growth. Sri Lanka’s transition to renewable energy (RE) has advanced from a mere aspiration to tangible progress. Yet, the evidence suggests the transition is advancing faster on the generation side than the system built to absorb it. Transmission capacity, market design, financing channels, and digital infrastructure have not kept pace with capacity additions, and this gap is what will determine the pace of the transition through 2030.

Capital spending on transmission must be ring-fenced by legally, operationally, and financially separating the electricity grid (the transmission network) from the rest of the energy sector or by the broader government budget as a protected public investment within the medium-term budget framework. Funding should shift from general budget support to dedicated multilateral facilities, reinforced by sovereign guarantees for eligible borrowing. To safeguard public funds, this must be paired with a clear tariff pass-through mechanism that effectively limits open-ended Treasury exposure.

To build market trust, domestic budget funding should be earmarked for market-design technical assistance, signalling strong policy ownership rather than relying on external donors. Transparency too should be strengthened by publishing a firm implementation timeline in the Budget statement and fully disclosing long-term fiscal commitments from Power Purchase Agreements, capacity arrangements, and ancillary services.

(Concluded)