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UAE Warns Of Cyber Attack Threat Over New Year Holidays

Hacking tools are simpler than ever to use, making it possible for a host of scammers to profit over the holiday season.

Published

2 years ago

December 28, 2022

Nour Nasir

uae warns of cyber attack threat over 2023 new year holidays

The rise of digital services in the Middle Eastern region, plus a growing number of internet and smartphone-equipped users, has dramatically increased the risk of cyber attacks, even threatening utility services such as water, gas, and electricity providers.

As we head into the New Year holiday weekend, the UAE Cybersecurity Council has given its citizens a stark warning of increased hacking and scamming activity from cybercriminals.

The council has emphasized the need for all institutions and authorities to ramp up their cyber defense systems, staying vigilant to threats and sharing information with the public to help them bolster their online safety, and working closely with authorities to pass on details of imminent threats.

Increased hacking activity isn’t just down to a growing reliance on digital services. The UAE Cybersecurity Council has also pointed out that hacking tools are now extremely simple for criminals to deploy. The council has stressed that both companies and individuals alike should adopt stronger protection mechanisms to safeguard themselves and their businesses.

Related Topics:Cybersecurity Hacking United Arab Emirates

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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

19 hours 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.