SINGAPORE: A recent report from LexisNexis, a local data analysis company, has revealed an alarming spike in cyber attacks, with as many as 32 million incidents recorded in Singapore last year. The surge is believed to be closely tied to the increased prevalence of digital transactions in the post-epidemic era, providing fertile ground for cybercriminals to exploit network vulnerabilities.
The report indicated that the ongoing economic opening and market recovery after the COVID-19 lockdowns contributed to a 20 per cent rise in the global online fraud rate from 2021 to 2022. Cases in Singapore, however, exceeded the average levels observed in the Asia-Pacific region in terms of total e-commerce transaction volume, human fraud incidents, and automated robot transactions.
One of the most alarming statistics highlighted in the report is the 146 per cent year-on-year increase in automated robot attacks in Singapore last year.
This figure is approximately five times higher than the global average, underscoring the severity of the cyber threat landscape in the country. Concurrently, man-made online fraud incidents nearly doubled, with criminals employing tactics such as creating fake accounts to compromise existing ones and hijack original accounts.
Experts suggest that the sophisticated nature of these attacks indicates a growing trend where cybercriminals capitalize on the vulnerabilities introduced by the rapid expansion of digital transactions. As Singapore continues to embrace digitalization, there is an urgent need for heightened cybersecurity measures to protect individuals, businesses, and critical infrastructure.