ransomware

According to security researchers, as of 3:20pm Manila time, the Medusa Ransomware group may have already published the PhilHealth data files obtained from the ransomware cyberattack which occurred on Sept. 22, 2023.

According to the countdown timer on the Medusa blog on the dark Web, the files they supposedly exfiltrated from PhilHealth's systems will be released on October 3 Philippine time if the $300,000-ransom is not paid in cryptocurrency.

Meanwhile, the National Privacy Commission (NPC) said it has already been notified about the “Medusa” ransomware attack by state-owned insurance firm PhilHealth.

While the educational sector reported one of the highest rates of ransom payments, doing so significantly increased recovery costs and time.

A new study from cybersecurity company Kaspersky has revealed ransomware as the most widespread malware-as-a-service (MaaS) over the past seven years.

Sophos said 68% of APJ organizations surveyed reported they were a victim of ransomware compared to 72% the year before.

The report said 66% of manufacturing and production organizations surveyed reported an increase in the complexity of cyber attacks.

Philippine companies paid $1.6 billion on average through the nose for ransomware attacks in 2022, making the country the third most-extorted by ransomware in the world next only to Japan and the Netherlands, according to cybersecurity firm Sophos.

Education institutions faced the highest data encryption rate (73%) compared to other sectors (65%), and the longest recovery time, with 7% taking at least three months to recover – almost double the average time for other sectors (4%).

In the Philippines, the average ransom payment was $1.6 million in 2021, 63% higher than 2020’s $820,000.