Ever since the dawn of digital technology, the crucial need for protection has been apparent. Whether it is a special date or a random sequence of letters and numbers– everyone has come across passwords, the most basic form of cybersecurity, at least once. Passwords that guard sacred information, from your personal bank account, and social media access, to platforms that can run a complete organization. As these services and our devices continue to evolve, so should the effort in the protection and security of these data, especially for enterprises.
Cybersecurity is a concept that is as dynamic as the innovation itself. In a world that is becoming more digitally interconnected, cybersecurity is one of the most paramount aspects of any technological advancement. It safeguards private and sensitive information, actively protects against malicious cyberattacks, and provides a safe environment for everyday digital activities.
One of the Most Vulnerable Countries for Cyberattacks
With the rapid growth in the country’s digital adoption and internet and mobile connectivity, it is ultimately crucial to adapt to cybersecurity advancements in the Philippines. Kroll, a financial and risk advisory firm, stated that the Philippines is one of the most vulnerable countries that are not only at risk of cybersecurity threats, but have experienced a multitude of cyberattacks.
It has been identified that malware, ransomware, spyware, viruses, phishing, and password attacks are the top causes of cyber incidents in the Philippines. Additionally, the impact of these incidents typically result in data loss, business interruption, theft of intellectual property, and the violation of its rights.
Financial institutions such as banks and insurance, or other industries like healthcare, and other services are the main target of these attacks. The PH government is no exception, and has experienced cyberattacks in recent times.
The Elevated Cybersecurity Risks for Government and Financial Institutions
One of the objectives of hackers attacking enterprises is to quickly obtain money from bank accounts. Beyond that, these hackers also want to obtain the personal data of the customers to get their money through scams.
“Comeleak”, the attack on the Commission on Elections (COMELEC) website, happened less than months before the elections. This cyberattack was perpetrated by two hacker groups that were able to obtain sensitive personal information, such as names, birthdays, home and email addresses, and even the parents’ full names of over 55 million registered voters.
Pawn brokers, remittances, and banking institutions have also been the target of recent cyberattacks in the Philippines. A recent breach has compromised the marketing email servers and exposed the confidential information of almost a million clients in their system. Similarly, insurance companies fall victim to cyberattacks and cybersecurity threats because of financial opportunities. Private information such as full names, addresses, phone numbers, and other personal data can be breached and stolen by such incidents, leading to identity theft, fraudulent financial activities, and loss of reputation.
However, despite the heightened vulnerability of these industries safeguarding extensive customer data, hackers also broaden their scope to other sectors.
In the Healthcare industry, as more services are being digitized and offered online, cybersecurity is critical in protecting their patients’ health, their information, and medical records. - all of which can be used for fraud.
With the continuous growth towards digital interconnectedness, it is essential that institutions, organizations, and individuals prioritize their safety and security online. The technological advancements of today may be helpful tools to foster growth and development in all sectors, but ignorance of the consequences and repercussions may lead to collateral damage. As we continue to improve our processes through digitalization, we also need to fortify our cybersecurity in order to secure the outcome.
Exploring the Root of the Problem
Cybersecurity attacks often occur due to a lack of awareness.Even though there is a prominent increase in digitalization in the country, some organizations still underestimate the probability of cyberattacks happening to them– until it does. Simply responding to cyberattacks as they happen is no longer an option. Enterprises should stay ahead of the attacks, continuously observing their system for any potential cyberattack.
However, there are enterprises that are still behind in terms of fortifying their cybersecurity posture. Protection from cyberattacks and threats can be rather costly, from hardware and software to licenses and the actual maintenance of these systems can lead to significant financial repercussions. In more serious cases, the organization may even need to hire or train cybersecurity professionals, which can further the costs of their cybersecurity efforts. The intricacy and complexity of cybersecurity pose a barrier for some organizations and institutions with no resources or knowledge to protect their digital assets better.
Globe Business offers a suite of solutions well-equipped to cater to your unique cybersecurity needs. The goal is to help enterprises establish proactive cybersecurity systems through advanced solutions that help identify, protect, detect, and respond to looming cyber threats.
In the next article, find out how Globe Business Solutions can improve your security posture with our array of top-notch partners that provide holistic solutions, keeping your important assets safe.
To learn more, contact your Globe Business Account Manager or visit our Cybersecurity page.