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Cybercrime in Finance Sector Hits Record High in Singapore
Singapore’s financial sector was hit by a record number of phishing attempts last year, with nearly 8,500 reported cases, a nearly threefold increase from 2021. The Cyber Security Agency of Singapore (CSA) released its annual report, the Singapore Cyber Landscape 2022, which revealed that banking and financial institutions were the top target for phishing attacks.
Phishing Attacks Reach Record High
According to the report, more than 80% of reported phishing sites in 2022 masqueraded as banking and financial institutions. This is not surprising, given that these organizations hold sensitive information such as personal details and login credentials. China-based banks were particularly popular targets, with nearly 50% of all banking-related phishing attempts involving them.
Other Sectors Also Affected
The government and logistics sectors also saw a significant number of phishing attacks, with the Land Transport Authority, Singpass, and the Inland Revenue Authority of Singapore being the most spoofed agencies. These attacks often exploited victims’ trust in the authorities or their online shopping habits.
Ransomware Cases Decline Slightly
Ransomware cases declined slightly to 132 incidents in 2022 from 137 in 2021, but small and medium-sized enterprises (SMEs) in the manufacturing and retail sectors were still disproportionately affected due to their valuable data and intellectual property.
Government Support for SMEs
To help SMEs counter these threats, the CSA will launch a scheme in the third quarter to provide subsidized cybersecurity consultancy services and tailored cybersecurity health plans. The agency will also work towards national cybersecurity certification for SMEs.
Malware Infections Decrease
The report also noted a 13% decrease in infected systems observed in Singapore to 81,500 in 2022 from 94,000 in 2021. The top three malware infections on locally-hosted Command & Control servers were:
- Cobalt Strike
- Emotet
- GuLoader
While Gamarue, Nymaim, and Mirai accounted for nearly 80% of Singapore Internet Protocol addresses infected by malware.
Website Defacements
A total of 340 websites with “.sg” in their domain names were defaced in 2022, a decrease of 19%, but SMEs remained the most affected. Re-definitions accounted for almost 40% of total observed defacements, and websites published on the WordPress platform were the most vulnerable, with about 60% running on outdated versions or before Version 6.0.
Urgent Call to Action
The report highlighted that some website owners are still neglecting to regularly patch their sites, which leaves them vulnerable to hackers. The CSA urged all organizations to prioritize cybersecurity and take proactive measures to protect themselves against these threats.
Conclusion
In conclusion, the Singapore Cyber Landscape 2022 report highlights the urgent need for organizations to prioritize cybersecurity and take proactive measures to protect themselves against phishing attacks, ransomware, malware infections, and website defacements. By doing so, they can reduce their risk of being targeted by cybercriminals and minimize the impact of a potential breach.