News

Log4j Vulnerably To Wreak Havoc On The Internet For Years To Come

Because of how widespread Log4j is, experts estimate that it may take years to hunt down all vulnerable instances and patch them.

Published

3 years ago

December 17, 2021

David Morelo

log4j vulnerability to wreak havoc on the internet for years to come

As if one pandemic wasn’t enough, there’s now also a cyber-pandemic whose scale is increasing at an exponential rate. The cause of this digital pandemic is a zero-day vulnerability in Java-based logging utility called Log4j. This open-source software allows software developers to log data within their applications, and it has been widely used since its release in 2001.

The vulnerability was disclosed on December 9 by the Alibaba Cloud Security Team, which named it Log4Shell (CVE-2021-44228). Two days later, cybersecurity company Tenable described it as “the single biggest, most critical vulnerability of the last decade”.

Since then, the vulnerability has affected many major tech players, including Amazon Web Services, Adobe, Broadcom, Cisco, Docker, F-Secure, IBM, Juniper Networks, Oracle, Red Hat, Siemens, SolarWinds, Sophos, Ubiquiti, Zoho, and others.

“It’s ubiquitous” said Chris Eng, chief research officer at cybersecurity firm Veracode, in an interview for CNN Business. Even if you’re a developer who doesn’t use Log4j directly, you might still be running the vulnerable code because one of the open-source libraries you use depends on Log4j”.

In addition to affecting large swaths of the global IT infrastructure, the Log4Shell vulnerability is also extremely severe because it involves arbitrary code execution. In other words, it makes it possible for attackers to make the vulnerable system do anything they want.

That’s why the Cybersecurity and Infrastructure Security Agency (CISA), the Canadian Centre for Cyber Security (CCCS), and Germany’s Bundesamt für Sicherheit in der Informationstechnik (BSI) have all called on organizations to take on immediate action and install the available fixes, which were released three days before the vulnerability was published.

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Still, attackers have already successfully exploited the vulnerability to steal sensitive data, extract system credentials, install backdoors, and run crypto miners. Some of the largest botnets in the world are now scanning for the vulnerability, and almost half of all corporate networks have already been probed.

Because of how widespread Log4j is, experts estimate that it may take years to hunt down all vulnerable instances and patch them. Until that happens, cybercriminals will be on a hunt as well, ready to exploit them.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

2 days ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.