Singapore Warning: Akira Ransomware Threat Causes Losses of IDR 672 Billion

Bittime - Singapore, known as the financial and technology center in Southeast Asia, is now facing a serious threat from the Akira ransomware cyber attack. Today, Monday (10/06/24), Singapore authorities issued a warning to local businesses regarding the increasing threat of Akira ransomware targeting companies in the region.

What Is Akira Ransomware?

According to a report from Cointelegraph, the Akira ransomware has managed to steal more than $42 million (around IDR 672 billion) from more than 250 organizations in North America, Europe and Australia in the past year.

Now, this Akira variant is actively targeting businesses in Singapore, raising concerns among companies and authorities.

Ransomware is a type of malware that encrypts the victim's data and demands a ransom in the form of cryptocurrency such as Bitcoin to restore access to the data.

The Akira ransomware attack, in particular, has demonstrated a devastating impact on organizations and critical infrastructure.

Warning from Singapore Authorities

Singapore authorities, including the Cyber ​​Security Agency of Singapore (CSA), Singapore Police Force (SPF), and Personal Data Protection Commission (PDPC), have received many complaints from victims of this cyber attack.

Based on previous investigations by the Federal Bureau of Investigation (FBI) in the United States, Akira is known to pose a significant threat to businesses and critical infrastructure entities.

In a joint warning, Singapore authorities underscored the importance of vigilance and preventive measures to detect, prevent and neutralize Akira attacks.

They urge businesses not to pay ransoms to attackers, as such payments do not guarantee that data will be decrypted or that the perpetrators will not share the stolen data.

“If your organization's systems have been compromised by ransomware, we do not recommend paying the ransom and advise you to immediately report the incident to the authorities. "Paying a ransom does not guarantee that data will be decrypted or that the perpetrator will not share your data," one of the authority officials said.

Akira Ransomware Prevention Steps

To protect yourself from ransomware attacks, Singapore authorities provide a number of important recommendations. Some preventative steps include:

Recovery Plan Implementation: Develop and test disaster recovery plans to ensure operational continuity in the event of an attack.

Multi-Factor Authentication: Use multi-factor authentication to strengthen system access security.

Network Traffic Filtering: Filter network traffic to prevent unauthorized access.

Disabling Unused Ports and Hyperlinks: Disable unnecessary ports and hyperlinks to minimize attack vectors.

Whole System Encryption: Perform system-wide encryption to protect sensitive data from unauthorized access.

Collective Responsibility

Ransomware attacks like Akira underscore the importance of cybersecurity as a collective responsibility. Businesses in Singapore are expected to not only rely on authorities but also take proactive steps to protect their digital assets.

Collaboration between the public and private sectors is critical to building a strong defense against increasingly sophisticated cyber threats.

OfWith its position as a technology hub, Singapore must continue to strengthen its cybersecurity capacity to protect businesses and critical infrastructure from attacks that could result in major financial and reputational losses.

Conclusion

With the Akira ransomware threat continuing to increase, businesses in Singapore must take immediate and effective action to protect themselves. The warning from Singapore authorities is an important reminder of the need to increase awareness and preparedness in the face of cyber attacks.

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