67% of businesses in SEA found themselves as victims of ransomware attacks

  • Only 5% of the C-suite says that an inside or exterior incident response staff is current
  • 8% of the surveyed executives admitted to paying the ransom as quick as doable to achieve entry to their enterprise knowledge

The COVID-19 pandemic, mixed with society’s rising digitalization, has led to a rise in cybercrime in Southeast Asia just lately. As a end result of this surge, East and Southeast Asian international locations have been the goal of quite a few high-profile ransomware attacks in current years.

In truth, APAC continues to struggle with ransomware attacks. Ransomware has gained appreciable notoriety in the enterprise world ever because the notorious Wannacry assault, with important attacks on businesses making headlines month after month.

According to the latest Kaspersky analysis, businesses in Southeast Asia (SEA) are very a lot on the radar of these cybercriminals, with three out of 5 (67%) indicating that they’ve been victims.

Global cybersecurity firm Kaspersky surveyed 900 respondents from North America, South America, Africa, Russia, Europe, and Asia-Pacific – 100 of them have been from Southeast Asia. Conducted in April 2022, researchers asked senior non-IT management (such as CEOs, VPs, and Director degree) and enterprise house owners or companions at organizations with 50 to 1000 staff how they perceived the menace of ransomware.

34% of respondents who acknowledged having their knowledge fraudulently encrypted by attackers say they have been the victims of repeated ransomware attacks. The remaining respondents (33%) claimed to have solely as soon as encountered comparable occurrences.

Hit with ransomware attacks, reply with paying the ransom

The majority (82.1%) of ransomware victims in the area had one factor in widespread: all of them paid the demanded ransom. In truth, two digits greater than the worldwide common of 38.1%, 47.8% of the surveyed executives admitted to paying the ransom as quick as doable to achieve entry to their enterprise knowledge.

Nearly 1 / 4 (23.9%) of those that tried to get well their knowledge by way of backups or decryption finally paid the ransom inside two days, whereas 10.4% resisted for every week earlier than giving in.

When requested what actions they might take in the event that they encountered the identical incident, the bulk of ransomware victims (77%) stated they might nonetheless pay the ransom. This is regarding as a result of it exhibits a propensity for businesses which have already fallen sufferer to ransomware to conform, which inspires cybercriminals to hold out their attacks.

Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky, responded to those findings by saying that it’s regarding to seek out that simply 17.9% of companies in the area that have been hit by ransomware refused to adjust to the calls for of the cybercriminals.

“We stand agency that paying the ransom shouldn’t be a kneejerk response for enterprises. But, with greater than half (67%) of these we surveyed admitting that their organizations wouldn’t survive with out enterprise knowledge if attacked, we perceive the urgency and the desperation to get their knowledge again as quickly as doable, by all means,” he defined.

A vital piece of the puzzle was additionally highlighted by Kaspersky’s research: the bulk (94%) of SEA businesses will search exterior help if they’re ransomed. With 89.9%, that is barely greater than the general charge.

Interestingly, 20% of these will get in contact with legislation enforcement, whereas 29% will contact a third-party supplier of cybersecurity incident investigation and response companies like Kaspersky. The remaining proportion will get in contact with one or each of these exterior companies to discover ways to react to a ransomware assault.

Yeo claims that it’s apparent that businesses in the SEA require help as a result of solely 5% of company leaders stated their corporations have inside incident response capabilities, a daily IT staff, or a service supplier to cope with a ransomware assault.

“We advocate for cross-border and public-and-private cooperation that may assist governments and corporations to fight threats like ransomware. However, such isn’t the one reply. Enterprises right here ought to actually look into performing on concrete steps to upskill and even to construct their very own safety protection staff with intelligence-led incident detection and response capabilities,” Yeo concluded.


Related Posts