In today's digital age, cyber threats are evolving at an unprecedented pace, posing significant risks to businesses of all sizes. To help organisations avoid these threats, Protos Labs has initiated a comprehensive threat research series titled "Chronicles."
This series is spearheaded by our expert research team, which is equipped with deep capabilities in dark web monitoring and threat intelligence. Our objective is to provide actionable insights and practical recommendations to bolster the cyber resilience of SMEs in Singapore.
Over the past few months, Singapore has witnessed several high-profile data breaches and cyber-attacks. In this blog post, we will delve into three significant incidents:
We will analyse what transpired in each case and consolidate key takeaways for SMEs to enhance their cybersecurity posture.
In the first incident, a data leak involved Singapore money lenders. The threat actor stole 54.6GB of data, including over 300,000 reports of individuals in Singapore.
Each report contained personal information such as names, ID numbers, loan information, payment and repayment status, and loan guarantor's status.
The threat actor informed the company about the breach, but they ignored the requests to negotiate the safety of the data. As a result, the threat actor leaked the first 10,000 reports publicly, which our threat research team found. This data breach exposed individuals to potential risks such as identity theft and financial and reputation damage.
Currently, the root cause of the breach is not known.
A local law firm recently experienced a ransomware attack.
The attack encrypted the law firm's ESXi virtualisation platform, which stores critical client files and financial records, rendering them inaccessible. The attackers demanded a ransom payment in exchange for the decryption key.
Protos Labs' research team found leaked details of negotiation chats with ransomware threat actors, indicating that sensitive financial information and client records were exfiltrated. Currently, the root cause of the breach is not known.
The following snippet captures a conversation between the threat actor ("We") and the law firm ("You").
The third incident involved a large retailer in Singapore, where a data breach resulted in customer information leakage.
The threat actor stole 180GB of databases, which contained personal information of the retailer's customers and employees. The stolen data included information from various sectors, such as travel, visa, retail commerce, restaurants, money exchange, remittance service, corporate, HR, and customer personal information.
The threat actor sought to sell over 3 million records of the retailer's customer personally identifiable information (PII). The root cause of the breach is not known currently.
The screenshot is the Visa applicant's personal information, which contains information such as passport number, current nationality, last name, first name, name at birth, father's name, mother's name, gender, marital status, date of birth, place of birth (city), mobile number, etc.
At Protos Cover, we understand that robust cybersecurity measures may not always prevent every incident.
We combine comprehensive cyber insurance with tailored cybersecurity solutions to take the risk off your books. Our offerings provide financial protection against cyber incidents like data breaches and ransomware attacks, ensuring your business can recover swiftly and maintain continuity.
For more information on how Protos Cover can support your cybersecurity needs, visit our website or contact our team today. Together, we can build a more secure digital future for your business.
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