Filipinos are more vulnerable to the threats of cyberattacks than ever, according to a global cybersecurity firm.
In its recent report, Kaspersky noted that the Philippines had the highest increase in web threats in 2023 jumping by 243 percent, compared to its neighbors in Southeast Asia, or from 492,567 incidents in 2022 to 1.69 million in 2023.
Singaporean businesses experienced an 86-percent rise from 889,093 in 2022 to 1.65 million in 2023 while Thai companies saw a notable 24-percent increase, or from 1.23 million to 1.53 million incidents, said the company’s press release.
Despite having the three most frequent attacks in the region, Indonesia, Malaysia, and Vietnam had lower web threats in 2023 versus 2022, it added.
Indonesia had 4.96 million attacks last year, down by 23 percent from 6.42 million; Malaysia with 1.54 million from 1.82 million incidents in 2022.
Threat actors also slowed down their attacks in Vietnam, with incidents recorded at 1.95 million from 2.49 million.
In total, there were 13.41 million attacks in Southeast Asia last year, almost flat from 13.33 million in 2022.
Yeo Siang Tiong, Kaspersky GM for Southeast Asia, said this means that on a daily basis, an average of 36,552 online attacks were launched against businesses in the region last year.
Web-based threats, which encompass a range of cybersecurity risks executed via the internet, pose significant dangers to both individuals and organizations.
These threats exploit vulnerabilities in end-users, web service developers, and the web services themselves. The consequences can be severe, leading to data breaches, financial losses, and reputational damage.
“Economic experts predict positive economic growth for the key countries in Southeast Asia this year. Parallel to this is the continuous growth in these markets’ strong digital economies, which open opportunities for both individuals and companies,” he noted.
“As most governments in the region build and boost their policies to foster their digital economy and infrastructure, it is urgent for local businesses to prioritize strengthening their cyber defenses against threats lurking online which can hamper their efforts to harness the benefits digitalization brings about,” Yeo said.
A study of PwC showed the increase in cyber threats corresponds with the ongoing digitalization efforts within Southeast Asia, indicating that 28 percent of businesses acknowledged their greater exposure to cyberattacks due to their digital transformation initiatives.
Additionally, 16 percent of surveyed companies reported heightened external pressure to disclose cyber incidents and comply with cybersecurity practices, Business World said.
“The year 2024 should be the year for businesses here to take their cybersecurity one step forward. Long gone are the days when a basic firewall and endpoint solutions are enough. With the massive data all types of organizations are handling now and the immense reputational and financial damages an attack can result in, an adaptive and intelligence-led security solutions and services portfolio is the need of the hour,” Yeo added.
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