MANILA, Philippines — The Philippines has to develop more cybersecurity experts to counter the rising number of online breaches, as companies are starting to feel the pinch of the skills gap in the digital age.
Based on a report from cybersecurity leader Fortinet, three in four businesses are worried about the worsening shortage of digital professionals in the country.
The study, titled Global Cybersecurity Skills Gap Report, said 94 percent of organizations in the Philippines suffered an online breach that they partially blame on talent shortage.
Globally, Fortinet estimates that more than four million people are needed to fill the skills gap in cybersecurity. Companies polled in the report said this talent demand has to be topped up as soon as possible, or else they might suffer financial or reputational consequences.
For instance, the report found that 62 percent of respondents said that executives have faced jail time or been told to pay fines for data breaches. Half of them also lamented that they lost as much as $1 million in revenue from online attacks.
In response, the report said 94 percent of organizations view cybersecurity as a business priority, and this means more funding will be allocated for protective solutions.
Fortinet country manager for the Philippines Alan Reyes said the first order of the day is to find the right talents to be able to fend off data breaches.
“More organizations are increasingly linking security breaches to the cybersecurity skills gap, as 94 percent of organizations in the Philippines recognize this issue, up from 92 percent in the last report,” Reyes said.
Moreover, Reyes said companies are starting to diversify their hiring efforts to address the talent shortage. This means opening cybersecurity roles to candidates whose credentials fall outside the usual required background of being a graduate of information technology (IT).
In spite of this, management remains strict in employing cybersecurity personnel. Most want their IT departments run by people who have obtained certifications.
Internally, Reyes also recommended that companies invest in the training of their employees to improve their security hygiene and prepare for possible cyber threats.