{"id":611116,"date":"2023-12-03T00:00:00","date_gmt":"2023-12-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&p=611116"},"modified":"2025-12-17T02:22:48","modified_gmt":"2025-12-17T02:22:48","slug":"were-paying-back-a-quarter-of-our-foreign-debt-in-2024-alone","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/were-paying-back-a-quarter-of-our-foreign-debt-in-2024-alone\/","title":{"rendered":"We\u2019re paying back a quarter of our foreign debt in 2024 alone"},"content":{"rendered":"
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A BIG, HAIRY, IMPORTANT PSA- You need to call in your IT boss for a talk about security<\/strong>amid an unconfirmed report that a second Egyptian blue chip has been hacked by LockBit<\/strong>, the world\u2019s most successful ransomware gang. The report comes just a week after EGX-listed fintech giant Fawry confirmed its testing environment had been hacked<\/a> by LockBit.<\/p>\n

The allegation: <\/strong>A well-known cybersecurity and dark-web monitoring firm claims that LockBit has hit another high-profile Egyptian company. The monitoring outfit has posted what it says is a LockBit hack notice that alleges \u201cwe have stolen accounting data, audit data, commercial info, contracts private data \u2026 finance data, human resources data\u201d and more. We have been unable to verify the claim<\/strong> and a company official reached yesterday declined to comment. <\/p>\n

What this means: <\/strong>If it proves true, it suggests that LockBit has turned its sights on Egypt and other emerging markets \u2014 likely banking on companies here taking a less-sophisticated approach to cybersecurity. <\/p>\n

On the whole, Egyptian firms tend to significantly under-invest in tech security<\/strong>, deploying low-or-no countermeasures, relying on outdated software and hardware infrastructure, failing to educate staff about how to practice good \u201csecurity hygiene,\u201d and having few systems in place to systematically assess and manage risk.<\/p>\n

What do you need to do right now?<\/strong> Four things, we would argue.<\/p>\n