Businesses across Southeast Asia are under siege from a relentless wave of ransomware attacks, with cybersecurity firm Kaspersky reporting an average of 400 attempted attacks per day in 2024. As malicious actors deploy increasingly sophisticated tactics to exploit vulnerabilities in corporate IT systems, the region faces a growing crisis that threatens economic stability and data security.
Rising Tide of Digital Extortion
Ransomware, a type of malicious software that encrypts data or blocks access to systems until a ransom is paid, has become a pervasive threat to organizations in Southeast Asia. Kaspersky’s data reveals a staggering 135,274 ransomware attacks were detected and blocked by its solutions in businesses across the region last year. Indonesia bore the brunt of these attacks with 57,554 incidents, followed by Vietnam with 29,282, the Philippines with 21,629, Thailand with 13,958, Malaysia with 12,643, and Singapore with a notably lower but still concerning 208 attacks. 
These figures underscore the scale of the problem, with ransomware groups targeting both small enterprises and large corporations. In Vietnam alone, a 2024 report from the National Cybersecurity Association found that 14.6 percent of 5,000 surveyed organizations had fallen victim to such attacks. High-profile cases, including breaches at PVOIL, VnDirect, and Vietnam Post, highlight the severity and duration of some incidents, often leaving companies paralyzed for extended periods.
Sophisticated Tactics of Cybercriminals
The methods employed by ransomware groups are becoming alarmingly advanced, exploiting the complexities of modern corporate IT and network infrastructure. Adrian Hia, managing director for Asia Pacific at Kaspersky, noted the escalating pressure on companies as attackers refine their strategies. “With ransomware groups leveraging increasingly sophisticated methods, companies in the region are all feeling the pressure as attackers exploit vulnerabilities” said Hia. He pointed out that adversaries often target internet-facing applications, manipulate local accounts, and evade endpoint defenses to gain unauthorized access.
Vũ Ngọc Sơn, head of the Technology Research Unit at Vietnam’s National Cybersecurity Association, offered a vivid analogy to describe the stealth and precision of these attacks. “After months of quiet observation – sometimes up to half a year – attackers know exactly where the valuable assets are, the safe’s password, and the access codes. At the right moment, they lock down the entire warehouse, and no one can access the assets inside” said Sơn. Once data is encrypted, victims face a stark choice: pay the ransom, often demanded in untraceable Bitcoin, or risk permanent loss of access if backups are inadequate.
High-Profile Breaches and Economic Impact
One of the most recent and notable incidents occurred on April 12, when Vietnam-based CMC Corporation confirmed it had been targeted by the ransomware group Crypto24. The breach is part of a disturbing trend of high-profile attacks that expose the vulnerabilities of even well-resourced organizations. Such incidents not only disrupt operations but also inflict significant financial damage through ransom payments, recovery costs, and lost productivity.
The economic implications are profound, particularly in a region where digital transformation is accelerating. Southeast Asia’s growing reliance on digital infrastructure for commerce, governance, and communication makes it an attractive target for cybercriminals. Small and medium-sized enterprises, which form the backbone of many regional economies, are often ill-equipped to defend against such threats, lacking the resources for robust cybersecurity measures. The cascading effects of a single attack can disrupt supply chains, erode consumer trust, and hinder economic growth.
In Vietnam, for instance, the impact on critical sectors like energy (PVOIL) and telecommunications (Vietnam Post) illustrates how ransomware can threaten national infrastructure. The costs of recovery are steep, with ransoms sometimes reaching millions of Vietnamese Dong (VND), equivalent to tens of thousands in USD based on current exchange rates. For example, a hypothetical ransom of 500 million VND (US$20,000) represents a significant burden for many firms, especially when coupled with downtime and reputational damage.
Regional Variations and Vulnerabilities
The disparity in attack volumes across Southeast Asia reflects varying levels of digital maturity and cybersecurity preparedness. Indonesia’s high incidence of attacks may be linked to its vast and diverse digital landscape, with millions of businesses operating online amid uneven cybersecurity adoption. Vietnam, too, faces significant challenges, as rapid economic growth and digitalization outpace the implementation of protective measures.
In contrast, Singapore’s relatively low number of attacks—208 in 2024—suggests a more fortified digital environment, bolstered by stringent regulations and government-led initiatives to enhance cybersecurity. However, even in Singapore, no organization is immune, as attackers continuously evolve their methods to exploit even the smallest gaps in defenses. Thailand, Malaysia, and the Philippines fall in the middle of the spectrum, grappling with balancing economic development and the urgent need for cyber resilience.
Urgent Call for Cybersecurity Investment
Experts are unanimous in their call for heightened awareness and investment in modern defense systems to counter the ransomware threat. Sơn emphasized the need for a proactive approach, urging organizations to prioritize cybersecurity as a core component of their operations. “The current landscape highlights the urgent need to raise cybersecurity awareness and invest in modern defense systems” said Sơn. Without such measures, businesses remain at the mercy of attackers who can strike with devastating precision after months of undetected infiltration.
Hia echoed this sentiment, stressing the adaptability of ransomware groups. “The ongoing threat emphasizes the urgent need for robust cybersecurity defenses, as adversaries continue to innovate and exploit even the most familiar vulnerabilities” said Hia. He highlighted the importance of addressing known weaknesses, such as outdated software and unsecured internet-facing applications, which serve as entry points for attackers.
Practical Steps to Mitigate Risks
To combat the ransomware scourge, cybersecurity experts recommend a multi-layered approach to defense. Key measures include disabling unused ports and services to reduce potential entry points, applying regular software updates and patches to address known vulnerabilities, and conducting frequent vulnerability scans and penetration tests to identify weaknesses before attackers do. Employee training in cybersecurity best practices is also critical, as human error often serves as the weakest link in the security chain.
Additionally, maintaining up-to-date backups with tested recovery procedures is essential to minimize the impact of an attack. Organizations that can swiftly restore data from backups are less likely to succumb to ransom demands, undermining the financial incentive for cybercriminals. Governments and industry bodies across Southeast Asia are also stepping up efforts to promote these practices, with initiatives ranging from public awareness campaigns to subsidies for cybersecurity tools.
Broader Implications for Policy and Collaboration
Beyond individual organizational defenses, the ransomware crisis in Southeast Asia calls for broader policy interventions and regional collaboration. Governments in the region are increasingly recognizing the need for harmonized cybersecurity frameworks to address cross-border threats. Cybercrime, by its nature, transcends national boundaries, with attackers often operating from jurisdictions beyond the reach of local law enforcement. This necessitates international cooperation to track, disrupt, and prosecute ransomware groups.
In Vietnam, for example, the government has ramped up efforts to strengthen its cybersecurity laws and infrastructure, though implementation remains a challenge. Thailand and Indonesia have similarly introduced measures to bolster digital defenses, but enforcement and resource allocation vary widely. The Association of Southeast Asian Nations (ASEAN) has also taken steps to foster dialogue on cybersecurity, though a unified regional strategy remains a work in progress.
Private sector involvement is equally crucial, with companies like Kaspersky playing a pivotal role in providing threat intelligence and protective solutions. Partnerships between public and private entities can accelerate the development of early warning systems and response mechanisms, ensuring that the region is better prepared for the next wave of attacks.
Looking Ahead: A Digital Arms Race
As ransomware groups continue to refine their tactics, Southeast Asia finds itself in a digital arms race between cybercriminals and defenders. The stakes are high, with the potential to disrupt not just individual businesses but entire economies. For now, the onus is on organizations to fortify their defenses and on governments to create an enabling environment for cybersecurity innovation.
As the region navigates this evolving threat landscape, questions linger about whether current efforts will be enough to stem the tide of ransomware. With attackers showing no signs of relenting, the coming years will test the resilience of Southeast Asia’s digital ecosystem—and the determination of its leaders to protect it.
