Cyberattacks could be costing PH firms P6B daily

Local firms engaged in the country’s critical infrastructure sector—such as banks, transportation and energy companies—could be incurring revenue losses totaling at least P6.16 billion everyday due to cyber-attacks, highlighting the potential magnitude of the impact of these modern-day hacks.

This is according to results of a study, a portion of which was released on Tuesday by Secure Connections, a coalition of experts and stakeholders working together to improve cybersecurity and internet infrastructure in the Philippines.

The study was based on data gathered from listed companies at the Philippine Stock Exchange covering firms in the banking, transportation, telecommunications, energy, water and health-care sectors.

“Those are just revenue losses. There are certain losses when you get attacked, revenue is one. But there are indirect losses as well,” said policy analyst Mary Grace Mirandilla-Santos during a seminar organized by the US Embassy in the Philippines. INQ