Singaporean police have advised businesses not to pay ransoms to cybercriminals and to report any incidents immediately.
The ransomware known as Akira, which has stolen $42 million from over 250 organizations across North America, Europe, and Australia in the past year, is now targeting businesses in Singapore.
Authorities in Singapore issued a joint advisory to local businesses, warning them about the growing threat of the Akira ransomware variant.
Rising Threat of Akira Ransomware
The alert follows numerous complaints received by the Cyber Security Agency of Singapore, the Singapore Police Force, and the Personal Data Protection Commission from victims of these cyberattacks.
Investigations by the United States Federal Bureau of Investigation (FBI) have shown that Akira ransomware targets businesses and critical infrastructure.
Detection and Prevention
Singaporean authorities provided guidance on how to detect, prevent, and neutralize Akira ransomware attacks. They advised businesses not to pay ransoms if compromised.
Do Not Pay Ransom
Akira ransomware attackers demand payments in cryptocurrencies like Bitcoin (BTC) to restore control of computer systems and data. However, Singaporean authorities strongly recommend against making these payments:
“If your organization’s systems have been compromised by ransomware, we do not recommend paying the ransom. Report the incident immediately to the authorities. Paying the ransom does not guarantee that the data will be decrypted or that the attackers will not publish your data.”
Additionally, paying a ransom could lead to further attacks as criminals might attempt to exploit the victim again.
Mitigation Techniques
Authorities suggest several techniques to mitigate threats, including:
- Implementing a recovery plan and multifactor authentication
- Filtering network traffic
- Disabling unused ports and hyperlinks
- Applying system-wide encryption
These measures can help protect businesses from the rising threat of ransomware attacks.
Summary Review: Singaporean authorities have issued a strong warning to businesses about the threat of Akira ransomware, which has already caused significant financial damage globally. They advise against paying ransoms and emphasize the importance of reporting incidents immediately. To combat these cyber threats, businesses are encouraged to adopt robust security measures such as implementing recovery plans, using multifactor authentication, filtering network traffic, disabling unused ports and hyperlinks, and applying system-wide encryption. These steps can help safeguard against the increasing risk of ransomware attacks.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
