Malaysia and the Philippines led the ASEAN region in cybersecurity incidents last year, according to the key findings of the recently released ASEAN Cybersecurity Status Report.
Palo Alto Networks (PANW), the global cybersecurity solutions provider that released the report, said in a press conference held last week that a significant 29% of organizations in the Philippines reported a spike of 50% or more. . Particular attention has been paid to operational technology (OT), which is critical to critical infrastructure and is at greater risk of attack than other sectors.
The majority of organizations in the Philippines are concerned about malware attacks (66 percent), followed by phishing and spear phishing (63 percent), and password-related incidents (56 percent). For the second year in a row, malware is the top concern in the Philippines and across ASEAN. The proliferation of digital transactions and increased use of cloud services has made local businesses more vulnerable to a variety of cybersecurity challenges. Most notable are increased cyber risks (50 percent) and risks arising from personal devices and home networks (49 percent). , there is an increasing need to adopt a variety of cybersecurity measures (44%).
Cybersecurity continues to occupy a prominent place in corporate boardroom discussions. Reflecting last year’s data, 56% of organizations in the Philippines have monthly board-level conversations on this topic. Philippine businesses (68%) have increased their cybersecurity budgets in response to broader digital adoption (53%) and regulatory changes requiring stricter data privacy protocols (48%).
In the industrial sector, confidence in cybersecurity measures is particularly strong in services (banking and finance) and transport and logistics. Even though 51% of organizations in the Philippines believe they are highly vulnerable to cyber threats, an astonishing 90% express confidence in their current security strategy. However, small and medium-sized enterprises (SMEs) are lagging behind, primarily due to budget constraints and lack of cybersecurity expertise.
In the face of evolving threats, organizations in the Philippines are turning to cloud security measures (44%). Identity and access management solutions (44%). and security orchestration, automation, and response (SOAR) strategies (41%). Companies in the operational technology sector, including essential services, are increasingly integrating their IT and OT teams to strengthen their cybersecurity stance.
Looking at the broader ASEAN region, the adoption of artificial intelligence (AI) technology is particularly advanced in the telecommunications/technology/communications industry. This mirrors organizations in the Philippines, where 54% plan to integrate AI such as machine learning, predictive analytics, voice recognition, and sentiment analysis in the next 1-2 years.
In response to a question about how organizations should respond to malware attacks, Stephen Schulman, PANW’s regional vice president for ASEAN, said, “Responding to security events is important, but it pales in comparison to the benefits of prevention.” said.
By leveraging AI, machine learning, and automation, his organization excels at anticipating potential security gaps and equips security analysts with advanced tools such as finding threats and preparing for unexpected situations. We provide a space where you can concentrate on your work. If an incident occurs, immediate isolation and professional intervention are essential. Taking pre-emptive measures is the most reliable way to ensure cybersecurity.
In addition, Oscar Visaya, country manager for the Philippines, has developed a full incident response plan that involves key stakeholders from executives to public relations and legal teams so that everyone can play a role in the event of an event. I asked him to stand up. For those who don’t have a strategy, Visaya recommends consulting with a third-party expert. Additionally, he pointed out that a complete digital audit is essential to prevent recurrence, and relying solely on backups is insufficient.
“Security needs to be dynamic, not a one-time initiative. Small and medium-sized enterprises (SMEs) are the economic backbone of many ASEAN countries, including the Philippines, but are at risk due to a lack of regular security updates. “The first proactive action is a pragmatic incident response plan that focuses on automated cybersecurity processes to strengthen resiliency and reliability,” Schulman said.
By making cybersecurity a shared responsibility and embracing new-age technology, businesses can not only protect, but thrive in today’s digital landscape. Organizations have an opportunity to take an action-oriented approach, protect critical assets and data, and thrive in today’s digital environment.