General Manager Yeo Siang Tiong, Kaspersky Southeast Asia, sees in 2023 a recurrence of a WannaCry-like attack, which in 2017 earned for those behind the ransomware over US$4 billion in ransom money.
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By EDD K. USMAN | Twitter: @edd1819 | Instagram: @bluestar0910 | Facebook: SDN — SciTech and Digital News
MANILA, 28th February 2023 (SDN) — Russia-based Kaspersky, a global cybersecurity and digital privacy company, touted its XDR platform today before a select group of Filipino journalists.
Kaspersky Southeast Asia executives Yeo Siang Tiong, general manager, Victor Chu, head, Systems Engineering, Enterprise Cybersecurity, Rosemarie Gonzales-Roy, manager, Corporate Communications, and Charleen Caban, manager, Territory Channel, flew in from Singapore and Malaysia to launch the XDR (meaning, Extended Detection and Response) platform in the Philippines.
The XDR is aimed at “mitigating the costly threat of targeted ransomware for businesses in the Philippines.”
Kaspersky described ransomware, which continues to evolve and become more sophisticated and harder to detect, as the “malware that locks a device or files”. As it evolves the digital menace multiplies in number and become more dangerous for businesses, organizations, big and small. Cybercriminals no longer discriminate in their targets — whether small and medium businesses (SMBs), or enterprises.
Yeo recalled at the XDR launch at New World Hotel, Makati City, Metro Manila, the first version of ransomware emerged in 1989, until cybercriminals focused on corporate targets in 2016. The event focused on the “Evolving Menace Ransomware 3.0 and Enterprises in SEA” as the tech firm wanted to get the message across that ransomware is not about to stop. But attacks continue to gain quality and quantity.
He said in Ransomware 2.0 rose in 2020, becoming more targeted in its attacks re: enterprises. Then came Ransomware 3.0 which has become a potent weapon that earns millions of dollars for those behind it.
Kaspersky figures showed that of the organizations that suffered ransomware attacks — meaning extortion to force victims to pay up — almost all victims (82.1 percent) paid the hackers. In the Philippines alone, Kaspersky said over 21,000 companies were targeted with ransomware.
Kaspersky Southeast Asia female executives Rosemarie Gonzales-Roy (left), manager, Corporate Communications, and Charleen Caban, manager, Territory Channel. (Photos: SDN — SciTech and Digital News)
In 2022, Yeo said Lockbit was the “most prolific targeted ransomware group”, both in Southeast Asia and across the world.
The Kaspersky executive, a frequent visitor to the Philippines, sees another WannaCry ransomware attack in 2023, with attackers armed with Ransomware 3.0.
“We still see organizations undermanned and overwhelmed” by cyber-attacks,” he said.
He recalled the WannaCry ransomware in 2017 earned for its owners over $4 billion ransomware money paid.
If you don’t pay the digital bad guys, he said, victims will suffer reputational damage and embarrassment as their data are exposed to world.
In talking about the Kaspersky XDR cybersecurity platform, Chu mentioned the common challenges that organizations face today. They have no visibility; too complicated; too slow; rising trend of new attack surfaces; and having the weakest link.
“As an organization,” Chu emphasized, “you should have a visibility of your personnel using your network.”
With XDR, he assured, organizations will have visibility and context that translate to better protection; reduction of meantime in detecting attacks; improvement of meantime in probing and responding.
Most importantly, he emphasized, XDR adapts to any size of organization, small or big, depending on their maturity.
Meanwhile, Yeo admitted that Kaspersky also experienced attacks from cybercriminals, but the attackers failed to make headway as the cybersecurity company detect early and thwarted the attempted intrusion.
But he said this not prevented Kaspersky from being transparent, even offering its source code to customers, who are being carefully vetted to prevent those with malicious intent.
“Today, we are so transparent you can ask for our source code. We are confident that we have the capability (to prevent attacks,” Yeo said.
“We do screen who comes to us (for the source code); no competitor, no individual person.” (/)