Three out of four businesses in the Philippines have experienced a cyberattack, a recent study by technology and cybersecurity firm Kroll released showed. This is much higher than the Asia-Pacific average of 59%.
In its “State of Incident Response: Asia Pacific” report, Kroll finds that businesses in APAC and the Philippines are feeling the impact of cyberattacks, but many are yet to build appropriate response plans or have regular access to relevant cyber expertise.
Other key findings about the Philippines include:
- Malware (29%) and phishing (21%) rank top as the most common cause of cyber incidents in the Philippines.
- The two most cited impacts of a cyber incident in the Philippines were business interruption (60%) and data loss (59%). Regulatory fines (29%) as a consequence of cyberattacks was also most cited for the Philippines when compared to the rest of markets.
- The greatest concern among organizations in the Philippines is data loss (70%). Compared to other markets across APAC, however, respondents were also much more concerned about theft of intellectual property (60%).
“Despite the number of cyber incidents, many companies still do not have a response plan in place if an incident were to occur, which leaves companies at the risk of being unable to handle an incident effectively and of being vulnerable to further attacks,” said Jay Gomez, Senior Vice President, Cyber Risk, Kroll.
In order to address cybersecurity threats, the majority of organizations were planning to increase budgets (64%) and were moving to the cloud (65%).