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UAE-based Rivoli and Smart Buy hit by data breaches

TCN Bureau
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UAE-based Rivoli and Smart Buy hit by data breaches

A message on the dark web claims that data of UAE-based luxury watch maker Rivoli Group AE and e-commerce company Smart Buy have been breached this month.

It is believed that the involvement of malware impacted 44,000 users of Rivoli.

Attackers had leaked data like the statuses of the order, the dates, the countries, and email addresses. Cybercriminals @IntelBroker and @EnergyWeaponUser stand accused of having executed the breach and put the database up for download.

Moreover, the data breach impacted 8,500 customers of Smart Buy.

Threat actors known as @IntelBroker and @EnergyWeaponUser, who shared the compromised data on a dark web forum  comprises of user’s email addresses, time of transaction, currency, and data concerning specific online shops.

Dubai Chamber of Digital Economy to boost Emirate’s digital economy

TCN Bureau
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Dubai Chamber of Digital Economy to boost Emirate’s digital economy
  • Aims to create a dynamic business ecosystem that not only accelerates digital transformation but also nurtures innovation and entrepreneurship.

The Dubai Chamber of Digital Economy recently convened its Advisory Council for an annual meeting, a pivotal occasion that focused on the chamber’s key initiatives, notable achievements, and strategic aspirations.

The meeting underscored the chamber’s vital role in advancing the Dubai Economic Agenda (D33), which aims to generate an impressive AED 100 billion annually through transformative digital projects. The discussions centered around enhancing the contributions of the chamber towards this ambitious goal, highlighting the necessity for digital transformation in bolstering Dubai’s economic stature.

Central to the meeting’s agenda was the exploration of strategies to improve the business environment in Dubai, thereby attracting both investors and digital enterprises.

Digital business

The Advisory Council acknowledged the need to bolster the competitiveness of Dubai’s digital economy ecosystem, emphasising the importance of effective advocacy in promoting the interests of this sector. Such initiatives are crucial for fostering a robust environment that supports the growth and expansion of digital businesses within the emirate.

Omar bin Sultan Al Olama, the Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, and the Chairman of the Dubai Chamber of Digital Economy, expounded on the council’s commitments.

Al Olama’s remarks underscored the intent to create a dynamic business ecosystem that not only accelerates digital transformation but also nurtures innovation and entrepreneurship.

The chamber’s ongoing efforts are dedicated to unlocking the full potential of the digital sectors in Dubai, positioning the emirate as a leading global hub for technology and innovation.

In alignment with the Dubai Economic Agenda (D33), the Dubai Chamber of Digital Economy is poised to play a crucial role in ensuring that Dubai remains at the forefront of the evolving digital landscape.

Through its strategic initiatives, the chamber strives to solidify Dubai’s status as the global capital of the digital economy, shaping a future ripe with opportunities for both local and international digital enterprises.

Visa to enable banks to “mint, burn, and transfer” tokens

Ana Mary Joseph
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Visa to enable banks to “mint, burn, and transfer” tokens
  • Visa responds to the growing demand for innovative, blockchain-based solutions.

Visa has announced the forthcoming launch of its innovative platform, the Visa Tokenised Asset Platform (VTAP), designed to empower banks in the issuance of fiat-backed tokens, including stablecoins and tokenised deposits.

The initiative is a testament to the growing interest among financial institutions and businesses in leveraging blockchain technology and cryptocurrencies to enhance their operational efficiencies.

VTAP will enable banks to “mint, burn, and transfer” tokens, providing a comprehensive framework for managing digital assets. Although still in its testing phase, Visa aims to operationalise this platform next year, thereby positioning itself at the forefront of the evolving digital payments landscape.

Central to this development is the rising popularity of stablecoins—cryptocurrencies typically pegged to fiat currencies like the US dollar. These tokens offer a viable alternative for conducting transactions and serve as a stabilising refuge amidst the volatility associated with more traditional cryptocurrencies such as Bitcoin and Ether.

Digital payments

Spanish banking institution BBVA has been among the early adopters, having conducted trials of the platform throughout the year. They anticipate launching a pilot programme for select customers utilising the Ethereum blockchain in the coming year, showcasing tangible applications of this groundbreaking technology.

Vanessa Colella, Visa’s global head of innovation and digital partnerships, said the company’s legacy in digital payments, stating, “Visa has been at the forefront of digital payments for nearly sixty years, and with the introduction of VTAP, we are once again setting the pace for the industry.”

The sentiment reflects Visa’s commitment to continually innovating within the financial sector, as the demand for solutions that incorporate blockchain functionalities escalates.

The broader payments ecosystem has witnessed significant entries into the realm of stablecoins, with PayPal’s PYUSD and Stripe Inc.’s integration of stablecoin acceptance for merchants further illustrating the trend.

Colella further noted Visa’s intent to use its expertise in tokenisation to facilitate the integration of blockchain technologies into banks’ operations, aligning with the industry’s trajectory towards modernisation.

Oura launches Ring 4 to provide more accurate readings

Mohammed Fahad
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Oura launches Ring 4 to provide more accurate readings
  • Independent study indicates Ring 4 offers a 30 per cent improvement in blood oxygen data accuracy and significantly reduces gaps in heart rate measurement.
  • Finnish innovator projects revenues to about  $500m by 2024.

Oura Health Oy, a Finnish innovator in wearable technology, has recently launched its next-generation smart ring, the Ring 4 line.

The advancement aims to strengthen its market position amid increasing competition, notably from tech giant Samsung’s newly introduced Galaxy Ring. The Ring 4 features significant improvements in health tracking, showcasing a commitment to precision and user-focused design.

The introduction of approximately double the number of sensors in the new Ring 4, coupled with advanced algorithms tailored to individual physiology, represents a substantial leap forward in wearable health technology.

The innovation enables the device to provide more accurate readings, particularly in critical metrics such as blood oxygen levels and heart rate during sleep.

Health monitoring device

An independent study indicated that the Ring 4 offers a 30 per cent improvement in blood oxygen data accuracy and significantly reduces gaps in heart rate measurement.

Such enhancements underscore Oura’s dedication to superior accuracy, a competitive advantage that Chief Executive Officer Tom Hale emphasises over rival products that do not meet the same standards.

The study also showed that 15 per cent more accurate breathing disturbance index (BDI) thanks to the higher signal fidelity, 7 per cent fewer gaps in the daytime heart rate and 31 per cent fewer gaps in the nighttime heart rate

Moreover, the updated titanium design, featuring recessed sensors for a sleeker appearance, positions the ring as both a fashion statement and a health monitoring device.

Priced at $349, the Ring 4 replaces the earlier Ring 3, which debuted at a lower price point but now faces competition from an evolving marketplace. The company plans to continue offering the previous model until stock is exhausted, thus ensuring a smooth transition for consumers.

Improved battery life

Oura Ring 4 will be available in an expanded range of twelve sizes (4-15) and in six colors: Brushed Silver, Gold, Rose Gold, Silver, Stealth, and an updated Black finish that features a glossy, tungsten PVD coating for improved durability and a deeper black look. Oura Ring 4 is available for pre-order today and will start shipping on October 15, 2024.

Battery life remains a notable strength of the Oura ring, boasting up to eight days on a single charge, enhanced from its predecessor. This longevity, along with an expanded range of traditional sizes, makes the new model more accessible and appealing to a broader audience.

With over 2.5 million units sold and projected revenues nearing $500 million by 2024, Oura Health Oy is poised for substantial growth. Future endeavours may include diversifying their product range to include necklaces and wrist-worn devices capable of more comprehensive health assessments.

Notably, the company is exploring collaborations with Meta Platforms Inc. to integrate their technology with smart glasses, potentially revolutionising personal health monitoring and user interaction.

Over the past 18 months, ŌURA has expanded into new categories, including Stress & Resilience, Women’s Health, and Heart Health, and recently announced plans to move into metabolic health. The Oura App redesign makes it simpler and faster for Oura Members to navigate the bigger picture of their health while also making it easy to dive into the details when they’re ready.

The updated Oura App is available for all Oura Members, regardless of ring generation, and is now organized into three sections—Today, Vitals, and My Health—accessible via tabs across the bottom of the home screen.

Russia apprehends 96 individuals in cybercrime services ring

Ana Mary Joseph
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Russia apprehends 96 individuals in cybercrime services ring
  • US Justice Department targets multiple illicit cryptocurrency exchanges and charges two Russian nationals involved in a billion-dollar money laundering scheme.
  • Notorious Joker’s Stash, known for trading stolen credit card information, generates profits estimated between $280m and $1b.

Russian authorities apprehended 96 individuals linked to a vast cybercrime services ring, which included an anonymous payment system, UAPS, and a cryptocurrency exchange, Cryptex, among others.

The event underscores the ongoing battle against cybercrime, which has increasingly become a global concern, especially following recent legal actions by US authorities against individuals involved in money laundering via cryptocurrencies.

According to reports, the Investigative Committee of Russia released a video documenting the extensive raids that included 148 operations across 14 regions. These operations targeted the living quarters of the suspects and locations associated with criminal activities.

The investigation revealed that the criminal enterprise had been operational since 2013, facilitating anonymous payments and laundering illicit proceeds for cybercriminals.

The scale of their operation was staggering, with a reported turnover of 112 billion rubles (approximately $1.18 billion) in just one year and estimated profits amounting to 3.7 billion rubles (around $40 million).

Central to this operation was the acknowledgment of a sophisticated infrastructure that catered primarily to cybercriminals.

\This included services designed to process illegal payments and to launder money obtained through various nefarious activities, such as drug trafficking and ransomware. Such activities not only threaten economic stability but also compromise cybersecurity on a global scale.

Joint operations

Coinciding with this Russian crackdown was a simultaneous effort by the US Justice Department, which targeted multiple illicit cryptocurrency exchanges and charged two Russian nationals involved in a billion-dollar money laundering scheme.

The collaborative efforts of international law enforcement agencies highlight the necessity of global coordination in addressing the complexities of cybercrime. Deputy Attorney General Lisa Monaco announced the recovery of millions in cryptocurrency through these joint operations, emphasising the significant impact of these collaborative endeavours.

The figures associated with the cybercrime ring are alarming. The notorious Joker’s Stash, known for trading stolen credit card information, generated profits estimated between $280 million and $1 billion. Similarly, the UAPS initiative facilitated money laundering directly for criminals, in essence creating a financial ecosystem that perpetuated illicit activities.

Microsoft to safeguard users from unsafe WiFi networks

Mohammed Fahad
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Microsoft to safeguard users from unsafe WiFi networks
  • Users will receive alerts if they attempt to connect to a network deemed unsafe, allowing them to take appropriate action to protect their data.
  • Currently rolled out in select regions, including the US, UK, Canada, and Germany, this privacy protection feature will soon be available in ten additional countries across Europe, Asia, and Latin America.
  • It is accessible to users with Microsoft 365 Personal and Family subscriptions, although it imposes a monthly traffic limit of 50GB and does not cover high-bandwidth activities such as streaming services.

In an age where connectivity is paramount, the accessibility of free public WiFi presents significant challenges, particularly regarding privacy and security.

Unsuspecting users connecting to these hotspots may inadvertently expose their sensitive information to cybercriminals. Recognizing this growing threat, Microsoft has announced enhancements to its Defender security software aimed at safeguarding users from the inherent dangers of unsafe WiFi networks.

Microsoft Defender, which serves as a default security option on Windows machines, is expanding its features to users of macOS, Android, and iOS. One of the most critical advancements is the automatic detection of unsafe WiFi connections.

When users attempt to connect to a public WiFi hotspot, the Defender application will evaluate the network’s safety using established detection heuristics.

Analyses various characteristics

The process involves analysing various characteristics of the WiFi network that could indicate potential malicious activity. Users will receive alerts if they attempt to connect to a network deemed unsafe, allowing them to take appropriate action to protect their data.

The risks associated with unsecured WiFi connections are manifold. Cyber attackers can easily intercept data, spoof websites, and collect confidential credentials, leading to severe repercussions for individuals and organisations alike.

Microsoft Defender already evaluates the security parameters of WiFi networks, including encryption types and overall connection security. Recent enhancements, such as the introduction of a privacy protection feature, further bolster users’ defenses by creating a VPN connection that encrypts internet traffic and masks the user’s IP address while they are on potentially hostile networks.

Currently rolled out in select regions, including the US, UK, Canada, and Germany, this privacy protection feature will soon be available in ten additional countries across Europe, Asia, and Latin America.

It is accessible to users with Microsoft 365 Personal and Family subscriptions, although it imposes a monthly traffic limit of 50GB and does not cover high-bandwidth activities such as streaming services. Microsoft emphasises that the service is anonymised and collects minimal data, thus respecting user privacy while enhancing security.

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