Breaking news

Cyprus Authorities Successfully Repel Cyberattack on Government Portal

by THEFUTURE.TEAM

October 21, 2024

On Sunday, Cyprus authorities effectively thwarted a cyberattack targeting the government’s central portal, as confirmed by the Deputy Ministry of Research, Innovation, and Digital Policy. The hackers aimed to disrupt access to government websites and compromise the information available, but the attempt was unsuccessful.

According to the Deputy Ministry, swift and coordinated actions by relevant teams ensured the situation was quickly resolved. The only site affected was the central portal, gov.cy, and even then, it was only down for a few minutes. No other government websites or online services were impacted, and no data breaches occurred during the Distributed Denial of Service (DDoS) attack.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Authorities emphasized that all systems are under heightened security and remain vigilant against further threats.

This marks the sixth cyberattack within three days. On Saturday, Cyprus Telecommunications Authority (Cyta) also faced an attack, which temporarily took down its website. However, Cyta’s systems were not compromised, and the issue was swiftly managed, according to the organization’s President of the Board of Directors, Maria Tsiakka Olympiou.

The Future Forbes Realty Global Properties

Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

by THEFUTURE.TEAM

September 16, 2025

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.