Ransomware, a cybercrime that encrypts systems and locks their owners out until a ransom is paid, has resurfaced globally, and attacks on Philippine cyber firms are likely to increase.
Just last May, a ransomware attack affected a subsidiary of the French insurance company Axa, impacting operations in numerous Asian nations, including the Philippines.
It followed an attack on the US firm Colonial Pipeline that forced its network transporting gasoline, diesel and aviation fuel over much of the eastern half of the country to shut down.
Alarmed by the new round of cyber assaults, credit watchdogs Fitch Ratings and S&P Global Ratings issued warnings and recommendations to their rated firms on how to avoid becoming ransomware victims.
The resurgence of ransomware attacks, according to Fitch, demonstrates how cyber risk affects all industries.
“Ransomware attacks increased 485 percent in 2020 globally, according to Bitfdefender, accounting for nearly one-quarter of all cyber incidents, with total global costs estimated at $20 billion, per Purple Sec,” Fitch noted.
Citing data from Coveware, a company that compiles global ransomware and cyber extortion data, Fitch said…
