Despite this, more than half of these companies needed at least a week to resume operations, and nearly a quarter faced recovery times stretching up to six months.
While paying the ransom is often viewed as a quick fix, the real costs and complications extend far beyond the initial transaction. The average total expense incurred by Singaporean firms to fully recover from a ransomware incident this year has reached an estimated US$1.54 million.
Although the median ransom payment has decreased to approximately US$365,565—down from US$760,000 last year—this reduction in ransom size hasn’t translated into faster recoveries. Interestingly, around 39% of companies were able to negotiate lower ransom amounts, often by working with external experts or negotiators.
According to Chester Wisniewski, Field CISO at Sophos, an increasing number of businesses are turning to incident response professionals to manage damage, contain threats, and potentially stop attacks mid-process.
These experts not only help reduce the ransom amounts but also accelerate recovery timelines and fortify defences against future incidents.
The study also sheds light on the primary causes of ransomware infections in Singapore. Phishing scams were identified as the top cause, accounting for 36% of cases, followed closely by malicious email attachments at 29% and compromised user credentials at 17%.
On an organizational level, common challenges include insufficient cybersecurity tools and a shortage of trained personnel—issues that 47% and 43% of respondents, respectively, cited as major weaknesses.
Experts emphasize that mitigating ransomware threats begins with addressing these underlying vulnerabilities. Proactive strategies such as implementing multi-factor authentication, keeping software up to date, and investing in Managed Detection and Response (MDR) services can significantly reduce the likelihood of a breach.
MDR services, in particular, offer constant threat monitoring and rapid response, making them an increasingly popular choice for companies with limited in-house cybersecurity capacity.
Additional findings highlight how Singapore firms differ from global counterparts. They are more likely to pay ransoms without attempting negotiation and are less transparent about breaches.
Verizon Business reports further confirm that attackers are increasingly targeting software supply chains and exploiting known vulnerabilities. According to Robert Le Busque, the integration of Singapore’s economy into global trade networks and supply chains makes its companies especially vulnerable, with 72% having encountered email-based threats.
Despite falling ransom demands, the broader financial and operational toll of ransomware in Singapore continues to rise, stressing the importance of preventive action and stronger cyber resilience.
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