Singapore Advises Businesses about Risks of Bitcoin Ransomware

Singapore Issues Warning to Businesses Regarding Bitcoin Ransomware Threat
Singapore has raised concerns over the growing risk of Akira ransomware in the cryptocurrency market within the country. Local authorities issued a warning to businesses on June 8 about the increasing threat posed by a variant of Akira ransomware.
The Cyber Security Agency of Singapore (CSA), the Singapore Police Force (SPF), and the Personal Data Protection Commission (PDPC) collaborated to release a joint advisory on the Akira ransomware following numerous complaints from victims of cyberattacks in Singapore.
The Akira ransomware is a malicious software that targets organizations’ computer systems and data, demanding a cryptocurrency ransom for access to be restored.
In addition to the public announcement about the ransomware, Singaporean authorities also offered recommendations and strategies to minimize the impact of the threat. They strongly discouraged victims from paying the ransom, emphasizing that doing so does not guarantee the decryption of data or prevent the threat actors from publishing the information.
To address the risk posed by Akira ransomware, the Cyber Defense Agency (CSA) in the United States recommended implementing recovery plans, using multi-factor authentication, filtering network traffic, disabling unused ports, and implementing system-wide encryption.
The rise in Akira ransomware attacks aligns with a concerning trend of crypto-related ransomware attacks globally. In April 2024, reports indicated that Akira ransomware had stolen $42 million from 250 firms in North America, Europe, and Australia over the previous year. Chainalysis data revealed that ransomware payments totaled $1 billion in 2023, underscoring the severity of these cybercriminal activities.
Ransomware gangs have increasingly targeted large institutions such as hospitals, schools, and government agencies. The total loot from ransomware attacks in 2023 amounted to $1.1 billion, nearly double the $567 million recorded in 2022. Although losses from other crypto-related crimes decreased, the lucrative returns from ransomware ventures have enticed more malicious actors.
Notably, cryptocurrency theft through cyber heists and ransomware has become a favored revenue stream for sophisticated state-sponsored hacking operations, including those linked to North Korea. In May 2024, North Korean hackers from Kimsuky deployed malware called “Durian” to target crypto firms in South Korea, allowing them to execute commands, download files, and exfiltrate sensitive information.