Singapore firms sitting ducks for ransomware attacks: study

Firms have paid as much as $1.87m when their data was held hostage.

Singapore firms data may not be safe as 1,300 security professionals said that more than half of organisations globally suffered ransomware attacks, according to a study by cybersecurity expert Cybereason.

In some cases some Singapore firms, in their panic in losing getting locked out of their own system, opt to pay the ransom. But according to Cybereason, 90% of those who do pay just open themselves up for the possibility of a second cyber attack.

In the 100 Singapore companies the cybersecurity expert surveyed, 25% of businesses who did pay the ransom suffered a second attack, often at the hands of the same perpetrators.

The research also divulged that of the organisations who opted to pay a ransom demand to regain access to their encrypted systems, 28% reported that some or all of the data was corrupted during the recovery process. 

“These findings underscore why it does not pay to pay ransomware attackers, and that organisations should focus on early detection and prevention strategies to end ransomware attacks at the earliest stages before critical systems and data are put in jeopardy,” Cybereason said.

Further findings revealed that 25% of organisations reported a significant loss of revenue following the ransomware attacks. 40% of organisations indicated that their brand and reputation were damaged as a result of a successful attack whilst 37% of businesses that paid a ransom demand shelled out between US$140,000 ($186,939) to US$1.4m ($1.87m). Another 5% paid ransoms exceeding  US$1.4m ($1.87m).

Even worse, 20% of organisations were forced to shut down operations entirely due to these attacks.

“Singapore businesses must understand that paying a ransom demand does not guarantee a successful recovery, does not prevent the attackers from hitting the victim organisation again, and in the end only exacerbates the problem by encouraging more attacks. Getting in front of the threat by adopting a prevention-first strategy for early detection will allow organisations to stop disruptive ransomware before they can hurt the business,” Leslie Wong, regional vice president for Asia Pacific at Cybereason said.

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!

Thanks to the renewal of interest in the Singapore market.
The electronics cluster showed the most optimism.
The initiative aims to improve the overseas service exports environment.
This is the group’s 2nd sustainability notes issuance in the SGD bond market.
A Jefferies report said Singapore banks have enough buffers.
HongkongLand, CapitaLandInvest, and ComfortDelGro showed the most growth.
Mizuho Securities Asia Limited will be the notes dealer.
The company’s first batch has been fully allocated in the country.
The total consideration of up to $539m over three years will take effect. 
This is to address the increased global demand for healthcare products.
Thanks to the company's improved distribution channels.
Hiring activities online increased by 55.7% in August.
CapitaLandInvest, Capland IntCom T, and Sembcorp Industries showed the most growth.
This low turnout is due to the large quantum of the project, experts say.