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Report: 1 in 20 APAC organisations hit by ransomware gangs in 2023

FS-ISAC’s Navigating Cyber 2024 report finds cyber attacks on the rise, on the back of a surge in ransomware incidents.

user icon David Hollingworth
Thu, 28 Mar 2024
Report: One in 20 APAC orgs hit by ransomware gangs in 2023
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Financial not-for-profit cyber security organisation FS-ISAC has released its annual global intelligence report, which shows a sharp rise in cyber attacks in the Asia-Pacific region.

According to Navigating Cyber 2024, cyber attacks in APAC jumped 15 per cent, with ransomware a key driver.

On average, APAC organisations were hit by 1.96 attacks per week in 2023, adding up to attacks on 5 per cent of all organisations in the region in just 12 months.

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With ransomware behind many of the attacks, FS-ISAC has found that many threat actors are now exploiting growing regulations to extort their victims. Disclosure requirements are being used against ransomware victims, with gangs pushing their victims into paying up before any mandatory deadline kicks in.

On top of the threat of ransomware, the report also noted a rise in geopolitical hacktivism.

FS-ISAC expects threat actors to launch more distributed denial-of-service (DDoS) attacks against critical infrastructure, capitalising on ongoing geopolitical conflicts, and for hacktivists to take advantage of misinformation to skew public opinion during a “super election” year. DDoS attacks are also increasing in size and scope.

The security of the supply chain will still be an issue, and FS-ISAC expects vendors to tighten their security postures, and for both vendors and their clients to work better on communications to bolster incident response times.

And given FS-ISAC’s focus on financial services, its report found that those services are very much in the line of fire.

“Threat actors will exploit vulnerabilities in critical infrastructure and will leverage any tool available to destroy trust in the security of our systems,” Teresa Walsh, chief intelligence officer and managing director for EMEA at FS-ISAC, said in a statement.

“The financial services sector operates in a cyber landscape that is endlessly dynamic, as cyber crime and fraud converge, and emerging technologies create additional opportunities for exposure. In order to maintain trust in the sector, companies must prioritise proactive cyber hygiene to ensure operational resilience in the face of an attack.”

You can read the full report here.

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