Mitigating growing ransomware risks

THE recent ransomware attack on ForceNet, one of the external communications providers of the Australian defence department, continues to highlight the growing threat of ransomware across nations and businesses. Unlike a data breach, ransomware is a risk without discretion. Any company that requires access to critical data or faces loss or hardship in the event of business interruption is a potential ransomware victim.

Unfortunately, attacks are becoming more sophisticated and frequent. Aon’s analysis shows that ransomware attacks are up 204 per cent from before the onset of Covid-19 globally. In Singapore, according to the Cyber Security Agency of Singapore, the number of ransomware cases rose 54 per cent from 89 in 2020 to 137 in 2021.

The potential consequences of business disruption or public exposure of sensitive data include reduced revenue, harmed reputation, breached contracts, missed deadlines, failure to meet customer or client expectations, or even, in extreme healthcare provider examples – possible loss of life.