Firms need to protect consumers against cybercrime

Most Filipino consumers who transact online want businesses to do more to protect them against cybercrime, according to a survey by Limelight Networks, a United States-based content delivery provider.

Limelight, in its State of Cybersecurity report, said 74 percent of consumers in the Philippines were “extremely concerned” that businesses were not stepping up efforts to protect their online data.

Across Southeast Asia, consumers were most worried about violations of their financial and personal information, according to Limelight.

“With a potential cyber-attack lurking in the corner, brands can no longer rest on ‘legacy trust’ that they have built over the years,” said Jaheer Abbas, Limelight sales regional director in Southeast Asia, Australia and New Zealand.

“Brands need to think about a multi-layered approach to security and explore the use of a cloud-based solution. They also need to employ a content delivery network (CDN) that can buffer volumetric attacks,” he added.

Limelight, a CDN, said it specializes in the delivery of small and large-format files for video, software and games.

In its survey, Limelight noted that consumers continued to transact online despite its perceived risks. It noted that more than 91 percent of consumers in Southeast Asia checked a site’s security before deciding on engaging in e-commerce activities. The figure was higher in the Philippines, or 96.3 percent, signaling increasing awareness.

It said 75 percent of Filipinos did their online transactions through a smartphone.

Brands pay a heavy price when victimized by cyberattacks. Limelight said more than 75 percent of businesses “feel that a sustained cyber-attack could have significant financial and brand implications.”

Moreover, the survey found that Southeast Asian consumers “change their opinions of a brand after a cyberattack.”

Major challenges in implementing cybersecurity solutions are cost, at 24.4 percent, and the lack of in-house expertise, close behind at 23.73 percent. Most preferred a combination of cloud and on-premise solution, Limelight noted.

Limelight said its report was based on a survey of 1,300 consumers and more than 300 businesses in Singapore, Malaysia and the Philippines.