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Announcements

Singapore Ransomware Attacks Soared in 2019

Announcements
Singapore Ransomware Attacks Soared in 2019

The government of Singapore revealed that there was a surge in ransomware attacks that occurred in 2019 in the country. Some industries were particularly hard hit.

June 27 2020 | AtoZ MarketsThe Singaporean government published a study called Cyber ​​Landscape 2019 that showed that there were 35 reports of ransomware incidents in the last year alone. This represents a surge in attacks as compared to the 21 cases that were reported in 2018.

Industries targeted by the Singapore Ransomware attacks

Most of the ransomware attacks targeted the travel, tourism, manufacturing, and logistics industries. Ransomware attacks all around the world have increased since crypto adoption has increased all around the world. 

The Singapore Police Force reported that cybercrime continued to rise in the country, with 9,430 cases reported in 2019, up from 6,215 cases in the previous year. This accounted for more than one-quarter of all crimes that took place in Singapore in 2019.

Phishing cases in Singapore also saw a sharp increase last year. The agency discovered 47,500 related URLs in 2019 — up from 16,100 URLs in 2018. Earlier, the North Korean hacker group, Lazarus reportedly launched a massive phishing campaign. This attack has allegedly targeted several countries, including Singapore.

Crypto scams skyrocketed amid the ongoing COVID-19 pandemic 

A report published by the Russian cybersecurity firm Kaspersky revealed that Singapore had seen a significant increase in the prevalence of attempted crypto-jacking during the first quarter of 2020. Earlier the Federal Bureau of Investigation (FBI) had released a report warning against the steep rise in COVID-19 crypto scam.

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Related article: REvil Ransomware Group Auctions Stolen Data of Two US Law Firms

As the cryptocurrencies continue to gain mainstream exposure, the crimes related to crypto have also seen a surge. Scammers are now tailoring their pitch according to the situation and luring in victims, who eventually lose their investments. Earlier, the US Securities Exchange Commission (SEC) warned investors against investing in any unregistered product with the relevant regulators. 

What you can do to protect yourself

Anyone who regularly updates their computer system and who practices even the bare minimum of computer security has very little to fear. The main targets of malware are PC users, with Mac users now a close second. Linux users cannot rest easy either, although they are the least at risk from malware.

What do you think of the Ransomeware attacks in Singapore? Is it a much-overstated threat? Let us know what you think in the comments.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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