According to a survey by data security firm Cohesity, 64 percent of Singaporean companies paid a ransom during cyberattacks in 2023. Of these, 36 percent paid at least US$500,000, as revealed in a study released earlier in July.
Singapore’s Cyber Security Agency (CSA) said that the number of local ransomware incidents remained high last year, with 132 cases—unchanged from the previous year.
Manufacturing continues to be the top industry impacted by ransomware, followed by construction in second place. CSA suggested that these two sectors could have been targeted due to their potentially less mature cybersecurity measures. They may also be more vulnerable to pressure to pay ransoms to avoid expensive operational disruptions and project delays.
One instance is when Singapore law firm Shook Lin & Bok was attacked by ransomware on April and was demanded to pay US$2 million, which they later negotiated and paid US$1.4 million in Bitcoin after a week.
With ransomware attacks on the rise and significant financial consequences for those affected, it is essential for organisations to stay ahead of the threat. ATET offers expert solutions to enhance your defenses and minimise your risk of falling victim to these attacks.
Read full article here: 3 out of 5 Singaporean firms paid ransoms during cyberattacks in 2023: Survey – CNA (channelnewsasia.com)
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