Digitalization Causes Philippine Businesses to increase Cybersecurity

According to cybersecurity company Palo Alto Networks, Philippine organizations have increased their budgets for cybersecurity as they see increased danger from online threats.

“More than half (56%) of Philippine organizations indicated that they have been discussing their cybersecurity strategy on a monthly basis,” the company said in an e-mailed statement on Tuesday, citing its “State of Cybersecurity Report ASEAN 2022.”

Palo Alto Networks surveyed 500 respondents from businesses around Southeast Asia and found that roughly 64% of Philippine businesses have increased their cybersecurity budget.

The company noted that 53% of Philippine businesses are primarily concerned about the rise of digital transactions with suppliers and other third parties.

Furthermore, they report that the work situations caused by the pandemic have greatly accelerated the demand for digital transformation initiatives.

The transformation initiatives include expanding the remote workforce, expanding smart devices footprint or using smart devices to enhance business outcomes, and investing in mobile applications.

Additionally, domestic organizations have improved cybersecurity strategies through identity and access management, adopting cloud security, revamping threat detection and correlation systems/platforms, implementing a fifth-generation (5G) security strategy, and securing the internet of things or operational strategy.

“The Philippines is the second-highest country in the [region] where the business leaders are confident of their cybersecurity measures and this speaks volumes about our nation’s awareness as well as preparedness to potential cyberattacks,” said Oscar Visaya, the Philippines country manager at Palo Alto Networks.

“Having said that, Philippine organizations should continue to focus on post-COVID cyber protection in order to stay ahead of the evolving cyber threats,” he added.

Source: Cointelegraph