Cybersecurity skills gap still a challenge for Philippines

CEBU, Philippines — More companies in the Philippines continue to face difficulties in hiring cybersecurity professionals, as 77 percent of organizations indicated that the cybersecurity skills shortage creates additional risks.

According to the report released by global cybersecurity firm Fortinet, an estimated 4 million professionals are needed to fill the growing cybersecurity workforce gap.

Organizations are attributing more breaches to a lack of cyber skills.

In the past year, for instance, 94 percent of organizational leaders in the Philippines said they experienced a breach that they can partially attribute to a lack of cyber skills, up from 92percent in the 2023 report.

Breaches have a variety of repercussions, ranging from financial to reputational challenges.

This year’s survey revealed that corporate leaders are increasingly being held accountable for cyber incidents, with 62 percent of respondents noting that directors or executives have faced fines, jail time, loss of position, or loss of employment following a cyberattack.

Additionally, 52 percent of respondents indicated that breaches cost their organizations more than $1 million in lost revenue, fines, and other expenses last year—up from 45 percent in the 2023 report and down from 60 percent in the 2022 report.

In the Philippine setting, the report also indicated that Boards of directors view cybersecurity as a business imperative--as a result, executives and boards of directors are increasingly prioritizing cybersecurity, with 80 percent of respondents saying their boards were more focused on security in 2023 than the year before. And 94 percent of respondents say their board sees cybersecurity as a business priority.

“As the skills shortage persists, this leading cybersecurity challenge requires a collaborative, multi-faceted approach as evidenced by the results of Fortinet’s latest Global Cybersecurity Skills Gap Report. This year’s report emphasizes that for organizations to ensure they are protected from today’s complex threats they must have a combination of the right security technology, opportunities for current security professionals to upskill through training and certifications, and an overall cyber-aware workforce,” said John Maddison, Chief Marketing Officer at Fortinet.

Alan Reyes, Fortinet Philippines country manager said more organizations are increasingly linking security breaches to the cybersecurity skills gap, with 94 percent of organizations in the Philippines recognizing this issue, up from 92 percent in the last report.

“This emphasizes the urgent need for organizations in the Philippines to continue addressing the cybersecurity skills shortage to strengthen their security posture. Our latest report shows that organizations are actively making efforts to bridge this gap, such as diversifying their candidate pools, which the Philippines is showing significant improvement. As organizations in the country continue this effort, they should also invest in training and certifications for their IT and security teams, educate employees about threats and best practices in cyberspace, and implement the right technologies to enhance resilience,” Reyes explained.

As the cyber workforce shortage persists, some organizations are diversifying their recruitment pools to include candidates whose credentials fall outside traditional backgrounds—such as a four-year degree in cybersecurity or a related field—to attract new talent and fill open roles. Shifting these hiring requirements can unlock new possibilities, especially if organizations are also willing to pay for certifications and training.

The report also found that the increasing frequency of costly cyberattacks, combined with the potential of severe personal consequences for board members and directors, is resulting in an urgent push to strengthen cyber defenses across enterprises.

As a result, organizations are focusing on a three-pronged approach to cybersecurity that combines training, awareness, and technology Help IT and security teams obtain vital security skills by investing in training and certifications needed to achieve this goal; Cultivate a cyber-aware frontline staff who can contribute to a more secure organization as a first line of defense; and use effective security solutions to ensure a strong security posture.