According to Cyber Security Agency of Singapore (CSA), the scale and complexity of threats have grown in cases reported since 2018. With the emergence of Covid-19 in late 2019, it created an easier opening for cyber attackers to exploit on the fear and uncertainty to carry out more malicious activities towards businesses.
A cyber-security firm also reported recently that as many as 96% of organizations in Singapore have had at least one cyber breach in the past 12 months. Close to half of the companies affected by data breaches have incurred financial losses, while eight in ten saw a hit in their company’s reputation.
The common types of cybercrime recorded were e-commerce scams, phishing, malware attacks with e-commerce scams and ransomware attacks being the top scam types in Singapore.
- E-Commerce victims losing S$2.3 million – a 30% increase from 2018
- Phishing URLs detected jumped about 200% in 2019
- Up to 28% of the attacks were from ransonware, where hackers taking over the IT system and stealing data until a ransom is paid. “However, sometimes attackers will unlock access and other times they may not even after a ransom is paid.” said Patrick Tay, Director, Docu Connex.
Working from home poses vulnerability to hackers manipulating your VPNs as well. Thus, nothing should be taken for granted when it comes to privacy of your home from small companies because physical location doesn’t matter when it comes to the internet.
“No one is immune to sophisticated cyber threats as long as you are online with internet. Once you are connected to the world, it is connected to you.” said Kliff Chia, Network-Box, Singapore.
That means companies, especially SMEs where IT resource is lean need to rethink how best to approach cybersecurity in this new normal.
Source: CNA (June, 2020; Aug, 2020)
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