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Ransomware payments increase 500% in last year: Sophos

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John Shier

Sophos, a global leader of innovative security solutions that defeat cyberattacks, today released its annual “State of Ransomware 2024” survey report, which found that the average ransom payment has increased 500% in the last year. Organizations that paid the ransom reported an average payment of $2 million, up from $400,000 in 2023. However, ransoms are just one part of the cost. Excluding ransoms, the survey found the average cost of recovery reached $2.73 million, an increase of almost $1 million since the $1.82 million that Sophos reported in 2023.

Despite the soaring ransoms, this year’s survey indicates a slight reduction in the rate of ransomware attacks with 59% of organizations being hit, compared with 66% in 2023. While the propensity to be hit by ransomware increases with revenue, even the smallest organizations (less than $10 million in revenue) are still regularly targeted, with just under half (47%) hit by ransomware in the last year.

The 2024 report also found that 63% of ransom demands were for $1 million or more, with 30% of demands for over $5 million, suggesting ransomware operators are seeking huge payoffs. Unfortunately, these increased ransom amounts are not just for the highest-revenue organizations surveyed. Nearly half (46%) of organizations with revenue of less $50 million received a seven-figure ransom demand in the last year.



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Business

NSB felicitates the performance and commitment of Grade 5 students

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The student, who obtained the highest marks in the Sinhala medium, at the Grade 5 Scholarship Examination – 2026, was felicitated by the National Savings Bank (NSB), recently, at the NSB Head Office, under the Hapan Pranama Scholarship Program -2026, organized by the Bank.

The Chairman of the Bank, Dr. Harsha Cabral PC, the Actg. General Manager/CEO, Rohana Bandara Weerakoon and the Corporate Management were present at the occasion.

Danoj Theekshana Weerasekara, a student of Ahatuwewa Model Primary School in Kurunegala District, has won the first place in Sinhala Medium at Grade 5 Scholarship Examination this year, with 193 marks. His remarkable achievement reflects not only his personal talents, but also the commitment of his family members, guidance of his teachers and support of the entire school community, who came together to make his triumph a reality.

The National Savings Bank, while complimenting his achievement, wishes him good luck, strength and courage for his future academic endeavors.

Being always committed towards realizing the educational goals of the children of the country, NSB organizes a seminar series, well in advance of the Examination, every year, to support them in preparation for the exam. The Bank has been able to hold more than 100 seminars islandwide this year as well.

Through these seminars, it is expected to provide the students with knowledge, guidance and mental strength, required to be successful at the Examination and the Bank has joined hands with them at an important juncture of their lives, assuring support and strength to face the exam with confidence. (NSB)

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CSE receives ‘Great Place to Work’ for five consecutive years

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Members of CSE, CDS & CSE Clear gathered to commemorate the accolade

The Colombo Stock Exchange (CSE) has received the ‘Great Place to Work’ Certification’ for the 5th consecutive year in a row. Since 2022 the bourse has been continually awarded the certification in recognition of its commitment to providing a welcome, inclusive and safe environment.

“At CSE, our people remain our greatest strength.” remarked Rajeeva Bandaranaike, CEO of the CSE “Receiving the Great Place to Work Certification for the fifth consecutive year is a meaningful recognition of our commitment to creating a workplace culture founded on trust, respect, and collaboration. It is an achievement shared by every member of the CSE team and reflects the passion, commitment, and teamwork that continue to drive our success.”

The certification was awarded by Great Place to Work®, a global organization that grants this recognition across more than 180 countries and regions and represents over 20 million employees and 22,000 companies worldwide. The certification was based on the results of an anonymous, company-wide survey that evaluated workplace culture across five key dimensions: credibility, respect, fairness, pride, and camaraderie.

The certification reaffirms CSE’s commitment to its foundational values of Professionalism, Integrity, Care, Teamwork, Passion and Agility. By championing equity and inclusion, the CSE has built a welcoming, discrimination-free culture where every individual can thrive. A cornerstone of this success is CSE’s leadership in workplace diversity as an equal opportunity employer and signatory to the UN Women’s Empowerment Principles, alongside its close collaboration with the UN Global Compact and Respectful Workplaces initiatives. Additionally, the exchange fosters dynamic young talent, with early-career professionals accounting for 57% of its workforce.

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SEBSA and Addovation form strategic partnership to support IFS customers across the globe

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From left: Muthuraja Nanayakkara, CEO of SEBSA (Pvt) Ltd and Mikael Johansson, Interim CEO of Addovation

SEBSA and Addovation announced a strategic partnership that brings together senior IFS specialists from both organisations to drive long-term IFS customer success across the globe. The strategic partnership forms one of the largest consortiums of its kind in the industry.

This strategic partnership builds on an existing track record of successful project deliveries together, which has already demonstrated the operational compatibility between the two organisations. Addovation brings a strong presence and deep market understanding across the Nordic region, while SEBSA brings established global IFS expertise.

“Scale alone is not enough. What matters is having experienced specialists who understand complex customer environments and can deliver consistently,” says Muthuraja Nanayakkara, CEO of SEBSA. “Both SEBSA and Addovation bring decades of IFS expertise in our own right, and together, we combine that experience with a strong European business understanding and the capacity to support customers across markets.”

“AI is changing the conversation around ERP. Companies are asking not only how they modernize their systems, but how they build a foundation that allows them to continuously adopt new technology and turn it into business value,” says Mikael Johansson, Interim CEO of Addovation.

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