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Should S’pore compel insurers to report ransomware incidents?
Businesses are at threat of attacks by ransomware actors every day. They should not be the weakest link in Singapore’s cyber-security battle.
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Currently, regular organisations affected by ransomware are encouraged to report incidents to the Singapore Cyber Emergency Response Team and the police.
PHOTO ILLUSTRATION: ST FILE
Follow topic:
- Singapore faces increasing ransomware attacks, with state-sponsored actors targeting businesses for payoffs, making it a prime target for cyber espionage.
- Companies hesitate to report attacks due to fear of bad publicity and further targeting, while Singapore firms are more inclined to pay ransoms quickly.
- Experts suggest using cyber insurance for early crisis management, providing access to capital, vendors, and intelligence without breaching confidentiality.
AI generated
SINGAPORE - Singapore companies are increasingly being targeted by state-sponsored hackers, yet recent reports show that firms are more likely to pay the ransom and stay silent, hindering the authorities from understanding the full scale of cyber threats.
The Cyber Security Agency of Singapore (CSA) currently does not mandate ransomware reporting for non-critical infrastructure firms owing to enforcement complexities and privacy concerns, CSA chief executive David Koh told The Straits Times in an earlier interview.
