Ransomware Surges Across Asia/Pacific

A recent report by the International Data Corporation (IDC) highlights a concerning increase in ransomware attacks across the Asia/Pacific region, with 59.6% of enterprises affected in 2023. As digital transformation continues to accelerate, these attacks are becoming more sophisticated and frequent, emphasizing the urgent need for stronger cybersecurity measures.

“Ransomware has evolved significantly, increasingly targeting critical infrastructure and operational technology environments,” says Sakshi Grover, Senior Research Manager at IDC Asia/Pacific. Cybercriminals are exploiting vulnerabilities in critical systems and supply chains, employing advanced tactics such as AI-driven attacks, double extortion, and Ransomware-as-a-Service (RaaS). These advanced methods have made it easier for attackers to compromise key sectors like healthcare and essential infrastructure, increasing the pressure on businesses to bolster their defenses.

The interconnected nature of modern business ecosystems heightens the risk, with 36.4% of enterprises reporting that third-party systems were also affected by these attacks. This underscores the importance of robust vendor risk management and supply chain security strategies. Many organizations are adopting AI-driven tools like Identity Analytics and User and Entity Behavior Analytics (UEBA) to enhance their detection and prevention capabilities. According to IDC’s report, 42% of surveyed enterprises found these technologies effective in combating ransomware.

Compliance with established cybersecurity frameworks such as CIS Top 20, PCI, NIST, and ISO is becoming increasingly crucial for demonstrating resilience and securing favorable cyber insurance premiums. As insurance costs rise, maintaining strong cybersecurity practices and adopting cloud-based backup and disaster recovery solutions are essential strategies for minimizing financial damage and ensuring operational continuity amid evolving threats.