CEBU, Philippines — As cyber threats continue ranking among global risks, cybersecurity jobs are now in demand and in fact considered among the high-paying careers.
In the Philippines, there are only about 200 skilled cybersecurity professionals, way below than what the industry needs, both from the government and the private sector, said John Avila, USAID senior economic growth specialist.
During the 15th Media Seminar hosted by the United States Embassy in the Philippines dubbed “Building Blocks: The U-Philippine Partnership for Prosperous and a Cyber-secure Digital Economy” held at Radisson Blu Cebu, Avila together with cybersecurity experts and advocates called the government and the academe sectors to pump prime awareness of this emerging profession especially to those who are yet to enter college, and even to those who may want to shift careers.
According to Carlos Ely Tingson, senior vice president at Cyber Risk, Kroll, three out of four companies experience cyberthreat in the Philippines, a problem that could cost organizations billions of pesos in losses. Companies need skilled professionals to counter the sophisticated attacks from the dark cyberspace.
Based on 2021 PSEI (Philippine Stock Exchange Inc.,) financial report, if all major Critical Information Infrastructure (CII) were attacked, revenue losses can go up to P6.15 billion a day.
VULNERABLE INDUSTRIES
PSEI identified at least six industries that are closely vulnerable to attacks, these are; banks, transportation, telecommunications, energy, water and healthcare. This does not include the government, and the growing outsourcing industry in the Philippines.
“Cyberattacks are not just restricted to attacks against government or institutions. Unfortunately, businesses—regardless of size—have been subjected to cyberattack,” said US Ambassador to the Philippines MaryKay Carlson in her recorded speech during the two-day seminar.
US Embassy Press Attaché Kanishka Gangopadhyay said the need to boost the supply of cybersecurity professionals in the Philippines is highly critical not only for every company or government agencies that need them, but also for the growing outsourcing industry in the Philippines.
Gangopadhyay said cybersecurity protection in the Philippines has become a concern of United States as 60 percent of highly critical information on Wall Street is processed in the Philippines, making the country one of the top targets of highly sophisticated cyberthreat actors or dark web hackers.
CYBERSECURITY WORKFORCE
To help the Philippines start to create a stronger pool of cybersecurity professionals, the US government is investing on programs for training and scholarship, among other initiatives in this regard, said Saptarshi Basu, US Embassy in the Philippines Economic Officer.
The cybersecurity workforce has reached an all-time high, with an estimated 4.7 million professionals, but there’s still a global shortage of 3.4 million workers in this field, according to the 2022 (ISC) Cybersecurity Workforce Study.
In the United States alone, there are more than 700,000 unfilled cybersecurity jobs, according to a data from Cybersecurity Ventures.
Based on ISC study, the median salary for cybersecurity professionals in the US is $135,000.
Earlier, DICT Secretary Atty. Ivan Uy said that currently, there are three million job vacancies for cybersecurity experts around the globe. However, while the demand is high for Filipino IT experts, only a few attained the proper training and certification to be employed.
One of the main reasons for this shortage is the rapid growth of the cybersecurity industry. The number of cyber threats and attacks has skyrocketed in recent years, as the need for professionals who can protect organizations and individuals from these threats.
The demand for skilled cybersecurity professionals has also been fueled by new regulations and compliance requirements, as well as the increasing complexity of technology and networks. Another factor contributing to the shortage of cybersecurity talent is the need for more qualified candidates to enter the field. Many aspiring cybersecurity professionals need more education and training to meet the demands of the industry.
In the Philippines, few programs and educational institutions offer specialized cybersecurity training and education. As a result, there is a significant gap between the skills and knowledge required for the job and the skills and knowledge many candidates possess.
The high demand for these professionals in other industries also worsened the cybersecurity talent shortage. Many cybersecurity professionals are sought after by companies in various sectors, including finance, healthcare, and government, making it difficult for organizations in the cybersecurity industry to compete for top talent.
Experts believe that the shortage of cybersecurity talents in the country has significant implications. Without qualified professionals to protect against cyber threats, businesses, organizations, and the Philippine government are at increased risk of data breaches, cyber-attacks, and other security incidents. This can lead to serious financial and reputational damage and legal and regulatory consequences.
The US government-organized seminar, which delved deeply on cybersecurity as a global and national concern, was held on June 6-7, 2023 in Cebu. It gathered industry experts, US government diplomats and journalists across the Philippines.