NextGen Day

According to the most recent Kaspersky research, 3 out of 5 (67%) businesses in Southeast Asia (SEA) report that they have been victims of cybercrime. This puts SEA businesses squarely on the radar of cybercriminals.

34 percent of respondents who acknowledged having their data fraudulently encrypted by attackers say they were the victims of repeated ransomware attacks. The remaining respondents (33%) claimed to have only once encountered similar occurrences.

The majority (82.1%) of ransomware victims in the area had one thing in common: they all paid the demanded ransom. In fact, two digits more than the global average of 38.1%, 47.8% of the polled executives admitted to paying the ransom as fast as possible to gain access to their business data.

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Yeo Siang Tiong, general manager for Southeast Asia at Kaspersky, said: “It is disturbing to find that just 17.9% of firms here in SEA hit by ransomware did not budge on the attackers’ demands. “We are adamant that businesses shouldn’t respond in a hasty manner by paying the ransom. We do, however, understand the hurry and need to get their data back as soon as possible, by any means, as more than half (67%) of those we polled agreed that their businesses would not survive without business data if attacked.

obtaining data

100 of the 900 respondents in the cybersecurity company’s study from SEA were from North America, South America, Africa, Russia, Europe, and Asia-Pacific. In April 2022, researchers asked senior non-IT management (such as CEOs, VPs, and directors level) and business owners or partners at organizations with 50 to 1000 employees how they perceived the threat of ransomware.

Nearly a quarter (23.9%) of those who attempted to recover their data through backups or decryption ultimately paid the ransom within two days, while 10.4% resisted for a week before giving in.

When asked about the actions they would take in the event of a similar incident, ransomware victims indicated that they would still pay the ransom. This indicates a concerning tendency for businesses that have already fallen victim to ransomware to comply, which encourages cybercriminals to carry out their attacks.

external support

A crucial piece of the puzzle was also highlighted by Kaspersky’s study: the vast majority (94%) of SEA businesses will seek outside assistance if they are ransomed. At 89.9%, it is higher than the average worldwide rate.

Twenty percent of those will get in touch with the police, while 29% will contact a third-party provider of cybersecurity incident investigation and response services like Kaspersky. The remaining 20% will get in touch with one or both of these outside agencies to learn how to react to a ransomware attack.

“It is evident that our enterprises here in SEA need support,” Yeo said. Only 5% of enterprise leaders said that they have internal incident response capabilities or they have a regular IT team or service provider to figure out a ransomware assault. Businesses in this area should seriously consider taking action to upgrade their skills or perhaps create their own security defense team with intelligence-led event detection and response capabilities.

Prevention

However, Kaspersky places a strong emphasis on guarding against ransomware attacks. The leading cybersecurity firm urges companies to heed this straightforward and practical advice to defend their businesses from this danger:

Always retain copies of your files that are current so you can replace them if they are lost (e.g. due to malware or a broken device). For improved dependability, these should be kept both on a physical device and in cloud storage. In case of an emergency, be sure you can immediately retrieve your backups.
As soon as a security update becomes available, install it. Always upgrade your software and operating system to fix any recent vulnerabilities.

Give your personnel training in security. Inform staff members that they can help prevent ransomware occurrences by adhering to a few easy rules. Examine specialized training programs like those offered in the Kaspersky Automated Security Awareness Platform.

All endpoints should have ransomware protection enabled. A free Kaspersky Anti-Ransomware Tool for Business is available that protects servers and computers against ransomware and other forms of malware, stops exploits, and is compatible with currently installed security programs.

Enterprise businesses are encouraged to employ anti-APT and EDR solutions, which enable enhanced threat discovery and detection, investigation, and quick incident resolution, as well as access to the most recent threat intelligence. Any sophisticated ransomware assault could be efficiently stopped with the aid of an MDR supplier. All of the aforementioned are features of Kaspersky Expert Security.

Never pay the ransom if you are the victim. Although it won’t ensure that you get your data returned, it will motivate thieves to carry on with their operations. Instead, notify your local law enforcement of the occurrence and seek assistance from incident response specialists like Kaspersky.

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Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

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