ExtraHop report shows Singapore firms vulnerable to ransomware attacks

ExtraHop, a player in cloud-native network detection and response (NDR), has recently released its third annual Global Cyber Confidence Index. This report identifies organisations as generally underprepared to handle and reduce their cyber risk, with an upsurge in ransomware attacks and cybersecurity instances causing operational downtime.

A considerable majority (98%) of IT and cybersecurity decision-makers expressed confidence in their organisations' ability to manage cyber risk. However, they largely recognised falling behind in identifying and tackling ongoing threats. Singapore highlights this dynamic. Although nearly one in five (20%) respondents considered ransomware as their organisation's top threat, approximately 64% and 62% of Singapore-based organisations continue to use antiquated and susceptible network protocols exploited in ransomware attacks.

In the past year, organisations in Singapore experienced roughly 8 ransomware incidents, nearly aligning with the global average of 7.75 incidents. An extraordinary 95.7% of Singapore organisations hit by a ransomware attack acquiesced to the ransom demand. On average, ransomware payments alone cost close to $3.3 million per organisation in the past year. This figure excludes hidden costs associated with rectifying these incidents.

Furthermore, the surveyed bodies reported averaging 42 hours of downtime following a security incident last year. However, managing cyber risk remains a challenge. As per the respondents, this is due to deficient budgets (22%), immature risk management processes (18%), obsolete technology (16%), inadequate personnel resources (15%), inability to keep pace with the fast-moving industry (13%), and insufficient alignment between the cybersecurity organisation and the business (13%).

In trying to combat these cumulative challenges, nearly half (49%) of the respondents agreed that utilising AI and machine learning to assist in managing and reducing cyber risk is a top focus for their organisation this year. Around 47% also agreed that implementing zero trust is crucial for their 2024 strategy.

The index findings underscore the need for organisations to strengthen their capability to manage cyber risks. Raja Mukerji, Co-founder and Chief Scientist at ExtraHop, commented, "With ransomware and downtime on the rise and ripple effects being felt throughout entire organisations, leaders are recognising an inherent need to prioritise cybersecurity, and, better yet, business resilience. With greater visibility into and awareness of the current threat landscape, they can better identify their weaknesses, shore up their defenses, and develop an action plan that keeps disruption to employees, customers, and other stakeholders to a minimum."