Cybercrime in Finance Industry Plaguing the Philippines
The Philippine finance industry has been grappling with an increasing number of cyberattacks and breaches, affecting major financial institutions. According to recent statistics, the country ranks among the top 10 most targeted countries for cybercrime globally.
Revenue of Cybersecurity Industry in the Philippines
The cybersecurity industry is expected to continue its rapid growth, with revenue projected to reach PHP 15.3 billion by 2029. The market has seen significant expansion in recent years, driven by increasing awareness of the need for robust cybersecurity measures among financial institutions and other organizations.
Threats Facing the Finance Industry
- Phishing attacks
- Data breaches
- Ransomware attacks
- Crypto-phishing attacks
- Mobile malware attacks
The finance industry is particularly vulnerable to these threats, with reports indicating a surge in crypto-phishing attacks targeting individuals and businesses alike. The country has also witnessed an increase in mobile malware attacks, compromising mobile devices by malicious software.
Cyber Incidents at Companies
Companies in the finance industry have been severely impacted by cyber incidents, including:
- Web threats
- Remote desktop protocol (RDP) attacks
- Ransomware attacks
According to a recent survey, the average ransom paid by companies hit by ransomware was PHP 1.5 million. The top impacts of cyber incidents on businesses include:
- Financial losses
- Reputational damage
- Regulatory penalties
Cybersecurity Preparedness of Companies
While many companies in the finance industry are aware of the need for robust cybersecurity measures, some have been found to be lacking in their preparedness. According to a recent survey, only 30% of companies in the Philippines reported being fully prepared to protect against cyber threats.
Areas Where Companies Fall Short
- Protecting devices
- Application workloads
- Data
Experts warn that the threat of cybercrime is likely to continue to grow unless companies take proactive steps to strengthen their cybersecurity measures. With the finance industry being a prime target for hackers, it is crucial that companies prioritize cybersecurity and take steps to protect themselves against these threats.
Takeaway: The Philippines’ finance industry must take immediate action to address the growing threat of cybercrime. This includes prioritizing cybersecurity, implementing robust measures, and staying informed about emerging threats.