Amidst the growing threat of cyber attacks, businesses find themselves at a critical juncture: deciding whether to pay ransoms to hackers or take a stand against cyber extortion. This pivotal decision aligns with global efforts led by the UK, Singapore, and the US-led alliance.

In the discussion, we’ll delve into ten compelling reasons why abstaining from ransom payments not only supports these global initiatives but is also paramount in the ongoing battle against cybercrime.

Ransomware attacks pose a significant peril to businesses, effectively barring access to their systems and, in severe instances, leading to permanent closures. Confronted with these risks, businesses often contemplate the option of paying hackers to recover their data.

However, as we’ll elaborate in this post, the general consensus is a resounding no. Unless there is no alternative for survival, businesses should refrain from paying ransoms.

Here are 10 reasons why your company should not pay ransom to hackers:

Global initiatives against ransom payments

• International consensus by the Counter Ransomware Initiative (CRI): Members of the CRI, including influential nations like the UK and Singapore, have collectively pledged not to use central government funds for ransom payments. This joint statement signifies a global consensus against financially supporting cybercriminals through ransom payments.
• US-led international counter ransomware initiative: The US-led alliance involving forty countries plans to sign a pledge, committing to never pay ransoms to cybercriminals. This initiative aims not only to discourage ransom payments but also to collaboratively work towards dismantling the funding mechanisms that sustain hackers globally.

No guarantee of data integrity

Many ransomware victims often operate under the assumption that paying the demanded ransom will ensure the restoration of access to their data and systems, a process that proves successful in many instances.

Also Read: Two decades of digital defence: Why cybersecurity must remain a top concern for everyone

However, a significant number of cases reveal a harsh reality: organisations, despite paying the ransom, find that the decryption key provided is either ineffective or the retrieved data remains unusable. 

Despite the backing of international initiatives, ransom payments provide no assured path to data recovery, intensifying the apprehension surrounding the possibility of irreparable data loss.

Financial fuel for criminal enterprises

Paying ransom may get your data back, but that money funds more cybercrime. Attackers use it to create advanced ransomware, leading to more cyber threats. Global efforts stress that paying unintentionally supports criminal growth and worsens the overall cyber threat situation.

Maintaining ethical integrity

Aligning with global anti-ransom efforts helps companies maintain their ethical reputation and avoid compromising with criminals, preserving trust and reputation. It’s a principled stance that safeguards a company’s standing in the eyes of its stakeholders.

Legal and regulatory consequences

The global stance against ransom payments reinforces the legal and regulatory consequences companies may face, regardless of their geographical location, emphasising the need for adherence to international laws.

Perpetuating the ransomware industry

Ransomware payments can fuel innovation in the malware industry as threat actors persist with basic ransomware tools. A noteworthy trend has emerged, with some adopting highly sophisticated malware, exemplified by the BlackCat gang’s recent advanced ransomware tool. This evolution underscores the interconnected nature of global cyber threats and reinforces the urgency for unified international efforts against ransom payments.

Increased likelihood of repeat attacks

Many organisations, lacking data backups for recovery or seeking to avoid operational disruptions, often succumb to ransom demands. However, security experts caution against this practice, emphasising that paying attackers not only fails to deter further attacks but also heightens the risk of becoming a repeat target. Threat actors perceive a company that has paid once as more likely to pay again in subsequent attacks, as highlighted by both the CRI and the US-led alliance.

Also Read: The business edge: Why prioritising employee cybersecurity is a smart investment

Neglect of cybersecurity improvement

Amid the worldwide effort to discourage ransom payments, it becomes evident that emphasising cybersecurity improvement, rather than depending on short-term reactive measures, is crucial for long-term resilience against evolving cyber threats. This strategic focus aligns with the global commitment to break the cycle of ransom payments and fortify collective defences in the digital realm.

Undermining collaborative efforts

Aligning with international initiatives encourages companies to actively participate in collaborative efforts, share threat intelligence, and report incidents to law enforcement for a united front against cybercrime.

Strategic focus on long-term resilience

By adhering to international pledges against ransom payments, companies reinforce the strategic imperative to prioritise long-term resilience over short-term concessions, contributing to a more secure digital landscape globally.

Conclusion

In conclusion, the synergy between these global initiatives and the existing reasons underscores the urgent need for a unified, principled stance against paying ransoms, emphasising the shared responsibility in safeguarding the digital realm from cyber threats.

The collaboration of nations against ransom payments reflects a global commitment to breaking the cycle of cybercrime and promoting a secure digital landscape for all.

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The concept of stock trading has grown leaps and bounds over the last few decades. Let’s take a trip back to the 17th century. At this point, the idea of ‘trading’ merely existed between merchants and although we saw the birth of stock exchanges which formalised processes, it wasn’t until the 20th century that tech-led trading was implemented.

Fast forward to today, the rise of fintechs and neo-brokers has democratised investing by making it more accessible and affordable for retail investors of all ages and demographics.

This evolution has resulted in rapid innovation to bring more people greater access to a wider range of investment options and has empowered individuals to take control of their financial futures. 

From merchants to tech-led trading

Until recently, investing was often seen as the domain of the wealthy or well-connected. Many alternative asset classes, such as private equity or venture capital, were only available to institutional investors or high-net-worth individuals.

This left many retail investors without access to these potentially lucrative opportunities, limiting their investment options and the potential for portfolio diversification.

Fintechs and neo-brokers have changed the game. By leveraging technology and modernising the investment landscape, they have made investing more accessible and user-friendly than ever before.

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At the click of a button, fintechs and neo-brokers are helping retail investors reach the top shelf by enabling them access to a range of asset classes, including those that were previously out of reach.

The changing landscape of younger customers is another key factor driving the accessibility of investing. A FINRA study for a sample of US investors in 2020 revealed that almost two-thirds of new investors were under 45.

Democratising investing for all ages

With the rise of Millennials and Gen Z, the investment industry is facing a new generation of customers who have grown up in a digital world. These customers are more tech-savvy than their predecessors and are more likely to use digital tools to manage their finances. 

One of the key benefits of these new investment platforms is that they have made investing more affordable. Many traditional investment options, such as managed funds or financial advisors, tend to come with high fees that eat into investors’ returns.

Fintechs and neo-brokers have disrupted this model by offering low-cost and sometimes even commission-free investing options. This makes investing accessible to a wider audience and puts retail investors in control of their investment strategy.

Of course, it’s important to note that investing always comes with risks. However, by providing access to a diverse range of assets, fintechs and neo-brokers are giving retail investors the opportunity to make informed decisions about their investments and build well-diversified portfolios. With the right tools and resources, investing can be a powerful tool for achieving financial goals and building long-term wealth.

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Over time, self-direct trading has gained prevalence over-relying on a financial professional. Online trading, followed by mobile apps, is the most common method for placing trades, according to a study by the National Financial Capability Study (NFCS) in the US.

Younger and newer investors are much more likely to use a mobile app for placing trades than older respondents or more experienced investors.

When making investment decisions, investors most often rely on research and tools provided by brokerage firms, business and finance articles, financial professionals, and friends, family, or colleagues.

Among younger investors, a majority (60 percent) use social media as a source of investment information, compared to 35 percent of those ages 35 to 54, and only 8 percent of those 55 and older.

To meet the changing demands of customers, a range of tools and services have emerged in the market that are easier to use and lower in cost.

These platforms allow customers to invest in a range of products, including stocks, precious metals, exchange-traded funds (ETFs), and cryptocurrencies.

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Many of these platforms are reducing barriers to entry by offering features such as fractional investing, which allows customers to buy a part of the whole shares at amounts as low as US$1. Fractional investing is an example of how Fintechs are making investing more accessible to a wider range of people.

Role of fintech innovations

In the past, buying a single share of stock could be prohibitively expensive for some investors and a basket of five regularly could easily run into a few thousand each month.

However, fractional investments allow them to diversify to a basket of five stocks at US$1 a piece, costing less than your daily coffee, making investing more accessible to a wider range of customers, including those who may not have considered investing in the past.

In addition to fractional investing and transparent fees, Fintechs are able to level up by offering users access to research tools and educational resources to support enhancing their financial literacy.

Similarly, many users are seen moving towards using ETFs to get access to sectors and themes where stock picking is not that straightforward. This has given a tremendous rise to the global Assets under management for ETFs from US$5 Trillion in 2018 to US$10 Trillion in 2022. Players who offer ETFs on a fractional basis are further reducing the barriers to access.

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Overall, the increasing accessibility of investing is a positive development that is empowering retail investors to take control of their finances and build long-term wealth. Fintechs and neo-brokers are leading the charge in this shift, providing easy-to-use digital tools, transparent fees, and educational resources.

With the rise of a younger, tech-savvy generation, it is likely that this trend towards accessibility will only continue to grow as demand increases. As more people realise the benefits of investing, and more platforms emerge to cater to their needs, the investing landscape will continue to evolve, making it easier for anyone to participate in the financial markets. 

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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Globally, human resource (HR) management technology continues to transform and streamline the complete employee life cycle, encompassing recruitment, background screening, and employee management. As per the 2022-2023 HR Systems Survey by Sapient Insights, 54 per cent of businesses with over 500 employees are set to increase their HR tech spending, allocating an average increase of 21 per cent.

Hacking Talents is a digital matching platform that aims to empower organisations with a more agile and competitive workforce. Founded in 2021 by Federica Pasini and Teresa Baldini, the startup offers a tool for implementing impactful engagement activities to promote a fulfilling work experience for employees.

“My extensive seven years of corporate experience, including diverse roles within HR, illuminated the challenges HR departments face in implementing effective people strategies and engagement initiatives. Recognising the widespread dissatisfaction with work, as highlighted by the alarming 85 per cent disapproval rate in Gallup research, I was inspired to address this issue at its core,” said Pasini.

Hacking Talents’s distinct offerings

At the core of the company’s strategy is its digital platform, a tool for personalised professional development. It strategically matches employees with professional coaches, communication experts, or mentors, expediting individual growth trajectories and sharing insights with the organisation.

The platform uses algorithms to assess professional skills, communication styles, and career goals, facilitating personalised and effective development journeys. Incorporating adaptive learning technologies and data analytics refines content and recommendations, optimising the impact of training programs.

Also Read: Team performance unlocked: Harnessing chronotypes for startup synergy

In addition, through targeted coaching and mentorship, the initiative strives to instil emotional intelligence in employees, fostering stronger interpersonal connections and cultivating a workplace environment conducive to collaboration and success.

Unlike other platforms, it pairs employees with expert coaches and mentors while integrating generative AI for HR insights. This dual approach offers a holistic solution addressing personal growth and organisational goals.

“The rise of personalised professional development aligns with our commitment to individualised coaching and mentoring. Capitalising on this trend, we aim to refine matching algorithms for enhanced personalisation. The increasing demand for data-driven HR decisions offers an opportunity for service expansion. We also plan to integrate generative AI for HR, leveraging advanced analytics to enable more informed decision-making in people strategy,” expressed Pasini.

Hacking Talents’s current monetisation strategy centres on a tiered subscription model, offering organisations access to their professional development platform.

The company’s evolved strategy includes a premium tier that provides access to an HR dashboard, which allows HR professionals to define and track key performance indicators (KPIs) related to employee development and engagement.

Navigating challenges in shifting HR dynamics

Establishing Hacking Talents presented challenges, particularly navigating the evolving HR landscape and addressing the market need. Initially, there was resistance to perceiving HR beyond its traditional administrative function.

Also Read: Why HR tech will make Asia’s next unicorns

“To overcome this, we undertook extensive market research and engaged with HR professionals to demonstrate the increasing strategic importance of HR in fostering employee development and organisational success.

“Aligning our platform with the evolving needs of HR meant continuous adaptation. We invested in staying ahead of market trends, ensuring that Hacking Talents addressed the current demands for personalised professional development and anticipated future shifts in HR towards a more strategic role,” added Pasini.

Funding milestones, revenue growth, and future ventures

In September 2023, Hacking Talents raised US$290,000 from Italian VC firm LVenture Group and angel investors. This initial capital played a crucial role in developing the minimum viable product (MVP) and validating the value proposition in the market.

“The fruitful outcome of our efforts is reflected in exceeding US$120k in revenues by the end of this year, boasting a clientele of 10 customers, three of whom have committed to recurring contracts. Looking ahead, we are gearing up for our next phase of growth and innovation,” said Pasini.

Hacking Talents also participated in the Global Startup Programme organised by the Italian Trade Agency (ITA) and the Ministry of Foreign Affairs and International Cooperation.

In 2024, the company aims to raise US$1.5 million to scale its product and anticipates engaging in significant projects, partnerships, and developments in the near future.

Hacking Talents is currently in discussions with key market players, such as headhunters, consultancy firms and HR tech companies, to establish strategic partnerships to enhance the platform’s capabilities and bring valuable expertise into the ecosystem.

The role of Hacking Talents extends beyond traditional training by addressing the crucial aspect of emotional intelligence. The company envisions being closely linked with continuous learning, fostering a sense of professional investment among employees and promoting increased engagement through meaningful workplace relationships.

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Image credit: Hacking Talents

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Singapore-based seed stage-focused VC firm FEBE Ventures has announced the launch of its second fund worth US$75 million.

Otium Capital, an international family office, is the anchor investor. The names of the other Limited Partners have not been disclosed.

Also Read: ‘Airbnb for surgeries’ HDmall gets FEBE Ventures backing to deepen market presence in SEA

The company said in a statement that 90 per cent of Fund II is already committed.

In addition, FEBE also announced a partnership with Tekton Ventures, a Silicon Valley-rooted global seed fund co-founded by Jai Choi and Vincent Worms. Tekton and FEBE will support globally-minded entrepreneurs leveraging technology for global progress, particularly in emerging economies.

FEBE Ventures (an acronym for “For Entrepreneurs, By Entrepreneurs”) was founded in 2019 by Olivier Raussin (a serial entrepreneur and seasoned tech executive at Google and Microsoft), Eric Merlin, and Jean-Marc Merlin.

Nicolas El Baze, a serial entrepreneur and a long-time General Partner at Partech in San
Francisco, and Aditya Pendyala, a tech entrepreneur, have joined the FEB team.

The VC firm focuses on B2B software, B2B marketplaces, health, and sustainability. Fund I, with a corpus of US$30 million, invested in 35 startups globally, including HDMall, Locad, Zenyum, Tindle, Silverbird, and Manatal. Its average cheque size is about US$250,000 for pre-seed startups and US$750,000 for seed-stage firms.

Also Read: Locad rakes in US$11M to build supply chain network across APAC

FEBE Ventures has team members across Southeast Asia, North America, Latin America, and Europe.

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Join the 2024 TOP100 program here!

This 2024, the highly anticipated TOP100 program is coming back bigger than ever. The annual event is known for being a game-changer for cutting-edge startups across Southeast Asia, providing startups benefits far beyond mere recognition.

The 2024 TOP100 program promises participants a treasure trove of perks — from invaluable mentorship opportunities and involvement in business matching to the potential to secure vital investments. Tailored specifically for startups, this program serves as a catalyst for those whose mission is to broaden their business horizons and pursue sustainable growth.

Having been incepted in 2012, the TOP100 program has firmly established itself as a cornerstone in the growth journeys of countless startups in the Southeast Asian tech startup ecosystem. Initially crafted to spot promising startups and facilitate funding, TOP100 has undergone a transformative evolution of becoming a comprehensive ecosystem enabler, fostering innovation, entrepreneurship, and collaboration among industry leaders, investors, emerging startups, and other relevant stakeholders.

Adapting to the dynamic entrepreneurial landscape, TOP100 has expanded its scope, embracing various facets of startup development through a holistic strategy encompassing initiatives like mentorship programs, educational pursuits, and networking events. Together, these diverse components contribute to the well-rounded development of startups, furnishing them not only with essential financial backing but also with vital knowledge, guidance, and connections crucial for sustained growth.

A bigger and bolder TOP100 this 2024

Over the years, the TOP100 program has been a breeding ground for startup success, having showcased some of the most notable unicorns and other exciting startups throughout the history of the program. As the Southeast Asian ecosystem shifts into a new era of growth ushering in a wave of new startups, the TOP100 program has adjusted to meet their changing requirements.

In 2024, TOP100 is transforming, becoming a growth-focused program meticulously designed to provide startups with a crucial platform for sustainable expansion across the region. Beyond the conventional role of connecting startups with online and onsite investors, e27’s commitment to supporting startups has grown tremendously.

Also read: Achieve your fundraising goals through the 2024 TOP100 program

Recognising the diverse needs of emerging companies, the team behind the project has broadened the TOP100 program, introducing a comprehensive range of services dedicated to fostering holistic growth. This all-encompassing approach includes coaching-based mentorship, participation in exclusive events, and media training. Furthermore, the program amplifies business matching through various initiatives and partnerships, optimising visibility within the tech startup ecosystem.

At e27, we believe bridging the knowledge gap is one of the most important components of startup growth. This is why the TOP100 program is dedicated to helping provide startups with access to some of the sharpest insights from industry experts.

Actionable insights: A key ingredient in startup growth

Startups striving for expansion need more than just raw data; they require nuanced, actionable information that translates into strategic decision-making. These insights provide a roadmap for navigating market trends, understanding consumer behaviour, and identifying potential obstacles. Bridging the knowledge gap by tapping into practical, implementable steps empowers startups to make informed choices, minimise risks, and seize opportunities. It’s not just about knowing the right things, it’s about being able to engage with and harness that knowledge that ultimately propels startups forward in their journey of growth.

The knowledge gap is a critical challenge that startups must overcome on the path to expansion. Addressing the knowledge gap in the pursuit of expansion is a critical hurdle for startups, and one effective solution lies in leveraging the valuable insights shared by industry leaders and experts. Often, burgeoning businesses find themselves inundated with a surplus of information, making it challenging to distil meaningful ideas. However, by seeking the perspectives and wisdom of seasoned professionals, startups can bridge this gap more effectively.

Also read: Taiwan tech companies eye regional expansion in Southeast Asia

Industry leaders serve as mentors, providing crucial ideas and perspectives that go beyond mere data. Their experience allows startups to discern meaningful insights tailored to their specific goals and challenges. By tapping into these important ideas, startups not only gain relevant knowledge but also benefit from a nuanced understanding of how to apply this knowledge strategically. This mentorship-driven approach becomes a cornerstone for startups, enabling them to make informed decisions, align actions with strategic objectives, and thrive in competitive markets. The insights shared by industry leaders play a pivotal role in shaping and steering startups toward a trajectory of sustainable growth.

As such, the 2024 TOP100 program is committed to empowering startups by providing them with access to invaluable insights, ideas, perspectives, and strategies. The program serves as a gateway to a wealth of knowledge, connecting startups with industry leaders and experts who will be sharing their unique ideas and perspectives.

TOP100: Empowering startups with industry insights

With all these in mind, the TOP100 program places a strong emphasis on fostering a vibrant exchange of ideas among participating startups. Beyond merely providing access to industry-specific insights, market trends, and valuable data, TOP100 actively cultivates an environment where startups can engage in meaningful conversations with industry leaders and experts.

Putting a premium on the exchange of ideas catalyses innovation and strategic thinking. By connecting startups with seasoned professionals, the program becomes a conduit for the sharing of experiences, perspectives, and innovative strategies. This collaborative approach ensures that startups not only receive essential information but also benefit from diverse insights that can spark creative solutions, ultimately equipping them to adapt, evolve, and thrive in today’s dynamic business landscape.

Also read: Bridging Japan and Southeast Asia’s tech landscapes through the ME Innovation Fund

The TOP100 program, therefore, stands out not only for providing privileged access to strategic information but also for nurturing a community where the exchange of ideas becomes a driving force for growth and success.

Join the 2024 TOP100 program

Applications for the 2024 TOP100 program are ongoing from November 1st to December 1st, 2023. Do you think you have what it takes to be a part of history? Send in your applications today!

For more information on the 2024 TOP100 program, visit our official site today.

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