Cyber Criminals are targeting companies operating in Asia Pacific region the most and this was confirmed in a survey conducted by Trend Micro. The Security Firm also added in its report that outdated software and hardware are the main reason for criminals to target companies from the said region.
The Philippines accounts for 35.7 % of attacks and stands first in the list of the said companies which are operating from Asia Pacific and are most vulnerable to cyber attacks. The country also tops the list of most ransomware deployments wherein attackers take control of the computer systems and demand money from users to offer them a decryption key for their encrypted database.
Therefore, Trend Micro is advising the CIOs and CTOs of the companies operating in Asia-Pacific to better understand the cyber attacks and prioritize funds accordingly for effective security.
Richard Sheng, a senior director for alliances and strategic channels for Trend Micro says that cyber crooks are becoming sophisticated these days and so is recommending companies to take proactive measures instead of reactive when it comes to cybersecurity. Also, he recommends the company heads to go for a cyber insurance policy which covers all losses against cyber attacks of any variant.
Trend Micro researchers have detected more than 118,000 online banking malware this year. The internet security firm researchers have also recorded 47 million downloads of mobile apps using “Phishing Scams” that tricks users into revealing sensitive info.
The report also highlighted the fact that fake news can also inflict financial damage on businesses, apart from damaging reputations. In fact, the security firm went ahead and tagged fake news as a form of cyber attack or cyber propaganda which has the potential to inflict pain.
The United States stands tall among nations which are being affected by the fake news. United Kingdom, China, Russia, and Canada are the other nations in the list.
Fortunately, cases of fake news targeting enterprises in the Philippines are not yet happening and are negligent for now.