IBM Security released its annual X-Force Threat Intelligence Index, unveiling how ransomware and vulnerability grow more sophisticated each year. 

These cybercrimes and attacks “imprisoned” businesses in 2021, further fracturing the backbone of global supply chains, with manufacturing emerging as the most targeted industry.

Ransomware attacks have been increasing in recent years, with an alarming 47% of attacks on manufacturing caused due to vulnerabilities. The attacks are now the leading malware infection, with the attacker demanding a ransom payment to release the data.

IBM CYBERSECURITY HUB TO MITIGATE APAC CYBERATTACKS

Rebecca Oi | 23 February, 2022

IBM Security list Asia as the most attacked region

Asia leads the pack, with financial services and manufacturing organizations experiencing nearly 60% of attacks. Japan, Australia, and India experienced the region’s most server access and ransomware attacks. In 2021, server access attacks (20%) and ransomware (11%), and data theft (10%) were the top three attack types on Asian organizations.

Cybersecurity is more critical now than ever before. In 2021, phishing was the most common cause of cyberattacks. In X-Force Red’s penetration tests, the click rate in its phishing campaigns tripled when combined with phone calls, leading to 43% of attacks observed in the region.

The REvil operation accounted for a whopping 37% of ransomware attacks that X-Force remediated last year before the gang shut down in October 2021. This was followed by Bitlocker, Nefilim, MedusaLocker, and Ragnar Locker.

“The high percentage of server access attacks in Asia suggests that Asian organizations are adept at identifying attacks quickly before they escalate into more concerning attack types,” said researchers from IBM’s X-Force Threat Intelligence team.

The IBM Security report also highlighted the following problems.

• Ransomware gangs defy takedowns –Ransomware groups continue to operate at a high level, as observed in 2021, despite numerous ransomware takedowns. This is troubling news for businesses and consumers alike. Ransomware has become one of the most severe threats on the internet, and it shows no signs of slowing down. According to the 2022 report, the average lifespan of a ransomware group before shutting down or rebranding is 17 months.
• Vulnerabilities expose businesses’ biggest vice – X-Force reveals that for businesses in Europe, Asia, and the Middle East and Africa, unpatched vulnerabilities caused approximately 50% of attacks in 2021, exposing businesses’ biggest struggle– patching vulnerabilities. At the same time, vulnerability exploitation as an attack method is growing more popular. X-Force observed a 33% increase since the previous year, with the two most exploited vulnerabilities observed in 2021 found in widely used enterprise applications (Microsoft Exchange, Apache Log4J Library).
• Early warning signs of cyber crisis in the cloud – Cybercriminals are laying the groundwork to target cloud environments. The 2022 report reveals a 146% increase in new Linux ransomware code, potentially making it easier for more threat actors to leverage cloud environments for malicious purposes.

In 2021, X-Force also observed more attackers shifting their targeting to containers like Docker – by far the most dominant container runtime engine according to RedHat. The application containers on a common operating system (OS) with an ecosystem of allied tools.

“Cybercriminals usually chase the money. Now with ransomware, they are chasing leverage. Businesses should recognize that vulnerabilities are holding them in a deadlock – as ransomware actors use that to their advantage. This is a non-binary challenge,” said Charles Henderson, Head of IBM X-Force.

Henderson added that the attack surface is only growing larger, so instead of operating under the assumption that every vulnerability in their environment has been patched, businesses should operate under an assumption of compromise and enhance their vulnerability management with a zero-trust strategy. 

The post IBM Security lists Asia as most attacked region appeared first on Tech Wire Asia.

From agriculture to construction, many industries are starting to explore the potential of 5G-enabled drones for improving their workflow. Drones have already proven to be a valuable asset in several sectors, and the advent of 5G will only increase their usefulness. 

5G-enabled drones will be able to transmit data faster and more reliably than ever before, which will allow them to handle more complex tasks. They significantly improve cost efficiencies make business operations safer and more efficient.

JAPAN’S LIQUID GLOBAL THE LATEST VICTIM OF CRYPTO HACKS

Aaron Raj | 25 August, 2021

In a bid to drive drone technology innovation, Digital Nasional Bhd (DNB) and Aerodyne Technology Sdn Bhd have signed a Memorandum of Understanding (MoU) that explores the development of 5G and leverages the parties’ respective strengths in the technology, with a particular focus on drone and data technologies and analytics capabilities. 

This presents an opportunity to evaluate and co-develop innovative 5G use cases, intending to identify strategic market needs for those use cases. The next generation of mobile networks is set to arrive with a new era of ultrafast 5G speeds. This will enable a range of new applications and technologies, including AI-powered “swarm intelligence systems – a host of drones working in unison to collect multiple data points at a time.

Driving drone technology innovation

Drones have gained popularity in recent years as viable tools for commercial and governmental applications. With the advent of 5G, drones will become even more ubiquitous and serve a broader range of purposes. They are used in various industries, including agriculture, construction, energy, mining, logistics, and other industrial sectors.

Drones can capture aerial footage or images for marketing or business purposes. They can also be used for search and rescue operations or deliver supplies in emergencies. In Malaysia, drones are already being used in certain industries like in agriculture and law enforcement agencies.

“5G will take Industry 4.0 to the next level by facilitating unprecedented levels of flexibility, productivity and efficiency,” said Prem Kumar Menon, Head of Enterprise Strategy at DNB.

(Source – Shutterstock)

By enabling Aerodyne to deploy its drones in a 5G environment, more innovative use cases can be further developed and showcased to multiple industries.

“This would encourage faster adoption of Internet of Things (IoT) and Aritificial Intilligence (AI) solutions while building an inclusive digital ecosystem,” he added.

For Kamarul A. Muhamed, Founder and Group CEO of Aerodyne, 5G is a game-changer in the world of connected drones.

“Our low-latency 4G-connected drones will be elevated to new heights on the 5G network. This opens up a virtually unlimited range of industrial applications and will contribute to the accelerated digitalization of Malaysia’s industries,,” he commented. 

Malaysian-based, Aerodyne has been testing and developing drone 5G solutions in other countries for 18 months. The company has operations in over 35 countries and has existing drone applications and software-as-a-service offerings for various fields, including aerial data intelligence gathering, emergency response, surveillance natural resource management, and intelligent resource management.

Aerodyne Group has previously agreed on an MOU with the government-linked telecommunications service provider Celcom Axiata Bhd. With the MoU signing, past Aerodyne applications will also be progressively powered by Celcom.

In January 2022, Aerodyne also inked a strategic partnership with Astralution to offer leading Drone-as-a-Service (DaaS) and Software-as-a-Service (SaaS) solutions in the Scandinavian region.

The post DNB and Aerodyne to drive drone technology innovation appeared first on Tech Wire Asia.

In a move that has the potential to revolutionize cybersecurity training, IBM virtually inaugurated its Cyber Range and IBM Security Command Center. The center located in Bengaluru explicitly trains cybersecurity response techniques through highly realistic, simulated cyberattacks designed to prepare everyone from C-Suite through technical staff. 

The first of its kind center was launched by Shri. Rajeev Chandrasekhar, the Union Minister of State for Electronics and Information Technology and Union Minister of State for Skill Development and Entrepreneurship. 

INCREASING WOMEN’S REPRESENTATION IN CYBERSECURITY

Rebecca Oi | 20 January, 2022

“As India becomes the largest connected democracy in the world, our PM’s vision is that cyberspace will not just become a place for innovation, growth and opportunity, it will also become a place where the future standards and future technologies for securing the cyberspace evolve, mature and proliferate. I believe the Cybersecurity Hub launched by IBM today will go a long way in creating an ecosystem of not just awareness but also capabilities and talent in creating safe cyberspace,” he said.

Commenting on the launch, Sandip Patel, Managing Director, IBM India, said, “One of the biggest challenges impacting the success of the exponentially growing digital economy and that of countries across the world is cybersecurity. Cybersecurity is a global challenge threatening enterprises more vigorously than ever before. We have an opportunity to respond and act now. We need cutting-edge technology and coming together of the entire ecosystem to address this threat. The launch of the IBM Cybersecurity Hub is, in fact, a response to this challenge. It will empower clients to respond to incidents with greater speed, effectiveness, and transparency.”

Asia is now the most targeted region for cyberattacks

According to IBM global analysis, Asia saw more cyberattacks than any other region in the past year while financial services and manufacturing organizations together experienced nearly 60% of attacks.

The 2022 report also detailed how in 2021, ransomware actors attempted to “fracture” the backbone of global supply chains with attacks on manufacturing, which became 2021’s most attacked industry (23%), dethroning financial services and insurance after a long reign.  The rapid rise of cyber-attacks and data breaches should spur more Asian organizations to invest in security solutions, especially in the financial and manufacturing sectors.

(source – IBM)

The new IBM cybersecurity center will help address the most pressing need of the hour for organizations of all types to accelerate their security strategies and align business priorities with a security-first approach. The cybersecurity sensor is a highly realistic, immersive training simulation environment leveraging industry-leading audio and visual effects. This includes live malware, ransomware, and other real-world hacker tools. These simulations were designed in consultation with dozens of experts from different industries, including emergency medical responders, active-duty military officers, and incident response experts. 

“Preparing for a cyberattack is like fire-drill training. Everyone from executives through to contractors need to understand their own role in an emergency and reinforce the crucial response steps through practice,” said Chris Hockings, IBM Security CTO for the Asia Pacific.

“The new IBM Security Command Center is the first in Asia Pacific enabled to train the entire business in the art of response to a cyberattack event, further enhanced by the real-time experience of our security experts based in the adjoining global Security Operations Center. With Asia Pacific’s enormous growth, diversity, and role in the global supply chain, these capabilities can be a real game changer for helping customers face growing threats in the region.”

IBM also invested its resources to help businesses prepare for and manage the growing threat of cyberattacks to organizations across the Asia Pacific (APAC) region. The investment also includes a new Security Operation Center (SOC), part of IBM’s vast network of existing global SOCs – providing 24X7 security response services to clients worldwide.

This includes IBM Managed Security Services and access to IBM’s team of incident response experts. It also comprises IBM Consulting, IBM Garage BM India Software Labs, and IBM Research. This collaborative approach drives meaningful, lasting transformation for clients and fast-track innovation. The center can deliver customized experiences and workshops – including virtually – tailored to organizations’ unique security requirements and objectives, leveraging the IBM Cyber Range Design consulting team.

IBM’s global SOC network now includes 9 locations such as Atlanta in the US, Australia, Costa Rica, Japan, Poland, Saudi Arabia and more. It offers MSS investigation experts to assist with on-the-ground response, dedicated security experts with strong vertical expertise, personalized advisory services combined with a holistic approach to secure hybrid cloud environments. IBM’s SOC model leverages AI, machine learning and automation, bringing together human expertise and advanced technologies to help respond with speed, efficiency and transparency.

The post IBM Cybersecurity Hub to mitigate APAC cyberattacks appeared first on Tech Wire Asia.

Mambu, a global software developer of open banking solutions, and Change Financial are combining their expertise to bolster Australia’s digital banking and payments capabilities.

The partnership between these two companies will complement each other by integrating Change’s Vertexon PaaS platform into Mambu’s application programming interface (API)-driven cloud banking platform.

Digital payments and banking services have changed the way people interact with their money and how they expect to access it. Mambu and Change will leverage an ecosystem approach, working together to deliver fast-to-market SaaS solutions to Australian and New Zealand financial institutions.

The partnership will allow seamless integration of adding prepaid, debit, and credit card and processing capabilities and digital card payments like Apple Pay, Google Pay, and Samsung Pay to Mambu’s platform. 

Meanwhile, Change’s solutions include Buy Now Pay Later (BNPL) features for cards and transaction processing for all major schemes, including Mastercard, Visa, Amex, JCB, and UnionPay.

Mambu is also partnering with Change to help clients test and build payment emulators. Clients who want to test or emulate real-world banking scenarios can now do so using the PaySim platform, which contains all of the features of a live bank account, including integrated ACH, VISA, and Mastercard processing. 

This will enable their clients to efficiently run a complete payment cycle without any changes being made on the banking side.

MALAYSIA IS GEARING UP FOR A DIGITAL BANKING REVOLUTION

Joe Devanesan | 11 June, 2020

Mambu and Change Financial to strengthen digital payments capabilities

“Mambu’s partnership with Change strengthens our digital payments capabilities while enabling Change to connect its customers to our market-leading cloud-native core banking solution. Change’s product roadmap and focus on the provision of seamless digital payments is a powerful addition to Mambu’s composable cloud banking foundation,” said Mambu Managing Director Asia Pacific, Myles Bertrand.

“We see a great deal of synergy in this partnership, and we’re excited about the opportunities it will bring to our customers, ” he added.

“The strategic partnership with Mambu supports our growth objectives for the Australian and New Zealand markets. Our card payments and processing technologies are essential for a modern digital banking experience. Our combined solutions with Mambu’s composable banking platform will deliver innovative payment and digital banking solutions to our end customers”, said Change Chief Product Officer Vinnie D’Alessandro.

Mambu General Manager Australia and New Zealand, Paul Apolony, added, “Change is a leading provider in the global payments space, like Mambu they’re committed to digital transformation using SaaS solutions and a customer-centric approach. We believe our combined functionalities will enable customers of both organisations to shift to a high-velocity operating model with minimal effort.”

Digital payments are the new norm in APAC. For example, to facilitate digital payments, several tech firms have created mobile apps that make it easy for consumers to pay for goods and services with their smartphones or other devices. 

The rapid growth of these technologies means that digital payments are here to stay and will likely become even more prevalent in the future. According to Grand View Research, Inc, the digital payment market size is worth US$361.30 billion by 2030, and APAC is projected to witness the highest growth rate.

The post Mambu and Change Financial join forces appeared first on Tech Wire Asia.

Society is often guilty of not giving themselves the attention deserved for their health. Most people often ignore early warning signs and hope they will go away independently.

 But what if there was a way for them to track their health online? What if this same technology could help identify potential red flags before they become significant problems? 

In a bid to make movement health mainstream and accessible to all, Spry, India’s first movement health startup, has launched a self-assessment portal.

ASIAN BIOTECH STARTUP INSILICO IS DISRUPTING THE PHARMACEUTICAL INDUSTRY USING ARTIFICIAL INTELLIGENCE

Jamilah Lim | 25 June, 2021

Spry uses AI-based technologies

Using Artificial Intelligence (AI) based technologies, Spry’s digital tool will provide users with a comprehensive assessment of their mobility and flexibility, along with an indicative set of strength and endurance levels, utilizing a scorecard. 

The driving technology behind this platform’s capabilities is Computer Vision. A field of AI that enables computers and systems to derive meaningful information from visual inputs, computer vision is used for vital body part detection, segmentation, and object detection. Through a combination of frontend and backend computer vision technologies, users are presented with a comprehensive MSK diagnosis.

A user needs to fill out some basic information about their health, stand in front of the laptop’s camera, and follow the instructions on the screen. The platform generates a scorecard and suggests follow-up action based on these details. The information derived is also customized based on the user’s planned activity. For example, the result matrices for an ardent golfer or tennis player would be different from that of a desk worker. 

Users will also receive an interpretation of their results via a comparison with broader population health data. By using the portal, users can derive a clear understanding of the issues they face. This is especially for those experiencing musculoskeletal-related (MSK) pain or discomfort or even seeking to understand better their body’s readiness to engage in physical activity.

Global health stats

According to the World Health Organization, more than 2.4 billion people worldwide live with a health condition that benefits from rehabilitation. These individuals often require the support and assistance of a trained professional to help them achieve their rehabilitation goals.

Despite this demand, there is a severe shortage of providers, with only 2.1 million practitioners available to treat this massive population. This gap is even starker in middle-and-low income groups, with up to 65 percent of individuals ignoring rehab treatments due to time scheduling and insurance coverage issues.

Spry’s blended care model

Spry’s blended care model enables healthcare providers to save significant capital and time by digitizing clinical and administrative functions. At the same time, patients have improved access and insight into the options available to them and the progress of their treatments.

“Movement health is the undiagnosed medical crisis of our time. Despite the vital role it plays in the health and wellbeing of every individual, it is rarely addressed or diagnosed in traditional medical discourse,” said Brijraj Bhuptani, Co-Founder and CEO of Spry. 

“Spry was built on the democratisation of movement health. With the launch of this platform, we’ve gotten one step closer to that goal,” he added.

“By providing our users with an accessible and affordable front door for all their MSK issues, we offer an opportunity to upgrade their overall quality of life substantially. If you’re experiencing the slightest physical discomfort and want to understand the next course of action, all you need to do is log in to get a clear answer”, added Bhuptani.

The post Spry debuts movement health self-assessment portal appeared first on Tech Wire Asia.

Vietnam has welcomed the new year with a significant milestone: more than 463,000 people have used Mobile Money in the country. 

The cashless payment service has created unprecedented opportunities for Vietnamese to do business and access financial services like never before. 

Viettel Military Industry and Telecoms Group (Viettel), the Vietnam Posts and Telecommunications Group (VNPT) launched the service at the beginning of 2022.

The organization hopes that the Mobile Money service will make non-cash payments a habit of the Vietnamese people and develop a comprehensive financial system in Vietnam.

COULD VIETNAM BE THE NEXT FINTECH BATTLEGROUND OF SOUTHEAST ASIA?

Dashveenjit Kaur | 8 September, 2021

Acceptance of mobile money in Vietnam

Digital transformation is rapidly evolving, and Vietnam has not been immune to its impact. 

With the rapid development of mobile payment solutions in recent years, many benefits can be reaped from their incorporation into the daily life of the average Vietnamese citizen. 

The development of Mobile Money will assist in promoting digital transformation while expanding the use of cashless payment services to the Vietnamese people, especially those living in remote, mountainous, and rural areas. 

Vietnam government actively encourage mobile money 

The government has actively encouraged this by implementing policies that allow consumers to make payments using the Mobile Money service instead of cash.

The ministry will build mechanisms to promote, manage and supervise the deployment of Mobile Money services this year. 

It will also encourage telecom service operators to transform telecommunications infrastructure into digital infrastructure, which will significantly contribute to developing e-government, the digital economy, and the digital society.

According to the country’s Ministry of Information and Communications (MIC) data, 77,200 establishments have accepted the payment method nationwide.

Viettel, the largest telecommunication operator in Vietnam, has recently set up 80,000 points to provide consultations and support for customers in registering and using the service.

The possible gap in financial accessibility and awareness in Vietnam

 In 2020, 70% of adults in Vietnam had a bank account, but nearly half of them do not have access to credit, according to the State Bank of Vietnam.

Meanwhile, more than 70 % of the population is concentrated in rural areas, but access to modern banking services in these areas is minimal. But now, mobile money is expected to push towards cashless payment in Vietnam. 

The three largest carriers and those licensed to pilot Mobile Money account for more than 97% of the market share, while the country’s telecom market currently has about 126.3 million subscribers.

Cashless payments in 2021

According to a survey of 15,000 retailers, cashless payments in 2021 made up 72.8% of total transactions, up 9% year-on-year. 

Payments through bank accounts became the most popular method, accounting for 36.5% of total transactions at retail shops, restaurants, and cafés, followed by cash (29.8%), e-wallets (14.8%), QR code (9.9%), bank cards (8.5%), and payment gateways (0.5%) according to OpenGov Asia.

89.3% of retailers have positive assessments on non-cash payments, considering them a trend at present and in the future.

The post Mobile Money Widely Used in Vietnam appeared first on Tech Wire Asia.

The fintech space in India had a bumper year in 2021 as the country continued to attract investors and entrepreneurs looking at opportunities beyond e-commerce.

According to a new report, the country led in the fintech investments in the Asia-Pacific region, with US$5.94 billion raised across 236 deals last year.

In addition, India also attracted the most funding in 2020, with US$1.50 billion raised across 118 deals. The Indian payments industry also witnessed the highest funding accounting for 45% of total funds raised. The country’s fintechs are expected to hit a valuation of US$150 to 160 billion by 2025.

INDIAN FINTECH UNICORN RAZORPAY ACQUIRES MALAYSIA’S CURLEC

Aaron Raj | 9 February, 2022

Notable fintechs making waves in India

India is the next frontier for fintech service providers. It’s a country with a population of 1.3 billion people, making it one of the biggest markets in the world to be explored by any fintech provider. 

The country is home to some of the most innovative fintech firms making global headlines for their unique business models, disruptive technologies, and products. Many Indian fintechs have raised significant capital and gained significant traction over the last few years.

Among the prominent Fintechs making waves in India are PhonePe and Paytm. While PhonePe is a product of Flipkart, Paytm is backed by Alibaba. 

Both have witnessed exponential growth since their inception. They both have become synonymous with mobile commerce and payments solutions in India. They offer similar services such as online money transfers, cashless payments at retail outlets, utility bill payments, shopping vouchers, and even movie tickets.

Unicorn fintech startups in India

The country has the highest adoption rate with over 2,100 fintechs. According to Statista, India has the second-highest number of unicorns in APAC and the third-highest concentration worldwide, behind the US and China. 

Some of the startups that entered the Indian unicorn club in 2021 were BlackBuck, Droom, OfBusiness, Meesho, Chargebee, Flipkart Moglix, BharatPe, CoinDCX, and Innovaccer.

In 2022, India has already seen unicorns, with Mamaearth being the first, followed by Fractal Analytics, LEAD School, Darwinbox, DealShare, ElasticRun, Livspace, and Xpressbees.

The Fintech sector in the Asia Pacific and ASEAN sets records

Meanwhile, venture capital investments in Asia-Pacific-based fintechs surged to a record high of $15.69 billion in 2021, up from $6.73 billion the year before and more than double the prior year’s figure of $5.87 billion.

APAC fintechs sealed 754 deals in 2021, up 81 % and 49 % from 2020 and 2019, respectively.

Findings show that the Southeast Asian fintech sector continues to mature, with a record US$4.7 billion across 217 transactions, up from US$1.13 billion across 118 deals in the prior year.

The report also added that in 2022, private markets would continue to be a crucial source of financing for fintechs as looming interest rate hikes and ensuing stock market volatility cloud the outlook for Initial Public Offerings (IPOs).

The post India fintech investments lead in APAC appeared first on Tech Wire Asia.

MAPPING E-COMMERCE COMPANIES IN SOUTHEAST ASIA

Aaron Raj | 25 November, 2021

As Southeast Asia is emerging as a new market for cross-border e-Commerce platforms, Singapore has placed itself in the midst of the action. 

Industry players see it as the preferred entry point to serve both local and regional markets as it offers a highly-reliable payment gateway and logistics services. 

The World Bank has also ranked the Republic as Asia’s top logistics hub for ten years in a row. 

Singapore emerging as a key e-commerce platforms destination

Deloitte’s Technology-empowered Digital Trade in Asia Pacific report highlighted that Singapore has emerged as one of the key e-Commerce destinations in Asia. 

In addition to its strategic location, advanced digital economy ecology, and highly developed Internet market, Singapore’s e-Commerce industry is also fueled by the presence of several ASEAN unicorns who have chosen to establish their regional headquarters there.

With 15 unicorns under its belt, Singapore accounts for the lion’s share of the region’s unicorns. This includes several well-known ones, such as Grab, Carousell, Lazada, Ninja Van, Shoppee, with valuations of more than US$1 billion each. 

Singapore’s vibrant e-Commerce platforms industry

Singapore’s thriving e-Commerce scene is a testament to the vibrant growth of the country’s retail industry. 

With increased internet penetration and a growing number of tech-savvy consumers, e-Commerce has seen steady growth in recent years. 

In 2020, the cross-border e-Commerce market in Singapore was worth US$2.15 billion and accounted for 35% of the nation’s overall e-Commerce market.

Singapore’s revenue in the e-Commerce market is projected to reach US$7,157million in 2022, and the number of users is expected to amount to 4.1 million by 2022.

Singapore surpassing its regional peers in digital adoption

According to Deloitte, Singapore is the most digitized economy with its rate of digital adoption amongst its regional peers. The report states that Singaporean companies were most digitized across production, trading, sales, payments, and logistics. 

The study also found that the country’s firms are more connected to customers through digital channels than their regional peers. The penetration rate of payment digitalization in Singapore stood at an impressive 85.2%.

By 2025, it is estimated that the e-commerce market in Singapore will double in size, with gross merchandise volume (GMV) amounting to US$8 billion.

A report by Bain & Company also shared that e-Commerce sales in the Republic are expected to grow to US$10 billion by the end of 2026.

Singapore is facing a skills shortage for digital talent 

There is still a demand for local talent specializing in e-Commerce, digital marketing, and marketing due to the shortage of talent with these skillsets. 

The recent Salesforce’s Global Digital Skills Index study found that 64% of Singapore workers do not feel very prepared with workplace digital skills, and only 29% are actively upskilling themselves.

To remain competitive, Singapore will need 1.2 million additional digital workers by 2025, according to a report commissioned by Amazon Web Services (AWS),

The report estimated that the Singapore workforce needs 23.8 million digital-skills training sessions from now until 2025.

The post Singapore emerging as hub for cross-border e-Commerce platforms appeared first on Tech Wire Asia.

The Asia Pacific (APAC) region is being affected by a rise in organized cybercrime. The rapid growth of e-commerce, with its increasing reliance on online transactions and services, has been accompanied by the growth of the region’s cybercrime industry. 

Ransomware attacks are on the rise in the region, making them more prevalent now than ever before. While some organizations have suffered financially, others have suffered legal ramifications. 

According to the Global State of Industrial Cybersecurity 2021: Resilience Amid Disruption report released by Claroty,  80% of organizations in the APAC were affected by ransomware attacks in 2021, with 51% paying the ransom.

CYBERCRIME IS RISING, AND APAC USERS CAN DO MORE TO FIGHT IT

Jamilah Lim | 20 July, 2021

This independent survey was carried out in the United States, Europe, and APAC, to determine how organizations dealt with ransomware challenges in 2021 and their levels of resiliency and priorities moving forward.

Meanwhile, according to Sophos’ The State of Ransomware 2021 report, India topped the global list of countries hit by ransomware, with 68% of the respondents reporting attacks.

APAC had the highest number of organizations attacked weekly at 1,338 compared to EMEA (Europe, Middle East, and Africa) with 777 cases and the Americas at 688.

Indonesia, Japan, Singapore experienced the sharpest increase in attack activity in the region till the middle of the year.

Universally increased investment in cybersecurity

Businesses are starting to understand that cybersecurity is not just a good idea; it’s necessary. 

Cyberattacks can be devastating for businesses of all sizes, and they’re happening more often than you might think. Cybercriminals constantly look for ways to slip malicious code into networks and encrypt data, making it impossible to retrieve without paying a ransom.

According to a Check Point study published in May 2021, there was a 168% increase, year-on-year, in the number of cyberattacks in the region. The study estimated that an organization in the APAC region suffers from 1,245 weekly attacks.

Therefore, there was universally increased investment in cybersecurity. According to Claroty, strengthened cybersecurity measures over the past two years were driven by the pandemic and high-profile and highly damaging ransomware attacks in 2021: on Colonial Pipeline and global meat processor JBS, as well as the SolarWinds supply chain attack.

Ransomware is still a big problem

The cyberattacks are a chilling reminder of businesses’ vulnerability to hackers and their effects. More than half of the respondents (52%) in APAC said cybersecurity had become a higher priority after an attack, and 55% said their security budget had increased, with 40% confirming implementation of new and/or updated cybersecurity controls and processes.

The real concern from the survey showed that 71% of organizations in APAC paid ransom fees between US$ 100k to US$ 1 million and 13% paid between US$ 1 million and US$ 5 million. Moreover, 52% of APAC organizations reported a downtime event would cost them up to half a million per hour in lost revenue, with 36% reporting costs would be even higher per hour. Globally, 9% of organizations said costs would exceed US$ 5 million per hour. Only 5% of APAC companies would face such high costs.

The survey also explored the legal requirement to report ransomware payments with only 45% in APAC supporting a legal requirement to report ransomware payments, so long as this came with a requirement to also report payments to regulators or other authorities. On the contrary, 23% in APAC supported ransomware payments being legally required, but with no obligation to report payment.

Now, if these organizations had taken their cybersecurity protection more seriously and focused on updating their patches, securing critical infrastructure, and constantly reminding their employees on being safe online, the numbers might be different. Not only will they have to spend millions paying for ransomware attacks, but they will also be able to use those funds for more important expenditures.

The post Ransomware attacks still a big problem in APAC appeared first on Tech Wire Asia.

More than half of cybersecurity technologies in Malaysia are outdated, according to the latest findings by Cisco Systems Inc. The study claimed that 60% of cybersecurity technologies used by Malaysian companies are considered outdated, exposing vulnerabilities. 

The survey aimed to determine the most impactful measures teams and companies can take to defend their organizations against the evolving threat landscape.

THERE’S A NEW CYBERSECURITY VENDOR IN TOWN

Aaron Raj | 2 February, 2022

In addition to this, the WEF (World Economic Forum) published a Global Cybersecurity Outlook report, identifying a lack of coordination between security leaders and business leaders as a critical concern. The report said that the accelerating pace of digitalization, fuelled by the Covid-19 pandemic, has led to a record-breaking year for cybercrime.

Ransomware attacks rose 151% in 2021 and the organizations surveyed each faced an average of 270 cyberattacks. The report said that each successful cyber breach cost a company US$ 3.6 million last year. WEF said that cybersecurity has to be prioritized in “all domains of society and the economy” to “unlock the true potential of the digital economy.”

Hacking and data breaches are becoming increasingly common as cybercriminals develop more sophisticated ways to access digital assets, including critical data. More than 5,100 security professionals across 27 markets and 2,000 professionals from 13 markets in Asia-Pacific participated in the survey.

Cisco said that the respondents considered their cybersecurity infrastructure unreliable and complex, with 60% and 57% respectively highlighting this in the survey.

Malaysian organizations addressing cybersecurity challenges

With cyberattacks and data breaches becoming more frequent than ever, Malaysians recognize the need to invest in modern technologies to protect their business in the current digital age, as indicated in the Cisco findings.

Eight in 10 (81%) Malaysian respondents said their company is investing in the ‘Zero Trust’ strategy, with 53% saying their organization is making steady progress with adopting the technology, while 27% say they are implementing it.

4% of respondents said their company is investing in Secure Access Service Edge (SASE) architecture, with 53% saying they are making good progress with adopting and 31% saying their implementation is at mature levels, the report said.

Critically address and refresh cybersecurity technologies

With cyber threats continuing to escalate, it is no longer a question of whether or not an organization will be hacked but when will it be hacked. 

Malaysian companies must critically address and refresh the cybersecurity technologies and solutions they use today to defend against the growing sophistication of cyberattacks.  Companies should review their cyber security solutions every year and adopt a new solution that is constantly updated as technology changes with each passing day. 

This is especially important for smaller businesses; these companies tend to be more vulnerable to cyber-attacks because of less robust IT systems, which are not up to date.

Cisco also reported that there are also inconsistent security policies across disparate locations and networks, difficulties in verifying the identity of users and devices, and the lack of end-to-end visibility of their security infrastructure.

The post Malaysian cybersecurity technologies outdated appeared first on Tech Wire Asia.