Asia AXA units, NZ health provider are latest targets hit by ransomware

Avaddon’s ransomware is programmed not to target computers with Russian-language keyboards and enjoys safe harbor in former Soviet states. (Reuters/File)
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Updated 19 May 2021
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Asia AXA units, NZ health provider are latest targets hit by ransomware

  • Ransomware attacks returned to headlines this month after hackers struck the United States’ largest fuel pipeline, the Colonial Pipeline. The company shut it down for days

BANGKOK: The Thai affiliate of Paris-based insurance company AXA said Tuesday it is investigating a ransomware attack by Russian-speaking cybercriminals that has affected operations in Thailand, Malaysia, Hong Kong and the Philippines.

Meanwhile, a cyberattack on a public health provider in New Zealand took down information systems across five hospitals, forcing staff to cancel some elective surgeries and creating all sorts of other problems.

In Bangkok, Krungthai AXA said it has formed a team with AXA’s Inter Partner Assistance to urgently investigate the problem. It was unclear how long it might take to evaluate the exposure of personal data after the criminals claimed to have stolen 3 terabytes of data including medical records, customer IDs and privileged communications with hospitals and doctors.

Kanjana Anantasomboon, assistant vice president for corporate and internal communications at Krungthai-AXA Life Insurance, said the company handles some of its services inhouse, so only part, she declined to say how much, of its customer data was with Inter Partner Assistance’s claim service.

AXA Partners, the Paris insurer’s international arm, has given few details. It said Sunday that the full impact of the attack was being investigated and that steps would be “taken to notify and support all corporate clients and individuals impacted.” It said the attack was recent, but did not specify when exactly. It said data in Thailand was accessed.

In New Zealand, Waikato District Health Board Chief Executive, Kevin Snee, said its emergency department was now only taking urgent patients. He said administrators were working to resolve the issue but he gave no timeline for when the system might be restored.

Dr. Deborah Powell, the national secretary for two unions representing doctors and other health professionals, said the attack hit every part of the operation, with doctors unable to access clinical records to quickly assess patients.

Still, Powell said she didn’t believe patients were at extra risk because staff were using workarounds.

Hospital discharges were being done by hand, and a pager system to alert multiple doctors when a patient suffered a cardiac arrest that was down was replaced by a system of personal mobile numbers. People trying to contact patients were encouraged to try calling their cell phones.

Powell said she was told it was a ransomware attack. New Zealand’s Ministry of Health described it only as an “attempted cyber incident.”

It was unclear if the event was linked in any way to others, including a cyberattack that has nearly paralyzed Ireland’s national health care IT systems. Conti, a Russian-speaking ransomware group different from the one involved in the attack on AXA, was demanding $20 million, according to the ransom negotiation page on its darknet site.

That gang threatened Monday to “start publishing and selling your private information very soon.”

The Irish government’s decision not to pay the criminals means hospitals won’t have access to patient records — and must resort mostly to handwritten notes — until painstaking efforts are complete to restore thousands of computer servers from backups.

News of the Asia attack was first reported by the Financial Times. The attackers used a ransomware variant called Avaddon. Avaddon threatened to leak “valuable company documents” in 10 days if the company did not pay an unspecified ransom.

So-called “big-game” hunters like Avaddon and Conti identify and target lucrative victims, leasing their “ransomware-as-a-service” to affiliates they recruit who do most of the heavy-lifting — taking more risk and a higher share of the profits.

AXA, among Europe’s top five insurers, said this month that it will stop writing cyber-insurance policies in France that reimburse customers for extortion payments made to ransomware criminals. It said it did so out of concern that such reimbursements encourage cyber criminals to demand ransom from companies they prey on, crippling them with malware. Once victims of ransomware pay up, criminals provide software keys to decode the data.

Ransomware attacks returned to headlines this month after hackers struck the United States’ largest fuel pipeline, the Colonial Pipeline. The company shut it down for days to contain the damage.

Last year, ransomware reached epidemic levels as criminals increasingly turned to “double extortion,” stealing sensitive data before activating the encryption software that paralyzes networks and threatening to dump it online if they don’t get paid.

That appears to be what happened to the AXA subsidiaries and Ireland’s health care system.

The top victims of ransomware are in the United States, followed by France, experts say. The extent of damage and payouts in Asian countries is unclear. Like most top ransomware purveyors, Avaddon’s ransomware is programmed not to target computers with Russian-language keyboards and enjoys safe harbor in former Soviet states.

Conti also enjoys Kremlin tolerance and is among the most prolific of such gangs. It recently attacked the school system in Broward County, Florida, which serves Fort Lauderdale and is one of the largest US school districts.


Informatica spearheads Saudi digital transformation with cloud-powered solutions

Updated 16 sec ago
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Informatica spearheads Saudi digital transformation with cloud-powered solutions

RIYADH: Saudi Arabia is set to elevate its tourism and services to a “world-class experience” through cloud-powered digital solutions by partnering with enterprise software developer Informatica Inc., said a senior executive.  

In an interview with Arab News, the company’s CEO, Amit Walia, expressed admiration for the rapid growth of tourism and the significant attention the Kingdom has given to enhancing the journey for visitors.  

Walia said: “I was very impressed and amazed by the amount of focus on the end customer, the tourist, and how to make that experience the best in the world. Making sure that the information is readily available so that the experience is great.”

He emphasized that the company wants to assist in achieving this goal and can contribute to developing tourism and infrastructure in Saudi Arabia.

Walia highlighted the potential to enhance visitor experiences, both religious and non-religious, by leveraging data and technology in areas such as transportation, accommodation, and leisure facilities.

Informatica enables businesses to utilize their information and AI by connecting and managing data across any multi-cloud or hybrid system, facilitating modern business strategies.

The CEO spoke to Arab News on the sidelines of the first major data innovation summit, Informatica Summit Saudi Arabia 2024, in Riyadh.

The gathering was organized to outline a roadmap for how the nation can fast-track its vision of becoming a cloud-first, data-driven state ahead of the World Expo 2030.

He stressed the company’s ability to manage supply chains and ensure data security and governance, suggesting that these capabilities can enhance the Kingdom’s operational efficiency as a digital enterprise.

Walia also highlighted Informatica’s belief that its investment in Saudi Arabia will accelerate the nation’s AI and cloud-focused digital transformation, ultimately benefiting its advancement.

“All the big partners you have standardized on Informatica. We believe we can help the Kingdom not just meet its 2030 goal, but I think they can do it sooner, and we want to be a part of that story,” he said.

Emphasizing the critical role of cloud technology in driving digital transformation, particularly in the context of AI, Walia asserted that cloud infrastructure is essential for enabling these technological developments.

He highlighted the importance of data management, stating that high-quality data is crucial for achieving accurate results in AI applications.  

The company is set to open its first-ever office in the Kingdom in the coming months, reinforcing its presence in the region.

The CEO expressed confidence that Informatica’s development in Saudi Arabia would surpass its growth in any other region, particularly compared to its European expansion.

“My belief is that our growth in the Kingdom will be far, far faster than in any other region on the European continent that we’ve had. My firm belief is that, and we’re investing accordingly,” Walia said.   

During the interview, Walia noted that the company collaborated with Google Cloud to establish a regional data delivery infrastructure, ensuring security.  

He further explained that partnerships with global system integrators and local agencies aim to standardize governance and privacy practices across the country.

“It’s a very deep partnership. We’ve been working with Google Cloud from its very early days. And our goal here in the Kingdom is to make sure that all of our cloud platforms for data management are available locally,” Walia said.  

He continued: “Expect us to be talking about that a lot more in the coming months and weeks, to be the backbone of all things related to good and secure data management for the Kingdom.”   

He concluded the interview by underscoring the importance of data management in the era of AI-driven advancements. Walia emphasized that while AI is powerful, it only generates value when paired with high-quality data.

“The AI does not deliver any value. AI only delivers value if it has good data paired with it. And data can only become good; data by itself is not good. It’s of poor quality and fragmented. Data becomes good when you manage it. That’s data management. That’s what we do,” he said.

Walia added, “Informatica has been doing data management for 30 years. We’ve been the number one company that does that at scale. Our platform runs 92 trillion transactions a month and grows 100 percent every year.”

In April, Informatica launched its AI-powered Intelligent Data Management Cloud platform in Saudi Arabia, representing a groundbreaking move for the Kingdom.

This initiative involved setting up a new point of delivery in Riyadh on Google Cloud, allowing the company to enhance support for local partners and organizations with its cloud data management platform in accordance with local regulations.


Rapid rollout of clean technologies makes energy cheaper: IEA

Updated 31 May 2024
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Rapid rollout of clean technologies makes energy cheaper: IEA

RIYADH: The rapid adoption of clean technologies can enhance the affordability of energy, according to a new report.

In its latest study, the International Energy Agency said that the key task for governments globally is to make clean energy technologies more accessible to those who may otherwise struggle with the upfront costs.

The energy agency noted that additional investments in the sector are needed to meet net-zero goals by 2050.

“The report shows how putting the world on track to meet net-zero emissions by 2050 requires additional investment but also reduces the operating costs of the global energy system by more than half over the next decade compared with a trajectory based on today’s policy settings. The net result is a more affordable and fairer energy system for consumers,” said the energy think tank.

Clean technologies are cost-competitive

According to IEA, clean energy technologies are already more cost-competitive over their lifespans than those reliant on conventional fuels like coal, natural gas, and oil, with solar photovoltaic and wind the cheapest options for power generation.

“In 2023, more than 95 percent of new utility-scale solar photovoltaic installations and new onshore wind capacity had lower generation costs than new coal and natural gas plants,” said the energy agency.

It added: ‘Solar PV module prices are now exceptionally low – they declined by 30 percent in 2023 – creating affordable openings for everything from utility-scale projects to home solar systems, with their value enhanced by cheaper batteries.”

The analysis highlighted that electric vehicles, although expensive compared to their traditional counterparts, will be cost-effective in the long run due to their low maintenance prices.

“Even when electric vehicles, including two-and three-wheelers, have higher upfront costs, which is not always the case, they typically result in savings due to lower operating expenses. Energy efficient appliances such as air conditioners provide similar cost benefits over their lifetimes,” noted IEA.

Clean energy transition dependent on upfront investments

The energy think tank further pointed out that a clean energy transition hinges on unlocking higher levels of upfront investment, specifically in developing economies.

According to the report, clean energy investments are lagging in emerging economies due to actual or perceived risks that hinder new projects and access to finance.

“Moreover, distortions in the present global energy system in the form of fossil fuel subsidies favor incumbent fuels, making investments in clean energy transitions more challenging,” said IEA.

It added: “Governments worldwide collectively spent around $620 billion in 2023 subsidizing the use of fossil fuels – far more than the $70 billion that was spent on support for consumer-facing clean energy investments.”

How clean energy technologies benefit customers

According to the analysis, the benefits of a faster energy transition and growing shares of renewables such as solar and wind power will help end customers, as clean technologies are less volatile than oil product prices.

IEA added that electricity is expected to overtake oil as the leading fuel source in final consumption by 2035.

“The data makes it clear that the quicker you move on clean energy transitions, the more cost-effective it is for governments, businesses, and households,” said Fatih Birol, executive director of the IEA.

He added: “If policymakers and industry leaders put off action and spending today, we will all end up paying more tomorrow. The first-of-a-kind global analysis in our new report shows that the way to make energy more affordable for more people is to speed up transitions, not slow them down. But much more needs to be done to help poorer households, communities and countries to get a foothold in the new clean energy economy.”

Policy intervention crucial to quicken energy transition

The energy agency further noted that incentives and greater support, mainly targeted at more disadvantaged households, can improve the uptake of clean energy technologies in the coming years.

According to IEA, incentivizing clean energy technologies will help consumers fully reap the benefits of these renewables and the cost savings, along with supporting efforts to reach international energy and climate goals.

The report suggested additional measures governments can take to accelerate the use of clean technologies, including delivering energy efficiency retrofit programs to low-income households, obliging utilities to fund more efficient heating and cooling packages, and providing affordable green transport options.

“Policy intervention will be crucial to address the stark inequalities that already exist in the current energy system, where affordable and sustainable energy technologies are out of reach for many people,” said IEA.

The release added: “The most fundamental inequities are faced by the almost 750 million people in emerging and developing economies who lack access to electricity, and the more than 2 billion people without clean cooking technologies and fuels.”

However, the energy think tank warned that the risk of price shocks does not disappear in clean energy transitions, and governments should continue to be vigilant about new dangers that could affect energy security and affordability.

According to IEA, geopolitical tensions remain significant potential drivers of volatility, both in traditional fuels and, more indirectly, in clean energy supply chains.

Furthermore, the shift to a more electrified energy system could bring a new set of hazards into play that are more local and regional, especially if investments in grids, flexibility, and demand response fall behind.

“Power systems are vulnerable to an increase in extreme weather events and cyberattacks, making adequate investments in resilience and digital security crucial,” IEA concluded.

In an additional report released in May, the agency revealed that ensuring a reliable and diversified supply of energy transition minerals is crucial to achieving net-zero targets.

The study also noted that the market size of key energy transition minerals is expected to double by 2040, reaching $770 billion.


Aramco completes acquisition of 40% stake in Gas & Oil Pakistan

Updated 31 May 2024
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Aramco completes acquisition of 40% stake in Gas & Oil Pakistan

RIYADH: Energy giant Saudi Aramco has completed the acquisition of a 40 percent equity stake in Gas & Oil Pakistan as the company continues its global retail expansion. 

The acquisition, first announced in December 2023, represents Aramco’s first downstream retail investment in Pakistan and signals the firm’s growing presence in high-value markets, the company said in a press statement. 

“Our global retail expansion is gaining pace and this acquisition is an important next step on our journey. Through our strategic partnership with GO, we look forward to supplying Aramco’s high-quality products and services to valued customers in Pakistan,” said Yasser Mufti, executive vice president of products and customers at Saudi Aramco. 

He added: “We are also delighted to welcome another high-caliber addition to Aramco’s growing network of global partners, and look forward to combining our resources and expertise to unlock new opportunities and further grow the Aramco brand overseas.” 

In March, Saudi Aramco acquired a 100 percent equity stake in Esmax Distribucion SpA, a leading diversified downstream fuels and lubricants retailer in Chile. 

On May 30, the energy giant said that it plans to sell 1.545 billion shares worth more than $10 billion. 

In a statement, the company announced a “secondary public offering of 1.545 billion shares,” with an expected price range between SR26.70 and SR29 ($7 to $7.70).

The sale on the Saudi stock exchange, which represents approximately 0.64 percent of the company’s issued shares, will commence on June 2. 

On May 12, Saudi Aramco revealed that its net profit for the first quarter of this year reached $27.27 billion, representing a rise of 2.04 percent compared to the last three months of 2023. 

According to a statement, the oil firm’s total revenue for the three months to the end of March stood at $107.21 billion, with the total operating income reaching $58.88 billion.  

In April, a report released by Brand Finance revealed that Saudi Aramco has maintained its position as the Middle East’s most valuable brand, with a value of $41.5 billion. 

According to the analysis, the energy giant continued to dominate the region despite an 8 percent drop in value, driven by a fall in crude oil prices and lower sales volumes.


Oil Update - crude slips after Fed signals no rush to cut rates as key US inflation data awaited

Updated 31 May 2024
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Oil Update - crude slips after Fed signals no rush to cut rates as key US inflation data awaited

HOUSTON/BEIJING: Oil prices fell in Asia on Friday as comments from a Federal Reserve official bolstered expectations of rates staying higher for longer, a view that will be tested later in the day with a keenly-awaited US inflation report, according to Reuters. 


The market, which is waiting on a weekend OPEC+ decision on production cuts, was weighed down in overnight trade by a surprise build in US gasoline stocks.

Brent futures were down 3 cents, or 0.04 percent, to $81.83 per barrel at 9:01 a.m. Saudi time, while US West Texas Intermediate crude fell 10 cents, or 0.13 percent, to $77.81.


Dallas Federal Reserve President Lorie Logan said she is still worried about upside risks to inflation despite recent easing, warning that the US central bank needs to be flexible and keep “all options on the table” as it watches data and determines how to respond.


“It’s really important that we don’t lock into any particular path for monetary policy,” Logan said at an event in El Paso, Texas. “I think it’s too soon to really be thinking about rate cuts.”


Markets are cautious ahead of the release of a key gauge of US inflation on Friday, said Yeap Jun Rong, a market strategist with IG. The April report on personal consumption expenditures, the Fed’s preferred inflation index, is due later in the global day.


The oil market has been under pressure in recent weeks over the prospect of US borrowing costs staying higher for longer, which could potentially tie down funds and hurt crude consumption.


Meanwhile, US crude oil inventories fell 4.2 million barrels to 454.7 million barrels in the week ending on May 24, the Energy Information Administration said on May 30, compared with expectations in a Reuters poll for a 1.9 million-barrel draw.


Gasoline inventories, however, rose in the US against an expectation that demand would be higher ahead of the long Memorial Day weekend, which signals the start of the summer driving season. Stocks were up 2 million barrels for the week to 228.8 million barrels, the EIA said, compared with expectations for a 400,000-barrel draw. ​


Elsewhere, OPEC+ is working on a complex deal to be agreed at its meeting on June 2 that would allow the group to extend some of its deep oil production cuts into 2025, three sources familiar with OPEC+ discussions said on May 30.


“A significant driver for oil prices ahead will revolve around the upcoming OPEC+ meeting this weekend,” Yeap said. “Any further cuts may be unlikely and will be seen as a huge surprise.”


The Organization of the Petroleum Exporting Countries led by Saudi Arabia and allies led by Russia, together known as OPEC+, are currently cutting output by 5.86 million barrels per day, equal to about 5.7 percent of global demand. 


GCC countries to lead Mideast energy transition 

Updated 30 May 2024
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GCC countries to lead Mideast energy transition 

  • Saudi Arabia, UAE, and Oman to account for two-third of region’s solar capacity

RIYADH: Saudi Arabia, the UAE, and Oman are set to lead the Middle East’s solar transition thanks to several key factors, according to a new report.

In its latest analysis, Norwegian business intelligence and research company Rystad Energy stated that solar power is becoming increasingly important in the energy policies of Middle Eastern countries.

As the cheapest energy source, solar photovoltaics in Saudi Arabia has achieved a world record-low levelized cost of electricity of $10.4 per megawatt-hour, the report stated. It further explained that this is due to factors such as low hurdle rates, large-scale projects, and declining hardware prices, as well as low labor costs and high solar irradiance.
“The region has exceptional solar energy potential, receiving more than 2,000 kilowatt-hours per sq. m. annually in solar irradiation in countries such as Saudi Arabia, the UAE, and Oman,” the report stated.
The total solar capacity in the Middle East at the end of 2023 exceeded 16 gigawatts and is expected to approach 23 GW by the end of 2024, the report added.
Rystad Energy’s projections indicate that by 2030, the capacity will surpass 100 GW, with green hydrogen projects contributing an annual growth rate of 30 percent.
The report stated that Saudi Arabia, the UAE, and Oman are on track to collectively account for nearly two third of the region’s total solar capacity by the end of the decade.
By 2050, renewable sources, including hydro, solar, and wind, are expected to constitute 70 percent of the Middle East’s power generation mix, a significant leap from 5 percent at the end of 2023, the report stated.
Despite this surge, the region will rely heavily on natural gas in the short term, with usage peaking around 2030.
The report added that at the end of 2023, 93 percent of the Middle East’s power generation was from fossil fuels, with renewables at 3 percent and nuclear and hydro at 2 percent each.
By 2030, 30 percent of installed capacity is expected from renewables, potentially reaching 75 percent by 2050.
Rystad Energy predicts battery energy storage will grow significantly in the 2030s, supporting the transition to solar and wind power. The share of gas in power generation is expected to decrease from 74 percent in 2023 to 22 percent by 2050.