Ransomware attacks in the Philippines surged by 57.4 percent in 2022 with 11 reported cases across key sectors, including manufacturing, according to Unit 42 investigations by US-based cybersecurity firm Palo Alto Networks.
Palo Alto reported that Manufacturing, Professional & Legal Services, and State & Local Governments remained the most targeted sectors in the Philippines. “The global median demand was $650,000 or P35.5 million, while the median payment was $350,000 or P18.9 million, indicating that effective negotiation can drive down to actual payments,” the cybersecurity firm said.
The cybersecurity firm said data theft was the most common extortion tactic, with 70 percent of groups using it by late 2022, which it said is a 30-percentage point increase from the year prior. Further, it noted, this activity has been seen from “a mix of new and legacy groups,” indicating that new actors are entering the landscape to cash in as legacy groups have done.