Summary
This whitepaper presents findings from an independent survey conducted among 90 IT and cybersecurity leaders in Singapore, focusing on their experiences with ransomware attacks over the past year. The report outlines the median ransom demand in Singapore, which was $365,565, a decrease from the previous year. It details the common technical and operational root causes of ransomware attacks, with phishing cited as the most prevalent cause. Additionally, the report discusses the impact of ransomware on organizations, noting that the average recovery cost was $1.54 million. It highlights the challenges faced by organizations in recovering from attacks, including increased pressure on IT teams and changes in team dynamics. The whitepaper concludes with recommendations for improving ransomware defenses, emphasizing the importance of prevention, protection, detection, response, and planning. These insights aim to guide organizations in enhancing their cybersecurity measures against evolving ransomware threats.
