The heightened cyber threat environment last year was fuelled by geopolitical conflict and opportunism as COVID-19 restrictions eased, says the Cyber Security Agency of Singapore.
The increase mirrors global trends, according to CSA, which published the data in its Singapore Cyber Landscape 2022 report on Friday .
“They capitalise on psychological weaknesses as potential victims are more inclined to explore opportunities to make up for personal financial shortfalls,” said CSA. Organisations may also scrutinise their budgets and cut cybersecurity budgets, seen as non-essential expenditure. More than half of the reported phishing cases involved URLs ending with “.xyz”, which is popular with threat actors because of its low cost and limited restrictions on usage, said CSA.
The agency observed a sharp spike in phishing reports that coincided with some rural banks in China becoming“Interestingly, several of these banks – Agricultural Bank of China, Zhongyuan Bank, and China Minsheng Bank – have little to no presence in the Singapore retail banking scene and are unknown to most retail banking customers in Singapore,” CSA said in its report.
The Singapore Cyber Emergency Response Team facilitated the takedown of more than 2,900 malicious phishing sites last year.CSA also said that ransomware – which involves malware that encrypts files until a ransom is paid for their decryption – continues to be a key concern in Singapore, with one case reported every three days on average.
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