Study shows a 54% increase in ransomware incidents in Singapore

Most businesses in IT and manufacturing were affected by this increase.

Phishing campaigns and data breaches affect Singaporean businesses including Starbucks, OCBC, Shangri-La, and Carousell, ForgeRock 2023 study revealed.

“The government has noted the growing number of cyberattacks and is working with the broader industry to deepen awareness,” read the study.

Commenting on the findings, ForgeRock's Senior Vice President, Asia Pacific & Japan, David Hope, said Singapore has taken a proactive stance against cybercrime but the threat landscape requires a united front between the government, private businesses, and consumers. 

“It is the collective responsibility of our society to stay proactive and resilient in the face of cybercrime. Singapore must continue to invest in the solutions that will minimise exposure to new attacks such as zero-trust architecture, passwordless logins, multi-factor authentication, and cloud-based innovation,” said Hope.

At the same time, to be proactive against new risks, businesses should be flexible and constantly educate their workforce.

“The emergence of new technologies like generative AI is reshaping functions in the workplace, which is posing increased risks to privacy and intellectual property. But that doesn’t mean we relegate AI or these new technologies to the margins. They can help build zero-trust identity and help people simply and safely access online services, ushering in a new era of connectedness and infinite possibilities,” he added.