Weak cyber defenses seen inviting more hacks in 2024

MORE DATA breaches are expected in 2024 with the country’s “suboptimal” security infrastructure expected to invite more attacks, Ronald B. Gustilo, national campaigner for Digital Pinoys, said.

In a Viber message to BusinessWorld, Mr. Gustilo said: “The significant financial setbacks resulting from cybersecurity incidents serve as a stark indicator of the suboptimal state of our nation’s cybersecurity infrastructure.”

The Philippines suffered an estimated $1 million in losses in the past 12 months due to cybersecurity incidents, according to connectivity cloud company Cloudflare, Inc.

Cloudflare has identified lack of investment as the biggest challenge faced by the country in the cybersecurity preparedness space.

“The cost of a cybersecurity incidents is not something that can be ignored,” the information technology management company said in its report.

“The current landscape underscores a pressing need for both governmental and private entities to proactively institute continuous improvements in their cybersecurity frameworks. Failing to do so could potentially expose us to an increased frequency of cyberattacks in the coming years,” Mr. Gustilo said. 

Cloudflare also said that despite the increasing number of cybersecurity attacks in the Philippines, only 44% of respondents to a study consider themselves prepared for cybersecurity incidents.

“While it is acknowledged that achieving absolute invulnerability is a complex task, institutions — whether they belong to the public or private sector — should prioritize and invest in the ongoing development of their cybersecurity infrastructure and protocols,” Mr. Gustilo said. 

This year, various government agencies came under attack, including the Philippine Health Insurance Corp., which was struck by Medusa ransomware that compromised more than 600 gigabytes worth of member data.

“This commitment to constant enhancement is essential in the face of evolving cyber threats. By allocating resources strategically and consistently, institutions can not only mitigate current risks but also bolster their resilience against emerging challenges in the dynamic field of cybersecurity,” Mr. Gustilo said.

Cloudflare has said that companies must spend time and invest in strengthening security culture.

“Strong understanding and awareness should be the first line of defense in enhancing preparedness,” it said. — Ashley Erika O. Jose