Singapore records 741 ransomware attacks in 2023

Overall, 287,413 ransomware incidents hit businesses across SEA.

Singapore experienced 741 ransomware incidents in 2023, according to data from Kaspersky cybersecurity solutions.

Overall, 287,413 ransomware incidents targeted businesses across Southeast Asia (SEA) from January to December 2023.   

Thailand topped the list with 109,315 ransomware incidents detected and blocked by Kaspersky. Indonesia followed closely with 97,226 attacks, whilst Vietnam recorded 59,837 incidents. The Philippines also reported 15,312 malicious encryptors, Malaysia had 4,982, and Singapore saw 741 ransomware attacks.

“We are witnessing a shift towards organised groups that execute hacks involving data theft and encryption, commonly referred to as double extortion,” said Fedor Sinitsyn, lead malware analyst at Kaspersky. 

“The rationale behind this evolution lies in the perpetrators’ ability to operate with greater efficiency, thereby enabling them to demand significantly higher ransom sums.”

Throughout 2023, ransomware incidents made frequent headlines across SEA. Some notable high-profile cases included attacks on a major bank in Indonesia, a public health insurer in the Philippines, a public train transportation system in Malaysia, a renowned hotel and casino in Singapore, the largest media conglomerate in Thailand, and an energy company in Vietnam.

Experts urged organisations to enhance their IT security measures, noting that ransomware, especially the targeted variants, remains a significant and destructive threat to businesses in SEA.