Manufacturing was the most targeted industry by cyber threats in 2023, according to the fifth edition of Cyber Threat Landscape Report 2024 by Ensign InfoSecurity.
Treasure trove
Contributing over 20% to Singapore’s GDP, the manufacturing industry becomes a primary target for cybercriminals for being a treasure trove of valuable data, such as contracts, supplier details, trade secrets, industrial designs, and personal information. Moreover, disruption in the sector translates to safety and operational impact. Ensign also reported that cybersecurity practices in the manufacturing sector are not as tightly regulated as in other industries.
The report revealed that Ransom was the primary objective of 52.9% of observed cyberattacks in Singapore. Fortunately, cyber defenders are improving in threat detection, as the average “dwell time” fell from 1095 days to 49 days.
Understanding threats
“The cyber threat landscape is unfortunately worsening, with ransomware evolving to become the most pressing concern at the management and leadership level of companies and even nations,” shared Gaurav Keerthi, head of Advisory & Emerging Business, Ensign InfoSecurity. “Singapore is a very attractive target for these attackers, given our dense network of digital infrastructure and our highly digitalised companies and citizens. Understanding our threats, how they think and operate, is critical to determining how we can defend ourselves.”