Cybercriminals often target holiday seasons for several reasons:

1. Reduced staff presence: IT and security teams are frequently understaffed during holidays, leading to slower responses to threats. With fewer personnel actively monitoring systems, attackers can exploit vulnerabilities more effectively before being detected.

2. Delayed incident response: Decision-makers and key personnel may be unavailable or harder to reach during holidays. This delay can hinder critical actions, such as initiating incident response plans, shutting down affected systems, or approving containment measures.

3. Distraction and oversight: Many employees are off duty or preoccupied with personal commitments, reducing their vigilance against phishing attempts or other suspicious activities. For instance, during the Black Friday holiday shopping season, phishing attacks surged by nearly 700%, highlighting how distractions and promotional advertising can amplify risks. 

4. Extended dwell time: Attackers can gain more time to encrypt files, exfiltrate data, or spread malware without immediate interference, maximizing the damage before detection and mitigation.

The Lunar New Year sees heightened online activity, as individuals and businesses engage in transactions related to gifts, travel, and celebrations. Cybercriminals exploit this surge by launching phishing campaigns disguised as order confirmations, shipment tracking updates, or holiday promotions to steal personal and financial data.

Additionally, the festive mood can lead to lapses in cybersecurity practices. Both firms and individuals may lower their guard, creating an environment ripe for attacks. This combination of increased activity and reduced vigilance provides cybercriminals with ideal conditions to carry out their schemes.

Maintaining a high level of vigilance should be a top priority for both organizations and individuals during festive seasons. The Lunar New Year presents an opportunity to examine vulnerabilities and enhance cybersecurity practices. Combining robust IT security measures with a fit-for-purpose cyber insurance policy can provide comprehensive protection. Key controls to consider include:

• Advanced threat detection: Use technologies like sandboxing and anti-ransomware tools to identify and block sophisticated attacks.

• Zero trust strategy: Enforce strict identity verification for every individual and device attempting to access network resources.

• Regular data backups and incident response planning: Regularly back up critical data and establish comprehensive incident response plans to mitigate the impact of attacks promptly.

• Strengthened security posture: Keep systems updated and patched regularly to address vulnerabilities. Employ multiple layers of security, including firewalls and endpoint protection.

• Employee education and awareness: Conduct regular training sessions to inform employees about the latest risks and phishing techniques, fostering a culture of vigilance.

• Network segmentation: Isolate critical systems to contain the spread of attacks and safeguard sensitive information.

• Vulnerability management: Perform frequent vulnerability assessments and penetration testing to prioritize and address potential risks.

In Q3 2024 APAC produced the second-highest average weekly attacks per organization, only behind Africa. And yet, despite the elevated number of attacks that APAC receives, the cyber insurance penetration is still inadequately low. 

Organizations targeted by cyberattacks face a range of financial exposures, including costs from business interruptions, incident response activities (such as forensics and data recovery), and liabilities related to data breaches. 

When examining the focus by cybercriminals on the APAC region, it underscores the critical role of insurance in managing cyber risks. A robust cyber insurance policy can provide essential protection against these escalating financial risks, offering a safety net that helps mitigate damage and ensure business continuity.

As the Lunar New Year approaches, organizations and individuals in APAC must remain watchful against the heightened risks of cyberattacks. By implementing advanced cybersecurity measures, fostering awareness, and incorporating cyber insurance into their risk management strategies, they can effectively safeguard against evolving threats. Proactive preparation will ensure that celebrations remain joyous and uninterrupted by the disruptions of cybercrime.