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In 2023, businesses in the Philippines faced a dramatic surge in cyberattacks, with the number of incidents tripling compared to previous years. This alarming trend was highlighted in a report that attributed the rise largely to the increased accessibility of ransomware for cybercriminals.
The findings revealed that approximately 60% of surveyed companies in the Philippines experienced a threefold increase in cyberthreats last year. Rashish Pandey, a cybersecurity expert, emphasized that the proliferation of a ransomware marketplace has made it easier for attackers to carry out their schemes. "Ransomware is becoming a full-blown business," Pandey noted (Source: Inquirer).
The sectors most affected by these attacks included manufacturing, hospitality, retail, healthcare, and telecommunications. These industries are particularly vulnerable due to the severe operational disruptions that cyberattacks can cause, often forcing victims to pay ransoms to restore their IT systems quickly. "If I shut down somebody’s manufacturing floor, that’s a real revenue loss happening every minute," Pandey explained. In the healthcare sector, the stakes are even higher, with lives potentially at risk, leading to a spate of ransomware attacks on healthcare entities worldwide.
One notable incident involved the Philippine Health Insurance Corporation (PhilHealth), which reported a significant data breach that exposed employee details, underscoring the urgent need for robust cybersecurity measures across all sectors.
A cybersecurity country manager stressed the critical importance of adopting a unified cybersecurity platform to counter these persistent digital threats. "This integrated strategy not only reduces costs and operational complexity but also ensures that organizations can quickly adapt to new threats, thereby building robust and future-proof cybersecurity operations," the manager stated (Source: Inquirer).
Adding to the landscape of cyber threats, active insurance provider Coalition released its 2024 Cyber Claims Report, which highlighted key cyber threats from 2023. The report showed that over half (56%) of all cyber claims during the year stemmed from funds transfer fraud (FTF) or business email compromise (BEC). Additionally, businesses using internet-exposed Cisco ASA devices were found to be nearly five times more likely to file a cyber claim in 2023. The report also revealed a 13% year-over-year increase in overall claims frequency and a 10% increase in overall claims severity, resulting in an average loss of $100,000. Notably, businesses with revenues between $25 million and $100 million witnessed a 32% rise in claims frequency.
In light of these escalating threats, businesses must adopt comprehensive cybersecurity measures. Directpath Global Technologies (DGT) is well-positioned to assist in this endeavor. As a Managed Security Service Provider (MSSP), DGT offers a suite of advanced cybersecurity services 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.
Moreover, DGT's advanced Artificial Intelligence Division tailors services to meet the unique needs of organizations, enhancing not only cybersecurity but also various operational aspects. By leveraging AI-driven insights and human expertise, DGT ensures that businesses can stay ahead of evolving cyber threats, maintain compliance, and operate securely in today’s digital landscape.
The surge in cyberattacks in the Philippines serves as a stark reminder of the urgent need for robust cybersecurity measures. Businesses must take proactive steps to protect their data and systems, and partnering with experts like Directpath Global Technologies can provide the comprehensive security solutions needed to safeguard against these growing threats. Source: Insurance Business
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