Tag: ransomware

Security spending to hit US$86.4billion in 2017

With prominent ransomware attacks that affected many organisations, it is unsurprising that many are investing more in security products and services. According to Gartner, worldwide spending on information security products and services is expected to reach US$86.4 billion in 2017, an increase of 7 percent over 2016. This is expected to grow to US$93 billion in 2018.

Within the infrastructure protection segment, Gartner forecasts fast growth in the security testing market (albeit from a small base) due to continued data breaches and growing demands for application security testing as part of DevOps. Spending on emerging application security testing tools, particularly interactive application security testing, will contribute to the growth of this segment through 2021.

Security services will continue to be the fastest growing segment, especially IT outsourcing, consulting and implementation services. However, hardware support services will see growth slowing, due to the adoption of virtual appliances, public cloud and software as a service editions of security solutions, which reduces the need for attached hardware support overall.

Singapore seeks feedback on cybersecurity bill

Singapore’s Ministry of Communications and Information (MCI) and the Cyber Security Agency of Singapore (CSA) are seeking feedback on the proposed Cybersecurity Bill.

The public consultation exercise will run till August 3.

“Cyber-attacks are getting increasingly frequent, sophisticated and impactful. Globally, we have also seen a surge in the number of cybersecurity incidents, such as ransomware, cyber theft, banking fraud, cyber espionage and disruptions to Internet services. In Singapore, the recent Advanced Persistent Threat (APT) attacks targeting two of our universities, and the occurrence of the global WannaCry and Petya/Petna malware attacks which also reached our shores, serve as stark reminders of Singapore’s vulnerability to cyber threats,” noted the joint press release.

Petya ransomware cripples networks

Just like a scene out of a Hollywood movie, one computer after computer shut down without notice during a meeting. That’s what happened at one of the organisations hit by the Petya ransomware attack.

The strike is malicious and deadly with many affected organisations struggling to recover lost data — some, if not all, of which may never be restored.

IT security teams are still working to get their networks and computers up and running. Some have turned to Apple computers, which are relatively unscathed, to work on the recovery process.