In 2023, businesses in the Philippines were rocked when a company fell victim to the devastating Medusa ransomware. Several months later, an executive department of the Philippine government online systems were temporarily taken offline due to a ransomware attack. Those are just 2 out of hundreds of Ransomware attacks on businesses in the Philippines recently.
Ransomware incidents have become increasingly rampant and aggressive, not only in the Philippines but also in the surrounding region.
Notable Statistics on Ransomware
In the first half of 2024, data encrypted in Ransomware attacks across Southeast Asia reached over 7 Terabytes, with an estimated total ransom amounting to 13 million USD .
Ransomware attack groups are now operating globally with annual revenues potentially reaching hundreds of millions, even over 1 billion USD - Mr. Quang Tran Minh , Director of Intelligence Center, Viettel Cyber Security said.
