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Viettel Cyber Security: How Philippine Companies Can Prepare for the Rising Ransomware Threat

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Viettel Cyber Security: How Philippine Companies Can Prepare for the Rising Ransomware Threat
Business

Business

Viettel Cyber Security: How Philippine Companies Can Prepare for the Rising Ransomware Threat

2024-07-29 09:00 Last Updated At:09:15

MANILA, Philippines, July 29, 2024 /PRNewswire/ -- In 2023, businesses in the Philippines were rocked when a company fell victim to the devastating Medusa ransomware. Several months later, an executive department of the Philippine government online systems were temporarily taken offline due to a ransomware attack. Those are just 2 out of hundreds of Ransomware attacks on businesses in the Philippines recently.

Ransomware incidents have become increasingly rampant and aggressive, not only in the Philippines but also in the surrounding region.

Notable Statistics on Ransomware

In the first half of 2024, data encrypted in Ransomware attacks across Southeast Asia reached over 7 Terabytes, with an estimated total ransom amounting to 13 million USD.

"Ransomware attack groups are now operating globally with annual revenues potentially reaching hundreds of millions, even over 1 billion USD" - Mr. Quang Tran Minh, Director of Intelligence Center, Viettel Cyber Security said.

Anyone Can Trigger An Ransomware Attack

Viettel Threat Intelligence has issued a serious warning about the increasing threat of ransomware attacks targeting organizations and businesses across the Philippines.

These attacks involve encrypting sensitive data and virtual infrastructure, causing severe disruptions and significant financial losses, leaving many businesses and organizations unprepared. Attackers escalate initial access to penetrate deeper into the system and then execute data encryption.

On average, it takes 21 days to detect a cyberattack, followed by 12 hours to control the damage, six hours to investigate, and another 12 hours to remediate.

Attackers can remain in the system for a long time, up to 6 months to a year, becoming very familiar with the organization's behavior, waiting for the right moment to execute encryption, leading to devastating consequences.

"Ransomware combined with targeted APT attacks has become a highly profitable business model, called Ransomware-as-a-service or RAAS, allowing anyone with money and malicious intent to carry out ransomware attacks."

How Can Businesses Proactively Prevent and Mitigate the Impact of Ransomware?

According to recent researches of Viettel Cyber Security experts, privileged accounts are the shortest path and also the first target of attackers to exploit enterprise infrastructure. Allowing the display of information for remote connection services such as VPN, RDP through default ports or on websites, and unrestricted device usage are among the common mistakes made by enterprises, and your business may also be making.

Is your business ready before Ransomware attack?

Download the Ransomware Guideline here to read full information to protect your business from increasingly sophisticated and unpredictable ransomware attacks.

Cybersecurity is an ongoing battle between attackers and defenders in both knowledge and technology. We are ready to advise and accompany enterprises in their journey to combat cybercrime and promote the secure development of businesses.

Download the Ransomware Guideline document for fundamental and comprehensive knowledge about the most dangerous form of cybercrime today.

Download here

Disclaimer:

This guideline serves the sole purpose of sharing technical information with the information security community and business organizations to raise awareness about information security and to have plans to prevent issues related to network information security risks. Any other allegations regarding the content of this report are not in line with our publishing purpose. The report uses some information gathered during the service provision for customers of Viettel Cyber Security (VCS).

About Us:

Viettel Cyber Security is a branch of Viettel Group, conducting in-depth research and development of information security solutions, providing a wide range of cybersecurity services and products, in the way of protecting your assets.

Website: https://viettelcybersecurity.com/

Email: vcs.sales@viettel.com.vn

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Viettel Cyber Security: How Philippine Companies Can Prepare for the Rising Ransomware Threat

Viettel Cyber Security: How Philippine Companies Can Prepare for the Rising Ransomware Threat

Viettel Cyber Security: How Philippine Companies Can Prepare for the Rising Ransomware Threat

Viettel Cyber Security: How Philippine Companies Can Prepare for the Rising Ransomware Threat

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Business result 2024: Vietnam's SeABank achieves PBT of US$238.2 million

2025-01-21 21:48 Last Updated At:22:05

HANOI, Vietnam, Jan. 21, 2025 /PRNewswire/ -- By the end of 2024, Southeast Asia Commercial Joint Stock Bank (SeABank, HOSE: SSB) reports 2024 business results with impressive highlights.

Efficient operations drive profit growth

Thanks to flexible business strategy, along with the adherence to sustainable development goals, SeABank's PBT reached US$238.2 million, up 31% YoY, surpassing its target by 103%. Total assets reached US$12.85 billion, up 22% YoY; credit grew 20.42%, reaching US$8.26 billion for credit outstanding balance, with prioritized disbursement for green credit sectors and Vietnam's growth drivers.

Total mobilization exceeded KPIs, grew 23% YoY and reached US$8.52 billion. Particularly, CASA grew 96% and reached US$1.29 billion, accounting for 19.4% of total mobilization. TOI accelerated by 32% YoY, reaching US$489.5 million. NPL is controlled at 1.89%, within SBV's requirements.

By expanding international partnerships, in 2024, SeABank's international mobilization increased by over US$250 million to reach US$850 million (not including trade finance). Of which, notable investments and cooperation are from IFC, AIIB, Norfund, etc. Besides, following the roadmap approved by AGM, SeABank successfully increased charter capital to US$1.12 billion, further improving its financial capacity.

SeABank also maintained stable growth by promoting digital technology and product diversification. Recorded growth of all performance indicators showed positive tendency, such as ROE at 14.75% and ROA at 1.63%, CIR decreased significantly to 33.28%.

In 2024, SeABank received approval from the SBV to transfer 100% of its capital in PTF to AEON Financial. Relevant procedures are scheduled to be completed in the Q1/2025.

Striving for sustainable development, driving growth in 2025

SeABank successfully upgraded its T24 core banking system to R22 - the latest version in Vietnam to deliver long-term benefits. By applying technology to enhance customer experience and operations, in 2024, SeABank recorded 52.6 million digital transactions, up 160% YoY; over 70% new accounts opened online via eKYC, bringing the number of online users to nearly 4 million.

SeABank's commitment to corporate social responsibility remained strong, with over US$900,000 allocated to various initiatives, including housing repairs, disaster relief, scholarships for disadvantaged students, afforestation, etc.

Looking ahead to 2025, SeABank aims to build on its solid foundation by targeting a 10% increase in total assets, 15% growth in credit, 16% rise in capital mobilization, and 10% increase in PBT, with an expected ROE of 13.8%. These goals align with SeABank's vision of sustainable growth and strengthen its position as a leading retail bank.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Business result 2024: Vietnam's SeABank achieves PBT of US$238.2 million

Business result 2024: Vietnam's SeABank achieves PBT of US$238.2 million

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