No application was invulnerable in 2014 as attackers forayed into new territory.
A review of threat patterns in Trend Micro's 2014 Annual Security Roundup Report indicates an increase in the magnitude of financial and reputational damage as a result of cyberattacks.
Over 1,500 SingPass accounts were breached in June 2014 and 100 terabytes of data was compromised by the Sony data breach at the end of last year.
Attackers don't require a sophisticated piece of malware to cripple a target and they can breach company's defenses with a simple wiper.
Report also reveals that PoS RAM scrapers may soon become a mainstream threat and hits to malicious sites hosted in Singapore increased from third quarter to the fourth quarter of 2014.
"The past year was unprecedented in terms of the size and scope of cyberattacks as evidenced by the incidents with Sony, JP Morgan, Target, and even the SingPass breach closer to home," said David Siah, country manager, Trend Micro Singapore.
Online and mobile banking
Two-factor authentication is not enough to secure sensitive transactions and online and mobile banking is set to face bigger security challenges in the coming days.
The APAC region is challenged with an increased level of threat by Ransomware that is becoming a bigger and more sophisticated threat for businesses.
Organizations cannot remain complacent about security as the growth of connected devices will expose organizations to even more vulnerabilities.
Organizations should also find the right people to protect their networks and educate their entire staff about the importance of data security.
"Unfortunately, this will most likely be a 'sneak peek' of what is to come in 2015. The best response that organizations here can give is a combination of identifying what's most important, deploying the right technologies, and educating users," said David Siah, Country Manager, Trend Micro Singapore. "It is everybody's job - not just those of IT professionals - to ensure that the company's core data stays safe."
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