The Philippines reported 15,312 ransomeware incidents in 2023, the fourth largest across Southeast Asia (SEA), according to security software development firm Kaspersky.
Ransomware targeting businesses in SEA last year was highest in Thailand at 109,315 incidents effectively blocked by Kaspersky. Indonesia trailed closely with 97,226 ransomware attacks and Vietnam which had 59,837.
The Philippines came fourth with 15,312 malicious encryptors, followed by Malaysia with 4,982, and Singapore with 741.
Last year, ransomware attractednews headlines across SEA. High-profile incidents involve a bank in Indonesia, a pubic health insurer in the Philippines, a public train transportation system in Malaysia, a famous hotel and casino in Singapore, the largest media conglomerate in Thailand and an energy company in Vietnam.
“The era of widespread mass attacks by encryptors on both individuals and businesses is gradually fading away. Instead, we are witnessing a shift towards organized groups that execute hacks involving data theft and encryption, commonly referred to as double extortion,” Fedor Sinitsyn, lead malware analyst at Kaspersky said.
“The rationale behind this evolution lies in the perpetrators’ ability to operate with greater efficiency, thereby enabling them to demand significantly higher ransom sums,” Sinitsyn said.
Yeo Siang Tiong, general manager for Southeast Asia and Asia Emerging Economies at Kaspersky, said it is evident that the threat actors behind ransomware attacks target all sectors in Southeast Asia.
“The total number of attempts may be lower, but organizations need to realize the real impact of each successful ransomware infection, both on the financial and reputation fronts. It’s imperative for businesses here to look into cybersecurity technologies that provide absolute anti-ransomeware effectiveness in third-party exams. Because not all cybersecurity solutions are created equal,” he said.
