Examining Current Cybersecurity Trends to Assess APAC's Cyber Preparedness

With cyber threats continuing to evolve and become more sophisticated, organisations in the region must remain vigilant and proactive in their efforts to protect against cyber attacks.

FREMONT, C: Although organisations are investing in cybersecurity, the current threat landscape remains difficult due to digital transformations, hybrid workplaces, and expanding digital supply chains, which provide a larger surface area for attacks. With cyber threats constantly changing, organisations are at a greater risk of falling victim to attacks such as ransomware, business email compromise, impersonation fraud, spear-phishing, tech support fraud, and identity theft.

Rise of Industrial Cyber Attacks

In the past several years, ransomware attacks have significantly increased. Modern ransomware crews now not only steal data but also encrypt it, jeopardising the availability of vital resources needed to carry out regular corporate operations.

In addition, cyberattacks are now targeting industries that have traditionally experienced fewer threats, causing them to become complacent about cybersecurity. These industries believed they were immune to cyberattacks, but cybercriminals have recognised their lack of awareness and protection, making them easy targets. Consequently, these industries are now vulnerable to attacks.

For instance, engineering and construction companies are susceptible to cyberattacks due to their focus on physical security, which leaves them ill-prepared to handle cybersecurity. Similarly, legal firms are at risk of falling victim to attacks such as phishing and BEC, which not only pose a financial burden but also damage their reputation.

Manufacturing companies are more vulnerable to cyber-attacks due to the value of their data, while the financial services sector is struggling with the security of customer data, potential damage to reputation, and the need to comply with regulatory requirements.

Educational establishments are facing more advanced risks to the security of their intellectual property and the personal information of their students and faculty. Likewise, healthcare and medical institutions, which hold vast amounts of electronic healthcare records containing sensitive personal and financial information, are also becoming targets of cyber attacks.

State and local government agencies are experiencing an unprecedented rise in data breaches and security breaches, which are often carried out by various threat actors such as spies, hacktivists attempting to advance their political beliefs, and cyber criminals.

Navigating the Cyber Landscape in Asia Pacific

Due to the ease with which criminals can enter the scene, along with the augmented complexity of their operations and targets, there are now more frequent and diverse types of attacks, which could lead to substantial costs. Additionally, as more devices become connected to the internet, the boundaries between the physical and digital worlds are becoming blurred. Supply chains are becoming more connected, and remote and hybrid work models are being embraced, resulting in a larger attack surface for cybercriminals. Specifically, the threat of ransomware and nation-state attacks is on the rise.

According to Forrester, the research from the previous year showed that 68 per cent of Asia Pacific (APAC) organisations were compromised in 2021, up from 60 per cent in 2020, underscoring the fact that the whole APAC area is unprepared for the onslaught of cyber security breaches. In the same year, phishing attempts were launched against virtually all of the organisations polled in Singapore (97 per cent) for Mimecast's State of Email Security report. Also, 84 per cent of the surveyed organisations reported seeing a rise in email-based attacks, the highest global rate, making Singapore and the APAC region important targets for threat actors.

There was an increase in large-scale cyber attacks, which affected critical infrastructures in countries like Indonesia and South Korea. The attacks included Distributed Denial of Service (DDoS) attacks that disrupted banks in New Zealand, and an energy supplier in Australia experienced an attack that caused power stations to shut down.

Cyber threats are constantly evolving and becoming more cosmopolitan, and companies in the Asia -Pacific region entail to remain keen-eyed and dynamic in their efforts to protect against cyber attacks. This requires a multifaceted approach that includes implementing effective cyber security guidelines and technologies, elevating cyber awareness and education among employees, and investing in a proficient cyber security workforce.  Organisations need to stay up-to-date on present-day cyber threats and trends and take a proactive approach to identifying and mitigating potential risks. This will not only help to protect against cyber attacks but also safeguard valuable data and maintain the trust of customers and stakeholders.