Only 27% of companies in Philippines can ward off cyber attacks, says Cisco

MANILA  – Only 27 percent of companies in the Philippines have the capability to fend off cybersecurity threats that can disrupt operations, according to a study by global technology company Cisco.

In its first-ever Cybersecurity Readiness Index report, Cisco revealed only a small portion of local enterprises were ready against digital attacks even as 85 percent of respondents were expecting a cybersecurity incident to happen in the next 12 to 24 months.

The 27 percent are considered at the “mature” stage of cybersecurity defense. Some 43 percent, on the other hand, fall in the “beginner” and “formative” categories.

“Mature” stage means companies have achieved advanced stages of cybersecurity technology deployment. Formative means companies have cyber defenses but are below average in terms of readiness while beginners are companies which are still in the initial stages of solution deployment.

“The move to a hybrid world has fundamentally changed the landscape for companies and created even greater cybersecurity complexity. Organizations must stop approaching defense with a mix of point tools and instead, consider integrated platforms to achieve security resilience while reducing complexity,” said Jeetu Patel, executive vice president and general manager of security and collaboration at Cisco.

Cisco noted 77 percent of the respondents had dealt with a cybersecurity incident in the past 12 months. Some 38 percent claimed the digital attack cost them at least $500,000 to resolve.

The report said 87 percent of local organizations were eyeing to increase cybersecurity budget by more than 10 percent over the next 12 months.

SMEs seen willing to spend 17% more to boost cybersecurity

Cisco Philippines managing director Zaza Nicart said digitalization makes cybersecurity measures “nonnegotiable” for enterprises.

The tech firm advised companies to fully integrate cybersecurity into their strategies to anticipate and block digital threats immediately.

“The index is a reality check for organizations in the Philippines and a stark reminder that cybersecurity needs to keep pace with technology advancements,” Nicart said.

The study was conducted among 6,700 private sector cybersecurity leaders across 27 markets. INQ

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