Is your business ready to deal with ransomware?

ANGLER, Cryptolocker and Locky - no, you'll not find them in Pokemon Go, but you may find them on your computer one day. They're types of ransomware which is emerging as a major threat to individuals and businesses alike.

Ransomware, a type of malware that encrypts data on infected systems, has become a lucrative option for cyber extortionists. When the malware is run, it locks victims' files and allows criminals to demand payment to release them. The standard rate is about US$500, often paid in bitcoins, though we've seen much higher.

Cybercriminals behind ransomware campaigns typically focus their attacks in wealthy countries and cities, hence Singapore is becoming a real target.

Despite ransomware being on the rise, many businesses, particularly SMEs and smaller businesses, are not prepared to tackle them when they happen. According to a recent survey conducted by Trend Micro, close to 50 per cent of Asia-Pacific businesses surveyed indicated that there was no security awareness programme in their organisations. And only 25 per cent of companies are confident that they are fully prepared for cyberattacks, despite close to 50 per cent anticipating a targeted cyberatt…