The Ninja Sensei’s Logbook: Digital Monsters In Singapore
In case you missed it, ransomware has accelerated in Singapore, further stimulated by the marriage between hybrid workforce and rapid digitalisation.
If that’s not alarming to you, I don’t know what is.
What I’m saying is that companies should not take this lightly, believing that they will not suffer the same fate as those which the PDPC has already given a financial penalty.
“It will never happen to my business” is a dangerous mindset.
Organisations must ensure that they have enough security arrangements in place to prevent unwanted access from threat actors. Remember that these bad actors do not discriminate as to which organisation they target next. With this, every business must understand that they could be targeted at any moment if there are present security vulnerabilities that were not mitigated.
Ransomware in the Singapore landscape
A recent study found that Singapore businesses have experienced the highest volume of cyber attacks among the countries polled, with 80% of respondents reporting a ransomware attack in the last 24 months.
It was also found that 65% of organisations in Singapore suffer ransomware attacks, and they pay an average of S$1,500,000 in high hopes that they can still recover the lost data.
Sadly, 56% of organisations that paid a ransom were hit for the second time within a span of four to seven days. However, despite recurring or severe attacks, local organisations are only planning to up their security budget by 12% on average.
How should businesses respond?
Businesses should respond to the threats of ransomware by elevating cybersecurity as their highest priority. This is because successful infiltration will not only mean a financial penalty from the PDPC but also the loss of trust from customers and potential future clients, which could harm the organisation permanently.
Singapore organisations should keep in mind that bad actors are upping their capabilities to infiltrate their systems. If organisations are not careful, they could risk being infected by ransomware and will be part of the statistics.
P.S. Got questions or do you need help with your cybersecurity and data protection compliance journey? don’t hesitate to reach out to us. We are always a text/call or email away!
📱 WhatsApp: +65 8750 4250
📧 Email: ninjas@privacy.com.sg
