One in three SMEs in Singapore hit by ransomware

Monday 07 August 2017

Nearly one-fifth of small businesses in the city-state targeted by ransomware last year had to shut down their business operations

More than a third of small and medium-sized enterprises (SMEs) in Singapore were hit by ransomware attacks last year, and nearly one-fifth of these had to shut down their business operations because of the attacks.

Also, 61% of the Singapore SMEs that were hit by ransomware attacks suffered downtime of more than nine hours – the equivalent of a full working day.

For about one in six organisations, a ransomware infection caused 25 or more hours of downtime, and some reported that it caused systems to be down for more than 100 hours.

These were some of the findings from a study by Osterman Research on behalf of security software supplier Malwarebytes, which noted that SMEs in Singapore continue to be plagued by ransomware.

“Businesses of all sizes are increasingly at risk of ransomware attacks,” said Jeff Hurmuses, managing director and area vice-president of Malwarebytes in the Asia-Pacific (APAC) region.

“However, the stakes for a single attack on a small business are far different from the stakes for a single attack on a large enterprise. Osterman’s findings demonstrate that SMEs are suffering in the wake of attacks, to the point where some must cease business operations.”

According to the study, more than half (53%) of the cyber criminals who hit Singapore SMEs with ransomware demanded payments of less than $1,000, with only 7% asking for more than $10,000.

Read more: ComputerWeekly.com

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