Adrian Johnson
TLDR:
Ransomware and phishing attacks are the top cyber threats in the Philippines, according to a survey conducted by cybersecurity firm Fortinet and International Data Corp. The study found that over half of the respondents cited ransomware and phishing as the top cyber threats. Organizations in the country reported a two-fold increase in ransomware attacks in 2023 compared to the previous year. The cost to recover data might go up depending on the nature of the attack, as some hackers sell stolen data to another party, increasing the ransom amount. Despite paying the ransom, organizations are not guaranteed absolute protection as perpetrators might repeat the attack and demand money again. To combat cyber threats, companies plan to invest in security operations, cyber awareness training, security audits, and cyberdefense upgrades.
Key Points:
- Ransomware and phishing attacks are the top cyber threats in the Philippines.
- Organizations reported a two-fold increase in ransomware attacks in 2023 compared to the previous year.
- The cost to recover data might increase depending on the nature of the attack.
- Companies plan to invest in security operations, cyber awareness training, security audits, and cyberdefense upgrades.
Cybersecurity firm Fortinet has warned Philippine companies about the increasing incidents of ransomware attacks, emphasizing that hackers have become more persistent in launching these digital attacks for monetary gain. The warning comes from a survey commissioned by Fortinet and conducted by International Data Corp. (IDC). The survey found that ransomware and phishing attacks are the top cyber threats in the country, with over half of the respondents citing them.
Phishing is a fraudulent activity where hackers send suspicious links to unsuspecting individuals through mobile messages and emails. These links lead to fake websites that trick users into providing personal information, such as bank account details. Ransomware attacks, on the other hand, hold an entity’s network or data hostage until a ransom is paid.
The survey revealed that 56 percent of the organizations surveyed in the Philippines experienced a two-fold increase in ransomware attacks in 2023 compared to 2022. This increase in frequency has raised concerns among companies about the potential cost and impact of these attacks. Fortinet estimates that organizations typically spend around P55 million (about $1 million) to resolve a single data breach and pay off ransom to regain system access.
The cost to recover data can vary depending on the nature of the attack. Some hackers may sell stolen data to other parties, potentially driving up the ransom amount. Paying the ransom does not guarantee absolute protection, as perpetrators may repeat the attack and demand money again.
To counter these cyber threats, companies in the Philippines are looking to invest in security operations, cyber awareness training, security audits, and upgrading their cyberdefenses. These initiatives aim to enhance their threat detection and response abilities to better tackle the evolving threat landscape.
