There is a disconnect between the risk ransomware poses to organisations and their preparedness to respond during off-hour periods, according to the “Organizations at Risk: Ransomware Attackers Don’t Take Holidays” report by cybersecurity firm Cybereason.
More than a third (35%) of Singapore companies do not have specific contingencies in place to promptly respond to ransomware attacks during weekends and holiday periods.
This is despite the fact that they have already been victims of ransomware attacks during those off-hour periods. Over two-thirds (68%) of those previous attacks were successful due to a lack of implementation for security solutions or cybersecurity coverage.
Given the lack of an incident response plan, 49% of local cybersecurity professionals took longer to assess the scope of attacks when they happened during off-hour periods, while 35% took longer to respond or stop attacks.
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The study also found that the retail and transportation sectors are high-value targets for ransomware attackers.
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Singaporean respondents from both retail (44%) and transportation (50%) that were previously victims of ransomware attacks also cited that they did not have the right security solutions in place. Due to the potential for disruption and lost revenue, victims are likely to be incentivised to pay higher ransom demands for business continuity.
“This research proves that organisations are not adequately prepared, [especially for cyberattacks during the weekends and holiday periods],” says Leslie Wong, regional vice president for APAC at Cybereason.
“As attackers grow increasingly sophisticated in their approach, it is crucial that organisations take additional steps to assure they have the right people, processes and technologies in place. By adopting a prevention-first strategy, organisations can mitigate the risk of attacks and minimise the disruption of ransomware attacks to protect their critical assets,” he adds.
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