Over 8 in 10 (82 percent) of small and medium-sized businesses (SMBs) in the Philippines are more concerned about cybersecurity today than they were 12 months ago – the highest compared to other countries surveyed in ASEAN.
This was according to Cisco’s Cybersecurity for SMBs: Asia Pacific Businesses Prepare for Digital Defense study.
The study also revealed that more than half (57 percent) of SMBs across the Philippines suffered a cyber incident in the last 12 months.
Over a quarter (28 percent) said that these cyber incidents cost their business more than $500,000.
The number one reason highlighted as the cause of these incidents was cybersecurity solutions not being adequate to detect or prevent the attack.
These attacks have tangible impact on SMBs – from disruption in operations and loss of revenue to negative impact on the organization’s reputation.
The mass shift to hybrid working, triggered by the pandemic, has led to a sizable proportion of employees connecting to organizations’ networks and accessing information from outside the office, with many using personal devices to do so.
According to Filipino SMBs surveyed for the study, unsecured laptops, targeted attacks by malicious actors, and use of personal devices are among the top threats to their overall security.
“Greater adoption of technology also means a greater exposure to cybersecurity vulnerabilities today due to an expanded attack surface," says Zaza Soriano Nicart, Managing Director, Cisco Philippines.
As Filipino SMBs accelerate their digitalization journeys to deliver next-generation applications and innovations in a hybrid work new normal, ensuring that their organization is protected on all fronts will continue to be top-of-mind,” she noted.