Mitigating growing ransomware risks
Add BT as a preferred source
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.
TRENDING NOW
When every phone becomes a satellite phone, what happens to Asia’s telcos?
Koh Brothers Eco Engineering faces up to S$57.6 million in potential liabilities from legal disputes
Too little, too late? Manila’s billion-dollar bid to ignite its sputtering EV industry
DayOne secures S$530 million green loan from DBS, OCBC and UOB for Singapore data centre
