CFOtech Asia logo
Technology news for Asia's CFOs and financial decision-makers
Story image

Ransomware hits 65% of organisations in Singapore

By Shannon Williams
Fri 20 May 2022

Next-generation cybersecurity firm Sophos has released its annual survey and review of real-world ransomware experiences in the State of Ransomware 2022.

The report shows that 65% of Singaporean organisations surveyed were hit with ransomware in 2021, up from 25% in 2020. The average ransom paid by organisations in Singapore, that had data encrypted in their most significant ransomware attack, increased by more than sixfold from US$187,500 in 2020 to US$1.16 million in 2021. 

Forty-eight percent of the organisations that had data encrypted paid the ransom to get their data back, even if they had other means of data recovery, such as backups.

The main findings of the State of Ransomware 2022 survey for Singapore, which covers ransomware incidents experienced during 2021, as well as related cyber insurance issues, include:

More organisations are falling victim In 2021, 65% of Singapore organisations were hit by ransomware attacks, more than twice the number from the previous year (25%). 64% of attacks resulted in data being encrypted, a considerable increase from the 49% that was reported by respondents in Singapore in 2020.

The impact of a ransomware attack can be immense The average cost to recover from the most recent ransomware attack in 2021 for organisations in Singapore was US$1.9 million. On average, it took one month to recover from the damage and disruption. Eighty-seven percent of organisations said the attack had impacted their ability to operate, and 83% of victims said they had lost business and/or revenue because of the attack.

Many organisations rely on cyber insurance to help them recover from a ransomware attack 86% of mid-sized organisations had cyber insurance that covers them in the event of a ransomware attack and, in almost all incidents, the insurer paid some or all the costs incurred.

Organisations are fighting back All Singaporean respondents said their organisations have made changes to their cyber defences over the last year to improve their insurance position. 80% have implemented new technologies/services,60% have increased staff training and education activities, and 53% have changed their processes and behaviours.

"Alongside the escalating payments, the survey shows that the proportion of victims paying up also continues to increase, even when they may have other options available," says Chester Wisniewski, principal research scientist at Sophos. 

"The findings suggest we may have reached a peak in the evolutionary journey of ransomware, where attackers greed for ever higher ransom payments is colliding head on with a hardening of the cyber insurance market as insurers increasingly seek to reduce their ransomware risk and exposure," he says.

In recent years, it has become increasingly easy for cybercriminals to deploy ransomware, with almost everything available as-a-service. Second, many cyber insurance providers have covered a wide range of ransomware recovery costs, including the ransom, likely contributing to ever higher ransom demands. However, the results indicate that cyber insurance is getting tougher and in the future ransomware victims may become less willing or less able to pay sky high ransoms.

Related stories
Top stories
Story image
Robotic Process Automation / RPA
Western Union implements intelligent automation programme from SS&C Blue Prism and ISG
Western Union has successfully implemented a strategic intelligent automation programme from SS&C Blue Prism and its certified partner, ISG.
Story image
Telecommunications
WiFi as a Service market to reach $26 billion through 2032
As a result of the easy management of wireless infrastructure over cloud services, WaaS is experiencing rapid growth.
Story image
Ransomware
Examining the future of ransomware threats with Vectra’s CTO
As customers' valuable data move to the cloud, so will ransomware. What is the current landscape and what do we need to know?
Story image
Infrastructure
Symbio, Cisco partner to launch Webex Calling in Singapore
Symbio has partnered with Cisco to launch a unified communications offering for Cisco's Cloud Connect for Webex Calling.
Story image
Collaboration
IT and security team collaboration crucial to data security
Many IT and security decision makers are not collaborating as effectively as possible to address growing cyber threats.
Story image
Partnerships
Thailand announces launch of the Thailand 5G Alliance
It will promote collaboration between the public and private sector, through companies such as Huawei, to commercially drive Thailand's 5G development.
Story image
Cybersecurity
Video: 10 Minute IT Jams - An update from CrowdStrike
Scott Jarkoff joins us today to discuss current trends in the cyber threat landscape, and the reporting work CrowdStrike is doing to prevent further cyber harm.
Story image
Remote Working
RDP attacks on the rise, Kaspersky experts offer advice
"Given that remote work is here to stay, we urge companies to seriously look into securing their remote and hybrid workforce to protect their data."
Story image
Multi Cloud
Cloud is a tool, not a destination
For many years, “cloud” has been thought of as a destination which has led to a misguided strategy that sees an enterprise trying to shift all its applications to a single cloud provider – regardless of the specific needs and nuances of each individual workload.
Story image
Talend
Forrester names Talend Leader in enterprise data fabric
Forrester has named Talend a leader among enterprise data fabric providers in the Forrester Wave: Enterprise Data Fabric, Q2 2022 report.
Story image
Cybersecurity
Vulnerable APIs costing businesses billions every year
Large companies are particularly vulnerable to the security risks associated with exposed or unprotected APIs as they accelerate digital transformation.  
Story image
Music
Mastercard reveals first-ever album titled Priceless
Mastercard's music album Priceless has been unveiled at the Cannes Lions Festival of Creativity and features 10 songs by 10 artists worldwide.
Story image
Data ownership
Brands must reclaim trust by empowering data ownership
According to Twilio's new State of Personalisation Report 2022, 62% of consumers expect personalisation from brands, and yet only 40% trust brands to use their data responsibly and keep it safe.
Story image
Cryptocurrency
NOWPayments launches new service to analyse cryptocurrency fees
NOWPayments has launched a new network fee optimisation solution that analyses current network fees and picks the most profitable option out of the client's payout wallets.
Story image
Storage
EXCLUSIVE: Finding the best data center for your business needs with datacenterHawk
Companies using cloud are consistently looking for the best storage solutions to suit their enterprise needs and often have to go through rather complex processes in order to find the right fit.
Story image
BitTitan
How to achieve your monthly recurring revenue goals
Monthly recurring revenue (MRR) is the ultimate goal, the most important issue on which anyone in the IT channel should focus.
Story image
Amazon Web Services / AWS
Qualtrics goes live on AWS Cloud Infrastructure in Japan
Organisations across Japan will now be able to access the Qualtrics XM/OS platform locally via data centre in the AWS Asia Pacific (Tokyo) region.
Story image
Tech job moves
Tech job moves - ActiveCampaign, Arcserve, LogRhythm & Qlik
We round up all job appointments from June 17-22, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Infrastructure
New VMware offerings improve cloud infrastructure management
VMware has unveiled VMware vSphere+ and VMware vSAN+ to help organisations bring benefits of the cloud to existing on-prem infrastructure.
Story image
Public Cloud
Public cloud services revenues top $400 billion in 2021
"For the next several years, leading cloud providers will play a critical role in helping enterprises navigate the current storms of disruption."
Story image
Infosys
Preparing for the digital decade with the right workforce strategies
For a decade that started under the pall of the pandemic, the 2020s is poised to end with a bang with the digital economy swelling to a high across the world.
Story image
Open source
DataStax secures US$115 million to fund database expansion
DataStax has secured US$115 million in funding, which it will use to develop and expand its Astra DB multi-cloud database and Astra Streaming service globally.
Story image
Motorola Solutions
Motorola Solutions deploys communication system to 5th Japanese airport
Motorola Solutions with its partner, Nippon Airport Radio Services deployed the mission critical communication system to Kansai.
Story image
CSG
To win at 5G, telcos must tame their quoting chaos
The catalogs of CSP (communication service providers) market offerings are set to explode as new digital services emerge, powered by B2B2X business models.
Story image
Supply chain
Supply chains continue to be disrupted, enterprises embrace circular economy
“Businesses urgently need to find a solution that can help them to manage this disruption, and transition to a circular economy."
Story image
Education
Microsoft Hong Kong partners with CUHK Business School
The collaboration sees CUHK Business School become the first business school as the authorised exam centre for Microsoft Certifications in Hong Kong.
Story image
Cloud
BT builds on Equinix partnership with new cloud offering
BT has launched a next-generation cloud connectivity offering extending its global network into strategic carrier-neutral facilities (CNFs) and building on its existing partnership with Equinix.
Story image
Contact Centre
Customer service agents don't want to return to contact centres
A new report has revealed that 85% of customer service agents want to work full-time at home and not return to contact centre offices.
Story image
Sustainability
Honeywell launches new carbon energy management software for buildings
The new Carbon & Energy Management service allows building owners to track and optimise energy performance against carbon reduction goals, down to a device or asset level.
Story image
Cloud
Cloudflare outage in 19 data centers worldwide due to own error
Cloudflare says its outage for 19 of its data centers yesterday was because of a change in a long-running project to increase resilience in its busiest locations.
Story image
Tech job moves
Tech job moves - Bitdefender, Cohesity, Fortinet & MODIFI
We round up all job appointments from June 27-30, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Infrastructure
Global investment in data centers more than doubled in 2021
DLA Piper's latest global survey finds the total investment in data center infrastructure worldwide rose from USD $24.4 billion in 2020 to USD $53.8 billion in 2021.
Story image
Gartner
Gartner's top recommendations for security leaders
"Leaders now recognise that major disruption is only one crisis away. We can’t control it, but we can evolve our thinking, philosophy, program and architecture.”
Story image
Data
Kacific and Teleglobal support expansion of telecom networks in Indonesia
Kacific has partnered with Teleglobal in Indonesia to provide a large-scale deployment of mobile backhaul services to major telecommunications operators.
Story image
DNS
DigiCert acquires DNS Made Easy and affiliated brands
Greg Clark comments, says, "This combination enhances the security of certificate validation and enables the automation of future validations."
Story image
Market growth
Salesforce unveils new offerings for consumer goods companies
Salesforce has announced new products for consumer goods companies to help brands navigate increasing market complexity more easily.
Story image
Airwallex
How Airwallex helps businesses achieve globalisation success
As markets continue to shift, businesses need to be able to provide the same quality of service for customers regardless of where they are located around the world.
Story image
Fintech
Corpay announces new collaboration with Triterras
Corpay and fintech firm Triterras have announced a new collaboration between Corpay’s Cross-Border business and Triterras Inc.    
Story image
Robotic Process Automation / RPA
Salesforce announces latest generation of MuleSoft
Salesforce has introduced the next generation of MuleSoft, a unified solution for automation, integration and APIs to automate any workflow.
Story image
Collaboration
Enterprise service management: the importance of a one-stop shop
In an online world, employees and end-users want one place to go for all their questions and requests. Intranet technology and self-service portals are useful tools that help serve this purpose.
Story image
Digital wallets
NFTs are ready to disrupt the ticketing world
The last few months have seen NFTs wielded by digital creators to take ownership over their craft and content. Now other industries are beginning to understand the real-world value that these nifty decentralised tokens can provide.
Story image
Cybersecurity
Tech and data’s role in the changing face of compliance
Accenture's study found that 93% of respondents agree or strongly agree new technologies such as AI and cloud make compliance easier.
Story image
Artificial Intelligence
Juniper study reveals top AI trends in APAC region
Juniper's research shows an increase in enterprise artificial intelligence adoption over the last 12 months is yielding tangible benefits to organisations.
Story image
Artificial Intelligence
Accenture shares the benefits of supply chain visibility
It's clear that gaining better visibility into the supply chain will help organisations avoid excess costs, inefficiencies, and complexity to ultimately improve their bottom line.