Cybercrime victims here lost an average of S$1,448: Symantec

SINGAPORE — Victims of cybercrime activities in Singapore are losing S$1,448 each on average this year, a 75 per cent increase from last year, according to the 2013 Norton Report released by Symantec today (Oct 8).

The report said the rise may be due to more sophisticated attacks executed by hackers such as ransomware and spear-phishing, which allows them to steal more money per attack than ever before. Ransomware, for example, involves the hacker restricting access to the infected computer system, before demanding an amount of money or ransom from the user for the restriction to be removed.

Its findings concluded that while 79 per cent of those surveyed own smartphones and 40 per cent own tablets, two out of five respondents do not take basic precautions such as using passwords, having security software or backing up files on their mobile device.

“Unfortunately while consumers are protecting their computers, there is a general lack of awareness to safeguard their smartphones and tablets. It’s as if they have alarm systems for their homes, but they’re leaving their cars unlocked with the windows wide open. This carelessness places them, and their digital identities, at risk,” said Mr Philip Routley, Symantec’s Product Marketing Manager for Consumer & Small Business.

The Norton report also revealed another wrinkle — 59 per cent of working Singaporeans adults are also using their personal devices for work-related activities. Moreover, a quarter of file storage users surveyed admitted that they use the same online file storage account for both personal and work documents.

Mr Philip warned against such habits, saying that it “creates entirely new security risks for enterprises as cybercriminals have the potential to access even more valuable information.”

Despite the worrying cybercrime trends in Singapore, the report also showed that the number of online adults who have experienced cybercrime in the country has decreased from 48 per cent in 2012 to 37 per cent this year. This is also below the global average of 41 per cent globally.