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. | TyronePiad /PDI
“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.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.
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