Kroll, a cybersecurity firm, said that at least 3 out of 4 Philippine companies have suffered from any form of cyber attack.
According to Kroll, this should push Philippine companies to monitor and prepare to make sure their systems and data are protected from these types of attacks.
Kroll’s data show that Malaysian and Philippine companies recorded the highest security incidents with 76% and 75% of firms reporting said attacks, respectively.
One reason for these high numbers could be due to insufficient preparation, Kroll SVP for Cyber Risks Jay Gomez said.
“Cyber attackers will seek out any country that has vulnerabilities, and we can see that all APAC markets are affected by this to an extent. Three in 4 Philippine businesses have experienced a cyberattack, mostly because of malware and phishing scams,” Gomez explained.
The most common deliverer of cyber attacks in the Philippines is malware and phishing, which is at 29% and 21%, respectively.
Moreover, malware, phishing, and password attacks take up 51% of the reported cyber incidents in APAC. These figures came from a Kroll study that involves 700 IT and security professionals from the Philippines, Malaysia, Singapore, Hong Kong, Australia, Japan, and Indonesia.
What’s alarming is, despite the high number of incidents, companies still haven’t created a response plan in case of cyber attacks, Gomez said.
- How to earn money by reporting security bugs and vulnerabilities to Google
- How to check if your browser is leaking private data
Kroll’s study reveals that 70% of companies in the Philippines are really concerned about the loss of data while 60% are really worried about intellectual property theft.
In APAC, it’s said there’s an average of 51% reported data loss that’s been the result of a cyber attack.
Kroll added that about 29% of the Philippine firms that’s been surveyed voiced a major concern about regulatory fines, which is higher in any other APAC countries. Firms are also concerned about reputational damage, data loss, and business interruption.
Ely Tingson, Kroll SVP for Cyber Threat Intelligence, said that the cyber threat landscape is continuously evolving. More vulnerabilities are coming out that hackers are discovering and can exploit quickly. Hence, it is important to monitor such threats and have cyber intelligence.
In an attempt to be safe from threats, Gomez said that 65% of the surveyed companies are using cloud services as they provide better security.
To keep your data safe Kroll suggests that individuals should not use the same passwords across different platforms and limit posts and exposure to social media.