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28
Mar

Ransomware on the Rise in Singapore

Ransomware on the Rise in Singapore

Singapore is one of the most digitally capable countries in Asia and South East Asia. Most of our daily work are done in front of the computer screen. Communications and trading are all concentrated on screen and done in split seconds.

When we think cyber security, we think just simply anti virus. That’s not going to be enough to defend against sophisticated attacks to SME companies in Singapore in this day and age.

Gone are the days when you get a virus, it disrupts you for a few minutes and you are back to work after you get an anti virus software installed and it gets things cleared, much like modern medicine.

Hackers and criminals alike have took to more sophisticated methods known as Ransomware to seek leverage from Singapore businesses and this is how they normally work:

  1. Phishing email is send to you or an unsuspecting stuff member
  2. Files can be acting like a PDF file which may be common for most stuff to receive
  3. Downloaded file gets onto desktop and start working its magic
  4. Any file that is linked to your desktop gets encrypted by the malware
  5. If you’re linked to the server, eg. you’re a high ranking officer in the company, the server files get infected as well
  6. Server files are encrypted and therefore not accessible by staff members
  7. Time is wasted since no work can be done, productivity decreases or to a halt up to days
  8. Some encrypts will threaten to upload your files online for the world to see
  9. Companies infected are forced to make payments to the hackers and malware designers through intricate methods such as bitcoin

There are many other methods that they can take but this are some of the more common ones.

The damage it can cause to SME companies can be huge. Most major firms have methods to ensure their system do not get compromised but SMEs who are neither small nor big, are the ones that can be affected the most.

Some of the implications that a company that suffers from such an attack are as follows:

  1. Lost productivity for the day or two
  2. Permanent lost of information
  3. Information leakages
  4. Risk of secret information being published online

For some SMEs, a day lost in productivity can translate to millions or hundreds of thousands lost. This would be detrimental if one could not find a way to decrypt the information and that the trading required by the firm is time sensitive. 

In some cases where the payment is not agreed, the hackers might just keep the information forever leading to long term or permanent information lossses.

Trade secrets could also be leaked to other parties or in worse cases leaked online. This can effectively end a business for good. 

In the past 6 months, there has been a number of articles on such forms of cyber attacks.

  1. http://www.straitstimes.com/singapore/courts-crime/more-singaporeans-falling-prey-to-ransomware
  2. http://www.channelnewsasia.com/news/singapore/17-ransomware-cases-flagged-to-singapore-authorities-this-year/3394600.html
  3. http://www.businesstimes.com.sg/technology/singapore-sees-spike-in-number-of-cyberattack-for-ransom-cases

There are a few companies that have started working with SME firms in providing them affordable solutions and defence to this problems. 

Group6 Cyber Security and Ransomware Solutions Singapore is one of them. Ransomware Solutions Singapore can be within the thousands or defences which can ensure up to 99% security is within affordable range. 

You could also liaise with us if you have questions on ransomware protection. Contact 98638665 if you’re keen to find out more on how to go about ransomware defences. 

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