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Task force launches report on how local organisations can counter the growing ransomware threat

By Ken Wong - on 30 Nov 2022, 6:03pm

Task force launches report on how local organisations can counter the growing ransomware threat

The CRTF launched recommendations based on four pillars. Image source: Unsplash.

With the threat of ransomware growing significantly in scale and impact, it has become an urgent problem for countries around the world, including Singapore.

The Counter Ransomware Task Force (CRTF), which was set up to bring together Singapore Government agencies across relevant domains to strengthen Singapore’s counter-ransomware efforts and was first announced by Senior Minister Teo Chee Hean at the Singapore International Cyber Week 2022

It has released its recommendations in a report that is meant to serve as a blueprint to drive Singapore’s efforts to foster a resilient and secure cyber environment, domestically and internationally, to counter the growing ransomware threat.

The recommendations include strengthening the IT defences of potential targets (such as Government agencies, critical information infrastructure, and businesses, especially SMBs) to make it harder for ransomware attackers to launch successful attacks, discouraging ransom payments to reduce the profit that ransomware attackers can expect from setting up ransomware attacks, providing resources to victims to help recover from ransomware attacks, working with international partners to ensure a coordinated global approach to countering ransomware.

One key recommendation is to increase the take-up rate of cyber insurance amongst organisations. Even if ransom payments are not covered, obtaining cyber insurance coverage for other potential costs arising from a cyber incident is still a useful risk management practice as it allows an organisation to transfer and/or share the risks arising from a cyber incident with private commercial insurance companies. Such cyber insurance can also incentivise organisations to adopt better cybersecurity measures to meet the underwriting requirements.

 

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