Ransomware Threat: Akira Targets Singapore Businesses

Written:: on 12 June 2024; by V. Ionut

Singaporean businesses are being warned about a significant ransomware threat posed by the Akira ransomware group. This group has extorted over $42 million from victims worldwide in the past year, and Singaporean authorities are urging businesses to take steps to protect themselves.

What is the Akira Ransomware Group?

The Akira ransomware group targets businesses and critical infrastructure entities. They employ various tactics to compromise their victims' networks and steal data. Once they have infiltrated a system, they encrypt the victim's data and demand ransom payments in cryptocurrency, typically Bitcoin, to regain access.

Singapore Authorities Issue Advisory

The Cyber Security Agency of Singapore (CSA), the Singapore Police Force, and the Personal Data Protection Commission have issued a joint advisory to help organizations mitigate the threat of Akira ransomware attacks. The advisory highlights the tactics used by Akira and provides recommendations for businesses to improve their cybersecurity posture.

Recommendations to Protect Your Business

- Implement a data recovery plan: Having a plan in place allows for faster recovery from a ransomware attack and minimizes downtime. - Enable multifactor authentication (MFA): MFA adds an extra layer of security to login processes, making it significantly harder for attackers to gain access to your systems. - Filter network traffic: Implement measures to filter out suspicious network traffic that could be linked to ransomware attacks. - Disable unused ports and hyperlinks: Unused ports and hyperlinks can be potential entry points for attackers. Disabling them reduces the attack surface. - Employ system-wide encryption: Encrypting your data makes it unusable even if it's stolen in a ransomware attack.

Don't Pay the Ransom

Singaporean authorities strongly advise businesses against paying any ransom demands to the attackers. Paying the ransom does not guarantee that you will regain access to your data and may even encourage further attacks.

Report Ransomware Attacks

If your organization is targeted by a ransomware attack, report the incident immediately to the authorities. This will allow them to track the attackers and potentially help other businesses from falling victim.

By following these recommendations and staying vigilant, Singaporean businesses can significantly reduce their risk of falling victim to a ransomware attack by the Akira ransomware group or similar threats.