,Singapore

28% of ransomware-hit Singapore firms paid a ransom: study

46% of firms surveyed suffered from attacks the past year.

More than one-fourth (28%) of ransomware-hit organisations in Singapore opted to pay the ransom, costing firms an average of $1.97m (US$1.47m), according to a CrowdStrike survey.

Almost half of firms surveyed (46%) have suffered from ransomware attacks the past year, with a further 32% having not suffered an attack but expecting to be hit within the next 12 to 24 months.

In addition, 75% of respondents believe nation-state sponsored cyber-attacks will pose the single biggest threat to organisations in 202, with 63% of local cybersecurity experts view nation-states as the category of cyber-criminals most likely to cause concern.

An overwhelming 91% are fearful that growing international tensions are likely to result in a considerable increase in cyber-threats for organisations. On the other hand, more than three-fifths (69%) of cybersecurity experts are more worried about attacks due to the pandemic.

Three in five (64%) local firms are finding it more difficult to hire cybersecurity professionals this year, as compared to last year, against the backdrop of in-house cybersecurity teams having reduced in size, with 44% of local respondents having had five to 20% of their cybersecurity team leave the business in the past year.
 

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Banks should have enough buffers and find climate transition risks manageable.
The initiative is expected to improve the operating environment for SG businesses.
This includes the upgrade to the latest data acquisition and control system.
A potential incentive fee of up to $18m may be applied. 
This is part of the group’s efforts to spearhead maritime decarbonisation.
This is higher compared to September's retail sales YoY increase at 6.8%.
Restaurants experienced the most YoY decline at 24%. 
Over 40 companies were recognised in the 7th edition of the awards programme.
VTL scheme to proceed “without change” amidst detection of Omicron variant in Korea.
SATS, Sembcorp Industries, and the SGX led the index.
Birth rates in the country have declined since the pandemic began.
It represents a premium to the property’s book value of approximately $20.6m.
The move will be part of the redevelopment of the Central Mall properties.
It also waived its right to walk away from potential material adverse effects.