Business

Ransomware menace plagues Sri Lankan businesses: Kaspersky

Published

10 months 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

Industry and Entrepreneurship Development Minister Handunneththi’s visit to Lumala highlights key industrial concerns

Published

4 hours ago

2025/04/5

Thilina Walpola

Minister inspecting along with Lumala factory manager Ranjith Siriwardana (left)

With the aim of assesing the current challenges faced by local industrialists and explore avenues for government support, Minister of Industry and Entrepreneurship Development Hon. Sunil Handunneththi visited City Cycle Industries Manufacturing (Pvt.) Ltd., widely known as Lumala, on March 24 at its factory in Panadura.

During the visit, Minister Handunneththi engaged with senior officials and employees to understand their concerns and operational difficulties. In a statement shared on social media, the Minister acknowledged the pressing challenges affecting Sri Lanka’s manufacturing sector and emphasized the government’s commitment to providing swift and effective solutions.

Minister Handunneththi further reiterated the government’s intent to position local manufacturers as key stakeholders in Sri Lanka’s economy by addressing regulatory hurdles, market imbalances, and supply chain constraints.

The visit comes amid growing concerns from Lumala employees and management regarding the state of Sri Lanka’s bicycle manufacturing industry, in the backdrop of facing significant challenges, including an influx of imported bicycles and components that circumvent regulatory checks. In addition, the high taxes on raw materials used in local manufacturing has further exacerbated production costs, making it difficult for domestic manufacturers to remain competitive.

Earlier this year, Lumala employees called for urgent government intervention to address these challenges, warning that ongoing financial strain could lead to further shutdowns of critical production units, job losses, and setbacks to the broader industrial ecosystem. With a local value addition of 50-70 percent verified by the Ministry, its workforce remains hopeful that government action will help achieve an ethical manufacturing industry.

Lumala, a household name in Sri Lanka’s bicycle industry, has been a key player in sustainable mobility solutions for over 35 years. The company was recently honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector category at the National Industry Brand Excellence Awards 2024.

With a production capacity of 2,000 bicycles per day and a workforce of 200, Lumala continues to cater to both domestic and international markets, producing a diverse range of bicycles, electric bikes and light electric vehicles. In line with Sri Lanka’s goal to expand forest cover to 32 percent by 2030 and cut GHG emissions by 14.5%, Lumala is actively contributing to this mission—both as a company and through its diverse range of products.

As Sri Lanka works towards strengthening its local manufacturing sector, Minister Handunneththi’s visit signals a crucial step toward addressing industrial concerns and reinforcing government support for sustainable and competitive domestic production.

Business

New SL Sovereign Bonds win foreign investor confidence

Published

4 hours ago

2025/04/5

Thilina Walpola

Sri Lanka’s country rating was upgraded from ‘Restricted Default’ to ‘CCC’ following the successful exchange for the new International Sovreign Bonds (SL ISBs) during December 2024. The three types (03) of exciting new sovereign bonds have restored foreign investor confidence.

The Central Bank of Sri Lanka (CBSL) has performed a remarkable role in guiding the economy out of default status and restored economic stability, and gained Sri Lanka a non-default Country Rating of ‘CCC’. Among the key achievements of CBSL, have been to reduce treasury interest rates under 9% and stabilize the currency while rebuilding foreign reserves to $ 6Bn.

SL offers four Macro Linked Bonds (MLBs) linked to GDP growth, a Governance Linked Bond (GLB) and a short term, Fixed Coupon Bond for unpaid Past Due Interest (PDI). The MLBs offer variable returns depending on SL’s GDP growth from 2024 to 2027, (e.g. haircuts can vary between 16% to 39%). The GLB interest can vary depending on meeting 15.3% and 15.4% of Total Revenue/ GDP thresholds in 2026 and 2027 respectively. The PDI bond offers a fixed coupon of 4% until 2028 and trades at around $94.

This combination of unique, variable returns offers global investors an exciting opportunity to capitalize on SL’s economic revival and US interest rate movements. Sri Lanka’s economic resurgence in 2024 was promising, with a 5% GDP growth rate. With improving investor confidence, SL ISB daily turnover now exceeds $10mn.

The Ceylon Dollar Bond Fund (CDBF) is the only USD Sovereign Bond Fund that is exclusively invested in SL ISBs with Deutsche Bank acting as the Trustee and Custodian Bank. The Fund reported returns of 53% in 2023 and 39% in 2024.

We invite foreign investors to enter CDBF while Sri Lanka is rated at ‘CCC’ and consider realizing their investment upon SL reaching a Country Rating of ‘B- ‘. Other advantages of CDBF are, the ability to withdraw anytime and being tax exempted.

Ceylon Asset Management (CAM), the Fund Manager, has commenced an advertising campaign to promote the CDBF to the Sri Lankan Diaspora, South Asian, Middle Eastern and Australian Investors. CAM is an Associate Company of Sri Lanka Insurance Corporation (SLIC) and licensed under the Securities and Exchange Commission of Sri Lanka Act, No. 19 of 2021.

Meanwhile, the Ceylon Financial Sector Fund managed by CAM emerged as the top performing rupee fund in Sri Lanka during 2024, with a return of 64%. Investors can find out more on www.ceylonassetmanagement.com or write to us on info@ceylonam.com.

Past performance is not an indicator of the future performance. Investors are advised to read and understand the contents of the KIID on www.ceylonam.com before investing. Among others investors shall consider the fees and charges involved.(CAM)

Business

Share market plunges steeply for second consecutive day in reaction to US tariffs

Published

4 hours ago

2025/04/5

Thilina Walpola

CSE plunged at open, falling for the second consecutive day yesterday, down over 300 points in mid- morning trade.US President Donald Trump has imposed a 44 percent tax on Sri Lanka’s exports in an executive order which he claimed, spelt out discounted reciprocal rates for about half the taxes and barriers imposed by the island on America.

As a result both indices showed a downward trend. The All Share Price Index dropped 300 points, or 2.32 percent, to 15,294.94, while the S&P SL20 dropped 101 points, or 2.71 percent, to 4,517.37.

Turnover stood at Rs 3.1 billion with six crossings. Those crossings were reported in Sampath Bank which crossed 1.6 million shares to the tune of Rs 181 million and its shares traded at 109, JKH 4.1 million shares crossed to the tune of 80.5 million and its shares sold at Rs 19.5.

Hemas Holdings 400,000 shares crossed for Rs 45.6 million; its shares traded at Rs 114, CTC 25000 shares crossed to the tune of Rs 32.2 million; its shares traded at Rs 1330, Commercial Bank 200,000 shares crossed for 27 million; its shares traded at Rs 135 and TJ Lanka 157,000 shares crossed for Rs 20 million; its shares traded at Rs 46.

In the retail market top six companies that have mainly contributed to the turnover were; Sampath Bank Rs 296 million (2.9 million shares traded), JKH Rs 220 million (11.2 million shares traded), Haylays Rs 195 million (142,000 shares traded), HNB Rs 151 million (519,000 shares traded), Commercial Bank Rs 138 million (1 million shares traded) and Central Finance Rs 129 million (735,000 shares traded). During the day 218 million shares volumes changed hands in 22000 transactions.

It is said the banking sector was the main contributor to the turnover, especially Sampath Bank, while manufacturing sector, especially JKH, was the second largest contributor.

Yesterday, the rupee opened at Rs 296.75/90 to the US dollar in the spot market, stronger from Rs 296.90/297.20 on the previous day, dealers said, while bond yields were up.

A bond maturing on 15.10.2028 was quoted at 10.35/40 percent, up from 10.25/30 percent.

A bond maturing on 15.09.2029 was quoted at 10.50/60 percent, up from 10.45/55 percent.

A bond maturing on 15.10.2030 was quoted at 10.60/70 percent, up from 10.30/65 percent.

By Hiran H Senewiratne