Ransomware Forces Insurance Changes for Nearly Half of Singapore Firms

Mashrukh Khan: Nearly half of Singapore organisations hit by ransomware in the past year have seen their cyber insurance policies cancelled or their premiums rise sharply, according to a new study by cyber resilience firm Semperis. The research found that 47 percent of affected local firms faced such insurance consequences, while 52 percent suffered business disruption or revenue losses and 26 percent ended up paying a ransom.

Attackers appear to be leaning more heavily on artificial intelligence in Singapore than elsewhere. Six in ten of the companies targeted reported that criminals used AI tools, a rate 1.5 times higher than the global average of 40 percent. Overall, 98 percent of respondents said artificial intelligence played some role, whether on the attacking side, the defensive side or both. In 42 percent of cases, criminals managed to manipulate or exploit an organisation’s own internal AI systems or agents.

The tactics have also grown more personal and intimidating. Nearly a quarter of attacks across the countries surveyed involved psychological pressure, and in Singapore the numbers were particularly stark. Among organisations that faced threats, 56 percent received intimidating texts, letters or packages at home or the office, while 41 percent reported threats directed at family members or friends.

Identity systems remain a primary target. More than nine in ten Singapore organisations hit by ransomware said criminals exploited identity infrastructure, including Active Directory in 52 percent of cases, Entra ID in 48 percent and Okta in 37 percent. That figure sits above the global average of 87 percent.

Defences that rely on artificial intelligence produced mixed results. While 49 percent of Singapore firms said they successfully used AI tools to detect or respond to attacks, 28 percent found that those same tools failed or only partially worked. The findings underline how rapidly the ransomware landscape is evolving and how directly those changes are affecting the availability and cost of cyber insurance for businesses in the city state.