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A recent survey conducted across four countries in the Asia Pacific (APAC) region reveals that Australian companies are more willing to give in to cybercrime threats.
The State of the Phish report, published by Proofpoint, found that Australian companies with 90 per cent ransomware attacks were more likely to give in to ransomware demands than those in Singapore, South Korea, and Japan.
“Around the world, English is the language most used in phishing attacks, so businesses that don’t conduct activities in English may receive some protection,” the report noted.
Singapore was not spared from the onslaught of cyberattacks this year, with 85 per cent of respondents reporting phishing incidents and 78 per cent experiencing ransomware attacks. Even more alarming is that 72 per cent reported business email compromise attacks, which can lead to direct financial losses amounting to 46 per cent. Supply chain attacks also occurred in 68 per cent of cases.
The findings of the study highlighted an alarming difference between Japan and the global average when it comes to reporting successful phishing attempts. Sixty-four per cent of Japanese respondents reported a successful attempt, as opposed to 84 per cent in other countries.
“While conventional phishing remains successful, many threat actors have shifted to newer techniques, such as telephone-oriented attack delivery and adversary-in-the-middle (AitM) phishing proxies that bypass multi-factor authentication,” said Ryan Kalember, Proofpoint’s executive vice president of cybersecurity strategy.
Ransomware attacks have increasingly targeted organisations across the globe, and the latest figures show that 76 per cent of organisations are now being affected. Of those, 64 per cent have succumbed to the criminals’ demands. However, insurers offer help – 82 per cent of insurance policies for ransomware attacks cover either partial or full ransom payments.
With so many threats posed by ransomware attacks, companies in the APAC region and other parts of the world must take the necessary steps to protect their data and systems from attack.
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