Cybersecurity has become the top concern in the boardrooms of private and public firms in the Philippines as the shift to remote working amid the pandemic increased the risk of, as well as gave rise to, disruptions in their operations, according to a report from Palo Alto Networks.
The study titled “State of Cybersecurity in Asean” involved a survey of 500 respondents across the region—100 each from the Philippines, Singapore, Malaysia, Indonesia and Thailand.
Reflecting overall results for all five countries, more than half or 56 percent of Philippine organizations said they have been discussing their cybersecurity strategy at the board level on a monthly basis.
Giving rise to security challenges are the increase in digital transactions with suppliers and other third parties; the need to procure a wider array of cybersecurity solutions; and unmonitored and unsecured devices connected to the corporate network.
Among Philippine respondents, about one-third or 34 percent do so every quarter and 8 percent do so every semester.
Two in every five (42 percent) of local respondents said they experienced in 2021 an increase of as high as 25 percent in cyberattacks. Also, almost half or 48 percent believe they have the highest level of risks to cyberthreats compared to firms in the region.
Thus, close to two in every three (64 percent) Philippine respondents said they increased their budget for cybersecurity in 2022.
Across all five economies, 92 percent believe that cybersecurity is a priority for their business leaders today. Also, 74 percent believe their leadership has increased the focus on cybersecurity.
“To manage today’s remote workforce in a digital-first environment, cybersecurity must be integrated horizontally across all facets of the business and considered as part of every corporate action,” said Ian Lim, field chief security officer at Palo Alto Networks.