Only 27% of Philippines firms ready vs cybersecurity risks – Cisco

MANILA, Philippines — Tech giant Cisco Systems Inc. has warned that only 27 percent or one of four Philippine firms are prepared for a data breach, exposing the need for organizations here to invest in cybersecurity protection.

Cisco, in its Cybersecurity Readiness Index, said Indonesian firms lead the world in cybersecurity readiness, with 39 percent of them ready to defend against future risks.

On the other hand, Cisco said that 27 percent of enterprises in the Philippines and in Thailand are equipped to fend off potential attacks on their digital systems.

Brazil leads all countries in the Americas with 26 percent of respondents there considered geared up for cybersecurity hazards. Surprisingly, Cisco found out that developed countries like the US (13 percent), Canada (nine percent), South Korea (seven percent) and Japan (five percent) make little to no investments in safeguarding their databases.

“This variance could be largely explained by the fact that companies in emerging markets started their digitization journeys more recently compared to their peers in developed markets. It means that many of these companies do not have legacy systems holding them back,” Cisco said.

For the Philippines, Cisco said 85 percent of firms here recognize that cybersecurity attacks may disrupt their operations in the next 24 months.

Also, the survey reported that at least three in every four Philippine enterprises suffered a digital risk in the last 12 months, exceeding the global average of 57 percent.

Digging deeper, Cisco discovered that the cybersecurity incidents in the country cost 38 percent of the victims around $500,000, or more than P27 million.

Moving forward, 87 percent of firms in the Philippines will elevate their cybersecurity budget by over 10 percent in the next 12 months. Cisco, however, said these budget increases should be delivered sooner than later, warning that a 12 month wait worsens exposure to digital threats.

“As they deploy budgets, companies do need to think about security differently. Because threats are everywhere, stand-alone security strategies are no longer effective as they focus too much on threat prevention, create siloes that can be exploited and don’t account for full business impact,” Cisco said.

Cisco Philippines managing director Zaza Nicart said the Philippines is on the right track in terms of digitalization, with the public and private sectors working together in fortifying their cybersecurity defenses.

Nicart urged Philippine organizations to prioritize protecting the data of their customers, who most likely open their devices in multiple locations to connect to multiple networks.