Singapore Warns Businesses Of Bitcoin Ransomware Risks
Akira Ransomware Singapore has become a clear and present danger to the cryptocurrency market in the Lion City. On June 8, Singaporean authorities warned local businesses about the rising threat of an Akira ransomware variant in the country.
The Cyber Security Agency of Singapore (CSA), the Singapore Police Force (SPF), and the Personal Data Protection Commission (PDPC) released a joint advisory on Akira ransomware after receiving several complaints from victims of the Singapore cyberattack.
Akira is a ransomware syndicate that attacks an organization’s computer systems and data. Once it gains control of the systems/data, the owners will only regain access if a crypto ransom is paid.
It highlights the observed Tactics, Techniques and Procedures (TTPs) employed by Akira threat group to compromise their victims’ networks and provides some recommended measures for organisations to mitigate the threat posed.
— CSA (@CSAsingapore) June 8, 2024
In addition to the public notice of the ransomware, Singaporean authorities also provided guidance and strategies to minimize its impact. The authorities strongly advised victims against paying, stating, “paying the ransom does not guarantee that the data will be decrypted or that threat actors will not publish your data.”
To mitigate against the threat, America’s Cyber Defense Agency (CSA) recommends implementing recovery plans, multi-factor authentication, network traffic filtering, disabling unused ports, and system-wide encryption.
The escalating threat from Akira and other ransomware gangs coincides with a disturbing trend of crypto-related ransomware attacks globally.
In April 2024, Crypto News reported that Akira ransomware had stolen $42 million from 250 firms across North America,
Read more on cryptonews.com
