SMEs seen vulnerable to cyber attacks, says Trend Micro

WITH the rising number of cybercriminals who are becoming more creative in their methods of infiltration and abuse of existing technologies, it is no longer science fiction these hackers could create great catastrophes in the country, and even across the globe.

A recent report released by Trend Micro Inc., a global security software company, showed there were over a million malwares or viruses detected in the past quarter.

“In the Philippines, online and mobile banking [are vulnerable to] the biggest threats,” TrendLabs-Trend Micro director Myla Pilao said during a recent press briefing in Makati.

She said attackers also leverage on the increasing number of online merchants and stores, especially with the holidays nearing.

Pilao said, however, that consumers were not the usual victims in these cyber attacks, but rather the small- and medium-sized enterprises.

From a financial standpoint, businesses can be affected in major ways through massive resources they need to cough up for the recovery of stolen data and reparation for customers affected, she said.

Pilao said a crypto-ransomware, the most common type of malware, can decrypt files using a software that could take over one’s e-mail inbox.

She said these off-the-shelf ransomware tool kits, which cost around $40, can steal millions from its victims.

She said a ransomware, a type of malware that limits users from accessing their systems, can be paid through China’s online payment solution AliPay, or by bitcoin, a digital currency accepted by the underground online community.

Public utilities can also be breached by cyber attacks.

“Attackers can control the flow of energy and aviation security. They can tamper gas tank gauges that could create fake alerts and can stop a grounded plane from flying,” Pilao said.

She added even automobiles can be literal moving targets for hackers.

Smart cars, for instance, can easily be hacked because there is already a bug that can control its brakes.

“People may no longer be scared of the person behind the wheel, but of the system that runs it,” she said. “This past quarter demonstrated that the potential damage caused by cyber attacks extends far beyond a simple software bug.”

Healthcare and insurance companies are also exposed to possible data breach. 

“Data breach has a commodity effect and here [in the Philippines], insurance companies may be the hackers’ top target,” Pilao said.

Despite all these security threats, Pilao said organizations can stay protected by being proactive and extra-cautious.

“The deep Web is already above the ground … Cybercriminals are now thriving and specializing. They are no longer hiding from the public,” Pilao said.

She said there was also a growing need to attend to the threats via customized security.

She said Trend Micro was working closely with the Interpol, which can provide information such as IP addresses and affiliated servers of the attackers.

“Cybersecurity [should make us] rethink old strategies. By working with law enforcement agencies, and through capacity building and intelligence sharing, we will be able to take down the threats,” she said.