MANILA – Cybersecurity firm Fortinet has warned Philippine businesses of a further increase in ransomware incidents this year, noting that hackers remain persistent in launching digital attacks that can disrupt operations for financial gain.
A study commissioned by Fortinet and conducted by International Data Corporation (IDC) found that ransomware and phishing attacks are the nation’s top cyber threats, cited by more than half of respondents.
The study surveyed 550 information technology leaders from markets in the Asia-Pacific region, including the Philippines.
Phishing is a fraudulent activity in which hackers send suspicious links to unsuspecting individuals via mobile messages or email. This link leads to a fake girlfriend website that tricks users into providing personal information such as bank account details.
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Rashish Pandey, vice president of marketing and communications for Asia, Australia, and New Zealand at Fortinet, said 56% of organizations in the Philippines surveyed expect to experience two more ransomware attacks in 2023 than in 2022. He said the number of respondents said it had doubled.
Ransomware attacks will double in 2023
“But what we’re seeing is that the frequency of these attacks is increasing,” he says.
Ransomware is a cyberattack that typically targets large companies and holds their networks and data hostage until a ransom is paid.
Fortinet previously estimated that organizations spend about P55 million, or about $1 million, to resolve a single data breach and pay a ransom to regain system access.
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Pandey explained that the cost of recovering data can increase depending on the nature of the attack. Some hackers sell the stolen data to another party. This means that the affected organization will have to pay more to regain control.
Additionally, paying a ransom does not guarantee absolute protection, as the perpetrators may repeat their attacks and demand money again.
cyber defense
“In an ever-evolving threat landscape, organizations are dealing with a variety of cyber threats targeting their digital assets,” said Pandey.
As such, Fortinet noted, enterprises are recognizing the need for faster threat detection and response to digital attacks.
Companies surveyed plan to do so by increasing investment in security operations over the next 12 months. Some of the initiatives in the pipeline include cyber awareness training, security audits, and cyber defense upgrades.
“Securing modern IT infrastructure requires continued vigilance, proactiveness, and adaptability amid the challenges posed by hybrid work, AI, and cloud technologies,” said IDC. said Simon Piff, Vice President of Asia Pacific Research.