Singapore sets up Counter Ransomware Task Force (CRTF)

Singapore has announced the key formation of the Counter Ransomware Task Force (CRTF) to combat the increasing ransomware threats against businesses, research, and educational institutions.

This inter-agency task force will assist all organizations in strengthening their defenses against cyber threats. It will be the supplier to critical information infrastructure operators to tackle the growing scourge of ransomware. According to the Cyber Security Agency (CSA), ransomware attacks rose by 54% in Singapore from 2020 to 2021.

Speaking at the 7th annual Singapore International Cyber Week on Wednesday, Teo Chee Hean, Senior Minister and Coordinating Minister on National Security, said that ransomware is a threat common to all, and organizations with poor cyber-security practices are particularly vulnerable.

The task force, which was set up earlier in 2022, consists of senior officers from the CSA, GovTech, Infocomm Media Development Authority, Ministry of Communications and Information, Ministry of Defence, Ministry of Home Affairs, Monetary Authority of Singapore, Singapore Armed Forces, and Singapore Police Force. It broadens the scope of the CSA’s responsibility for safeguarding critical information infrastructure (CII) that supports vital services like transportation, healthcare, and energy.

Singapore’s CRTF will consider collaborating more closely with international counterparts to identify new threats, halt the flow of fraudulent funds, and apprehend criminals responsible for ransomware attacks. The task force will also create and suggest guidelines, strategies, and actions strengthen Singapore’s capacity to combat ransomware, according to the CSA.

Attacks by ransomware have crippled numerous large organizations recently, including some that are essential to the operation of the infrastructure. After breaking into a company’s network, the malware enables hackers to steal sensitive information and lock up the target systems. Hackers typically demand payments for issuing a decryption key to unlock compromised systems or to prevent the exposure of stolen data. Teo also said that they use lax cyber-security procedures to gain access to their victims’ systems and data, gamble on the fact that their victims’ organizations will be more inclined to pay the ransom and conceal the attack than to report the crime, and utilize legal loopholes to elude law enforcement.

Notably, a ransomware attack in January 2021 resulted in a data breach that exposed the private information of about 129,000 Singtel customers. Hackers took advantage of flaws in file-sharing software developed by US tech company Accellion, which is used by Singtel, a Singaporean telecom company, and many other international businesses.