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‘Sri Lanka’s IT export revenue can grow 10x by delivering business outcomes over mere technology’

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Yohan Ramasundara

As Sri Lanka’s long-standing IT export dominance continues to be tested through the emergence of similarly positioned but more cost-effective destinations, a dialogue has started on a much-needed shift in the IT sector’s export outlook, skills, and positioning.

Such concerns were raised by former Australian Computer Society President Yohan Ramasundara in a panel discussion at the Heritance Hotel – Negombo, convened informally during a recent visit to the island, where he highlighted sector issues and tech serving a business purpose as a potential value differentiator globally.

The Sri Lankan-born IT pioneer addressed an audience comprising a diverse group of tech leaders including the local arm of Beta Launch, a Melbourne-based product management and engineering consultancy where he is Co-Founder.

A highly respected IT and Governance professional whose counsel is sought internationally by bodies ranging from the International Federation for Information Processing (IFIP – UNESCO) to WFEO – World Federation of Engineering Organizations, Yohan has also been instrumental in shaping Australia’s startup ecosystem having previously held the position of Chairman at both Startup Catalyst and River City Labs Accelerator.

Drawing on his extensive experience shaping the Australian tech industry, the discussion focused on Sri Lanka’s current IT export issues including growth constraints and the limiting nature of the IT sector’s value proposition globally.

‘Clients now expect digital products and projects to meet their expected business outcomes, regardless of industry, and where Sri Lankan talent falls short despite our proficient tech skills, is in grasping customer and business requirements properly to ensure the outcomes outlined for specific projects are delivered beyond mere tech delivery’, Yohan stated.

As a solution to the problem, the discipline of product management was put forth as offering a framework to match customer and business needs through tech, so it isn’t disconnected from business outcomes clients look to achieve. This would allow Sri Lanka to position itself as IT and product management consultancy specialists that can compete with other IT consultancy-focused nations, rather than with tech sellers in Southeast Asia and Eastern Europe.

‘We must move away from positioning ourselves as selling software engineering and UX professionals to creating partnerships with clients that’ll enable them to achieve their outcomes, so that when a global client engages a Sri Lankan firm, they can hit their OKRs as well and not just get their tech done’, Yohan explained.

Drawing attention briefly to his own Melbourne and Sri Lanka based product management and engineering consultancy Beta Launch, Yohan spoke of how they’ve been relentlessly solving business problems for clients but noticed how many in Sri Lanka focus on the tech and the business separately and rarely together.

Yohan brought the panel discussion to a close stating, ‘I believe the Sri Lankan IT export sector can grow exponentially if our talent not only develops proficiency in their own technical domain, but acquires more knowledge about different business domains, so we can solve the world’s business problems through tech’.

Beta Launch conducts its product management workshops for enterprise and startup clients globally and has parallelly established knowledge transfer partnerships with Sri Lankan universities, to ensure the IT and product philosophy of serving business outcomes through tech can enable the sector’s pursuit of export growth.



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Stealer malware leaked over 2 million bank cards

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The number of infections with data-stealing malware, 2020-2024 (Source: Kaspersky Digital Footprint Intelligence)

Kaspersky Digital Footprint Intelligence estimates that 2.3 million bank cards were leaked on the dark web, based on an analysis of data-stealing malware log files from 2023-2024. On average, every 14th infostealer infection results in stolen credit card information, with nearly 26 million devices compromised by infostealers, including more than 9 million in 2024 alone. Kaspersky released its report on the infostealer threat landscape while the technology world gathers at MWC 2025 in Barcelona.

Kaspersky experts estimate that approximately 2,300,000 bank cards have been leaked on the dark web. This conclusion is based on an analysis of the log files from data-stealing malware, dated 2023-2024, that were leaked on the dark web market. While globally the share of leaked cards is well below one percent, 95% of the observed numbers appear technically valid.

Infostealer malware is not only designed to extract financial information, but also credentials, cookies and other valuable user data, which is compiled into log files and then distributed within the dark web underground community. An infostealer can infect a device if a victim unknowingly downloads and runs a malicious file, for example one disguised as legitimate software, such as a game cheat. It can be spread through phishing links, compromised websites, malicious attachments in emails or messengers and various other methods. It targets both personal and corporate devices.

On average, every 14th infostealer infection results in stolen credit card information. Kaspersky Digital Footprint Intelligence experts found that nearly 26 million devices running Windows were infected with various types of infostealers in the past two years.

“The actual number of infected devices is even higher. Cybercriminals often leak stolen data in the form of log files months or even years after the initial infection, and compromised credentials and other information continue to surface on the dark web over time. Therefore, the more time passes, the more infections from previous years we observe. We forecast the total number of devices infected with infostealer malware in 2024 to be between 20 million and 25 million, while for 2023, the estimate ranges between 18 million and 22 million,” says Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.

In 2024, Redline remained the most widespread infostealer, accounting for 34% of the total number of infections.

The most significant surge in 2024 was in infections caused by Risepro, whose share of total infections increased from 1.4% in 2023 to almost 23% in 2024. “RisePro is a growing threat. It was first discovered two years ago but seems to be gaining momentum. The stealer primarily targets banking card details, passwords and cryptocurrency wallet data, and may be spreading under the guise of key generators, cracks for various software and game mods,” explains Sergey Shcherbel. Another rapidly growing stealer is Stealc, which first appeared in 2023 and increased its share from nearly 3% to 13%.

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ComBank’s 2023 Annual Report tops Banking sector at ACCA Sustainability Reporting Awards

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Commercial Bank Chief Operating Officer S. Prabagar and members of the senior management accepting one of the ACCA awards.

The Commercial Bank of Ceylon’s prowess in comprehensive disclosure of sustainability-related information to stakeholders has won its 2023 Annual Report two top awards at the 2025 Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA).

The Bank was adjudged the overall runner-up and the winner in the Banking category at these awards, repeating the achievement of its 2022 Annual Report which was similarly honoured by the ACCA last year.

The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.

Commercial Bank’s 2023 Annual Report also won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, excelling in the key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.

The Bank won the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector, the Gold for the Best Annual Report among the private sector banks, the Silver for ‘Digitally Transformative Reporting’ across all sectors, and the overall Bronze award for Excellence in Corporate Reporting.

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UTE Delivers Sri Lanka’s Largest Cat D8 Tractor to NEM Construction

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(From left to right) Deepthi Hewageegana (CEO - UTE), Mani Rajan (Director Distribution - India), Joe Moscato (Vice President - Distribution - Japan & Asia South (India & SE Asia) Caterpillar Inc), Raja Nanayakkara (Chairman / MD - NEM Construction), Prasan Fernando (Chairman - UTE), Priath Fernando - (Director - UTE), Duminda Perera (Senior General Manager - Operations)

Caterpillar equipment dealer UTE has delivered the country’s largest Cat D8 Track-Type Tractor to NEM Construction Pvt. Ltd., marking a significant milestone in heavy machinery. This delivery strengthens the long-standing partnership between UTE and NEM Construction, which spans over 45 years. The Cat D8 is expected to boost operational efficiency in large-scale projects. As the sole authorized dealer for Caterpillar in Sri Lanka, UTE continues to provide top-tier machinery and after-sales support. The handover is particularly notable as Caterpillar celebrates its 100th anniversary. NEM Construction’s Chairman, Raja Nanayakkara, praised the Cat D8’s superior performance and UTE’s unmatched service and parts support, which have been key to the company’s long-term collaboration. This purchase highlights the continued trust in both Caterpillar and UTE’s expertise in supporting Sri Lanka’s construction industry.

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