Ransomware attacks in PH up 57.4% in 2022

MANILA, PHILIPPINES — Ransomware attacks in the Philippines surged by 57.4% in 2022, making the country the fourth most attacked by ransomware groups in Southeast Asia. 

According to cybersecurity company Palo Alto Networks, 12% of ransomware cases in the region are from the Philippines. 

Eleven ransomware attacks were reported in the country last year, targeting the manufacturing, professional, and legal services sectors and state and local governments.

Palo Alto explained that ransomware groups have been layering extortion techniques “for greater impact, with the goal of applying more pressure on organizations to pay the ransom.”

These tactics include encryption, data theft, distributed denial of service (DDoS), and harassment.

“Globally, ransomware demands continued to be a pain point for organizations this past year, with payments as high as US$7 million (PHP383 million) in cases that Unit 42 observed,” the company added.

The report added that the global median ransom demanded by attackers was USD650,000 (PHP35.5 million), while the median ransom payment was USD350,000 (PHP18.9 million), “indicating that effective negotiation can drive down actual payments.”