Report: 1 in 20 APAC organizations affected by ransomware gangs in 2023

Report: 1 in 20 APAC organizations affected by ransomware gangs in 2023

Report: 1 in 20 APAC organizations affected by ransomware gangs in 2023

FS-ISAC Navigating cyberspace 2024 The report finds that cyber attacks are on the rise, due to an increase in ransomware incidents.

Non-profit cybersecurity finance organization FS-ISAC has released its annual global intelligence report, showing a sharp rise in cyberattacks in the Asia-Pacific region.

According Navigating cyberspace 2024Cyberattacks in APAC increased 15 percent, with ransomware a key factor.

On average, APAC organizations were affected by 1.96 attacks per week in 2023, representing attacks on 5 percent of all organizations in the region in just 12 months.

Since ransomware is behind many of the attacks, FS-ISAC has found that many threat actors are now exploiting increasing regulations to extort money from their victims. Disclosure requirements are being used against ransomware victims, with gangs pressuring their victims to pay before any mandatory deadlines come into effect.

In addition to the ransomware threat, 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, taking advantage of ongoing geopolitical conflicts, and hacktivists to leverage misinformation to skew public opinion during a year of “super elections”. DDoS attacks are also increasing in size and scope.

Supply chain security will continue to be an issue, and FS-ISAC expects suppliers to tighten their security postures and both suppliers and their customers to work better on communications to improve incident response times.

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

“Threat actors will exploit vulnerabilities in critical infrastructure and leverage any available tool to destroy confidence in the security of our systems,” Teresa Walsh, FS-ISAC’s chief intelligence officer and EMEA general manager, said in a statement.

“The financial services sector operates in an infinitely dynamic cyber landscape, as cybercrime and fraud converge, and emerging technologies create additional opportunities for exposure. To maintain confidence in the sector, companies must prioritize proactive cyber hygiene to ensure operational resilience in the face of an attack.”

You can read the full report here.

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