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Philippine firms need greater focus on cybersecurity

According to a recent study conducted by an IT company through third-party researchers, firms in the Philippines are not able to address nearly half of the legitimate cybersecurity threats that they receive.

As reported, the Cisco 2018 Asia Pacific Security Capabilities Benchmark Study showed that companies in the region receive six threats every minute but only 50% of these are being investigated.

More than 2,000 respondents across 11 countries participated in the study. The 11 countries are China, Korea, Japan, Singapore, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Australia, and India.

For the Philippines, there were 150 respondents from the financial services, telecommunications, retail, and software industries all classified as medium and large enterprises.

42% of the Philippine respondents, according to the study, received 5,000 alerts per day, still among the lowest share in the Southeast Asian countries.

The results are lower because as compared to Singapore, the country is not as digitised yet.

Second cause would be the Data Privacy Act that has recently been implemented, which created a lot of awareness and education.

While the number of attacks is less compared to the other five Southeast Asian countries, the fact cannot be discounted that it may be less in volume but the attacks could be bigger.

On average, however, local firms only investigate 50% of the alerts they receive. Of those investigated, 30% turn out to be legitimate, of which only 51% are acted upon and corrected.

Information technology infrastructures are not the only areas where attacks were observed. Operational infrastructures such as data centre, cloud services and endpoints were also on the receiving end.

About 19% of the respondents said they encountered such attacks on their operational infrastructure, and more than a quarter expect these in the coming year.

The threat is really becoming bigger. The new kind of security discussion or conversation is happening globally. The security has gone beyond borders because of this.

Cybersecurity has become an industry. The cyber-hacking industry is massive globally and that is precisely why there are a lot of actors coming about in many parts of the world.

The reason would be the amount of data that is available today and how these data have become a source of revenue and income.

Moreover, the study showed that companies in the country had the largest percentage in terms of allotting budget both for information technology and security.

The Philippines had the largest percentage of companies, at 37%, whose security budget is completely separate from the IT budget.

That is one of the reasons why the Philippines may actually be doing much better in terms of ranking.

Earlier this year, the company said in a study that the Philippines needs to spend US$ 8.8 billion between 2018 and 2025 to be in line with the average benchmark and US$ 22.8 billion to be in line with “global best-in-class countries” within the same period.

60% of the respondents, in the region, said cybersecurity attacks cost them more than US$ 500,000, while 51% of cyberattacks resulted in losses of more than US$ 1 million.

These costs include lost revenue, lost customers, lost opportunities and out-of-pocket costs, among others.

With multiple security providers coming and companies engaging different providers, identifying and managing threats take longer.

The study said 97% of respondents in the Asia Pacific are having a hard time managing the multiple alerts they receive from these vendors.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com