About 59.6% of enterprises in the Asia-Pacific (APAC) region were hit by ransomware in 2023, according to a recent report by International Data Corp. (IDC). The market intelligence firm attributes this surge to the rapid pace of digital transformation in the region.
Business interconnectivity has increased ransomware risks, with 36.4% of enterprises reporting that their third-party suppliers or customers were also affected.
“Ransomware has significantly evolved, now increasingly targeting critical infrastructure and operational technology environments,” said Sakshi Grover, senior research manager, Cybersecurity Services, IDC Asia/Pacific.
Critical infrastructure and supply chains were the top attack vectors, contributing to the rise in ransomware payments. IDC also highlighted the growing use of artificial intelligence (AI) to launch more precise and persistent attacks.
Ransomware-as-a-service
Factors like geopolitical tensions, automation, and the availability of ransomware-as-a-service (RaaS) have made it easier for even untrained attackers to launch ransomware campaigns. Attackers are increasingly using data theft and social media pressure to maximize impact.
Compliance with cybersecurity frameworks such as CIS Top 20, PCI, NIST, and ISO is becoming essential for demonstrating resilience and securing lower cyber insurance premiums, according to the IDC. As insurance costs rise, businesses are turning to compliance as a way to negotiate better rates.
IDC recommends that organizations should have robust backup and disaster recovery strategies, particularly cloud-based solutions, which are crucial for maintaining resilience against ransomware. To minimize financial damage, organizations must continuously update their defenses as threats evolve.