SINGAPORE: According to a survey conducted by data security company Cohesity, three out of five, or 64%, of Singaporean businesses paid a ransom during cyberattacks in 2023.
Out of them, 36% paid at least $500k, according to the research published earlier in July.
Threat actors encrypt files on a device using malicious software and demand a ransom, usually in cryptocurrency, to unlock the files. This is known as a ransomware attack.
In response to questions from CNA, Singapore’s Cyber Security Agency (CSA) stated that 132 local ransomware cases were reported last year, which “remained high” compared to the previous year.
According to the agency, opportunistic ransomware criminals search for cybersecurity flaws in unwary businesses or organisations in order to profit quickly.
According to CSA, construction came in second place, with manufacturing continuing to be the most affected industry by ransomware.Given that their cybersecurity posture may not have been as developed, these two industries may have been targeted. CSA said they might also be more vulnerable to pressure to pay up rather than incur expensive operational disruptions and project delays.
In late June and early July, Cohesity conducted a survey in Singapore with 302 IT and security executives, most of whom were employed in the IT, telecommunications, manufacturing, healthcare, and financial services industries.
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