Ransomware, Junk Bank Accounts: Cyber Threats Proliferate in Vietnam

A recent surge in cybercrime in Vietnam is highlighted by a ransomware attack that forced VNDirect Cyber Systems to disconnect from the Ho Chi Minh and Hanoi stock exchanges for eight days, alongside reports that nearly 14,000 organizations were hit by cyberattacks in 2023 and about 750,000 systems were targeted by credential-stealing malware. Contributing factors include widespread use of pirated software and the sale of 'junk' bank accounts that facilitate fraud; home-grown APT groups (e.g., Ocean Lotus, Lotus Bane) and dark marketplaces are also implicated, while government directives and international cooperation aim to strengthen defenses.