Urgent Call to Invest in Cybersecurity for Business Sustainability

Philippine businesses must prioritize cybersecurity and emerging technologies to combat the increasing sophistication of cyberattacks, industry experts stressed during a recent BusinessWorld Insights event on “Emerging Technologies in Enhancing Cybersecurity.”

Marlon Cruz, Senior Director for Business Development at Globe Business, highlighted that companies with mature cybersecurity initiatives tend to be more sustainable. This maturity positively impacts brand reputation, revenue, operational sustainability, and employee acquisition and retention. According to Cruz, one in four firms in the Philippines faces exposure to cyber threats, including malware, phishing, and password-related breaches.

Renne Barcelona, cybersecurity leader at IBM Consulting Philippines, emphasized that cybersecurity is a crucial enabler for business and economic continuity. He pointed out that lapses in security could lead to significant business downtime and disruption. Raymond Reglos, President of ISACA Manila Chapter, reinforced this by stating that security must be a collaborative effort across all levels of an organization. It is essential that cybersecurity is not only a top-down directive but also an ingrained aspect of the company culture.

Miguel Geronilla, Chief Information Security Officer of GCash, added that decentralizing cybersecurity is vital. He stressed that cybersecurity should not be seen as solely the responsibility of chief information security officers but as a collective responsibility of all employees. Alongside training staff, investing in cybersecurity solutions, and vetting third-party contracts and agreements are crucial steps. Reglos noted that many current attacks target third parties, underlining the importance of managing access levels and ensuring robust data-sharing agreements.

Emerging technologies such as artificial intelligence (AI) and blockchain are proving beneficial in cybersecurity, enabling real-time anomaly detection and analysis much faster than human analysts can achieve. However, as Catherine Ann Paleracio, Chief Information Security Officer at Tonik Digital Bank, Inc., pointed out, the human factor must evolve alongside these technologies. Companies should assess how AI can align with their business needs and models, ensuring it is beneficial and effectively integrated.

In support of these measures, the Department of Information and Communications Technology is pushing for the Cyber Security Act, currently pending in Congress. This proposed legislation is part of the National Cybersecurity Plan 2023-2028 and aims to solidify the government's commitment to preventing and combating cybersecurity offenses through detection, investigation, prosecution, and international cooperation.

Recent reports have shown the urgent need for enhanced cybersecurity measures in the Philippines. A 2023 Palo Alto Networks report revealed that the Philippines experienced the highest number of cyberattacks in Southeast Asia. The report indicated that 29% of Filipino organizations saw a more than 50% increase in cybersecurity incidents, with 51% feeling they are at high risk from threats. The types of cyberattacks affecting businesses included malware (66%), phishing and spear-phishing attacks (63%), and password attacks (56%).

As businesses grapple with these escalating threats, leveraging expert partners can make a significant difference. Directpath Global Technologies (DGT), a Managed Security Service Provider (MSSP), offers a comprehensive suite of cybersecurity solutions, including Mobile Threat Defense (MTD), Extended Detection and Response (XDR), Vulnerability Assessment and Penetration Testing (VAPT), System Organization Controls Type 2 (SOC2), Vulnerability Risk Management as a Service (VRMaaS), Web Application Firewall (WAF), and virtual Chief Information Security Officer (vCISO) services. DGT also boasts an advanced Artificial Intelligence Division that tailors services to organizations' specific needs, enhancing not just cybersecurity but various operational aspects.

Investing in robust cybersecurity measures is no longer optional but a necessity for Philippine businesses. By adopting comprehensive cybersecurity strategies and collaborating with specialized partners, companies can protect their valuable assets, ensure operational continuity, and maintain a competitive edge in the digital economy. Source: Business World