The first half of this year saw a surge in ransomware attacks in Southeast Asia, signaling a troubling trend.
According to Trend Micro, companies and government agencies in Southeast Asia, particularly in countries like Thailand, Japan, South Korea, Singapore, Taiwan, and Indonesia, have witnessed a sharp rise in ransomware incidents. The frequency of attacks in these regions has outpaced those in European nations. Notable incidents like the June ransomware attack by the Brain Cipher gang, which targeted over 160 Indonesian government agencies, are expected to increase as the region’s economies expand.
Ryan Flores, senior manager of forward-looking threat research at Trend Micro, highlights the rush towards digitalization in Asia, often at the expense of security. Governments are pushing for online services and payments, leading to a lower priority on cybersecurity in the race to launch services quickly.
While North America and Europe remain prime targets for ransomware attacks, the Asia-Pacific region has seen a significant increase in successful cyberattacks. In 2023, the number of reported ransomware attacks surged by 85% in Asia, as per data from Comparitech.
APAC a Ripe Field for Ransomware
Ransomware groups are targeting critical sectors in the Asia-Pacific region, with manufacturing, government, and healthcare industries bearing the brunt of attacks. The lack of breach notification laws in many countries leads to underreporting of breaches and a heightened risk of companies paying ransoms due to the popularity of cryptocurrency.
Rebecca Moody, head of data research at Comparitech, notes the prevalence of ransomware and cybercriminal fraud in the region. North Korean groups are utilizing ransomware and other tactics to siphon funds from the global economy.
Big Money, Minimal Effort
The rise in ransomware attacks is attributed to the increase in potential victims rather than specific targeting. Flores emphasizes the region’s cybersecurity ecosystem’s immaturity and growing regional tensions as key factors driving the surge in attacks.
National governments in the Asia-Pacific region are updating regulations to enhance security measures. Singapore and Malaysia have introduced legislation to bolster cybersecurity defenses for critical infrastructure and service providers.
Matt Hull, global head for strategic threat intelligence at NCC Group, advises organizations in the region to prioritize patch management, enforce strong password policies, and implement multifactor authentication for enhanced security.
