RANSOMWARE ATTACKS ON THE RISE, SAYS FORTINET

A cybersecurity firm has observed the doubling of ransomware variants in the first half as hackers gain access to malicious software on a subscription basis, which heightens the cyber risks of organizations amid the rapid digitalization.

Fortinet, in its latest Global Threat Landscape Report, said it had detected 10,666 types of ransomware in the first semester, about two times more than the 5,400 it documented in the second half of last year.

The California-based company attributed this increase to ransomware-as-a-service (RaaS) solutions. Ransomware is a form of cyberattack that holds an entity’s data or system hostage until a fee has been paid.

“RaaS has become increasingly popular on the dark web, with developers utilizing different technologies to build subscription model services for their plug-and-play ransomware,” Fortinet said.

The cybersecurity firm said that RaaS “allows even novice cybercriminals to target people, businesses and other organizations for a quick payday.”

“[Just] like your favorite subscription service lets you stream your favorite shows, order your favorite food, or even visit your favorite places, RaaS gives criminals access to ransomware and other malicious software for a commission or monthly price,” it added.

In a recent event, Fortinet Asia vice president for marketing and communications Rashish Pandey reported that 94 percent of Philippine companies claimed that cyber criminals launched attacks that could potentially disrupt operations at least once in the past 12 months. About 62 percent, meanwhile, said they suffered three to five cyber attacks in the same period.