Around 38% of organisations in the Philippines lost at least USD 1 million from cybersecurity incidents over the past 12 months, according to Cloudflare, Inc.’s “Securing the Future: Asia Pacific Cybersecurity Readiness Survey.”
The survey of 4,009 cybersecurity decision-makers and leaders from small, medium, and large organisations from various industries revealed that 68% of respondents in the Philippines experienced at least one cybersecurity incident in the past year.
Respondents logged phishing, web attacks, and business email compromise, as the top cyber attacks by cybercriminals. The security decision-makers determined that malicious players target their organisations for data exfiltration, planting of spyware, and financial gain.
Aside from financial losses, the respondents cited reputational damage, loss of data/intellectual property, and loss of customers as some of the impacts of a cyber incident.
Only 44% of respondents said they were “highly prepared” to prevent cyberattacks. The biggest cybersecurity challenge is a lack of funding.
Preparedness is key
“Businesses in the Philippines have lost millions over the past year, amidst a cybersecurity landscape that has become increasingly complex. Preparedness is key to combating cyberattacks, and this would require organisations to approach cybersecurity as an essential and strategic business imperative.
To improve cybersecurity outcomes and reap the full benefits of a digital future, business leaders must recognise the urgency of building a strong cybersecurity culture across all levels of the organisation and make the necessary investments to achieve this,” said Jonathon Dixon, vice-president, and managing director, Asia Pacific, Japan and China at Cloudflare.