SINGAPORE — The Cyber Security Agency of Singapore (CSA) received about 8,500 reports of phishing attempts last year, an increase of 175 per cent from the 3,100 attempts reported in 2021.
The increase mirrors global trends, according to CSA, which published the data in its Singapore Cyber Landscape 2022 report on Friday .
“They capitalise on psychological weaknesses as potential victims are more inclined to explore opportunities to make up for personal financial shortfalls,” said CSA. Organisations may also scrutinise their budgets and cut cybersecurity budgets, seen as non-essential expenditures. More than half of the reported phishing cases involved URLs ending with “.xyz”, which is popular with threat actors because of its low cost and limited restrictions on usage, said CSA.
The agency observed a sharp spike in phishing reports that coincided with some rural banks in China becoming embroiled in a fraud scandal in June last year. Singapore’s government and the logistics sector — in particular SingPost — rounded out the top three most commonly spoofed sectors.
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