In a time of huge digital transformation, more and more enterprises begin to embrace the adoption of technology, whether it be for systems upgrades, to simply stay ahead, or to fully realize the full potential of digitizing operations. Whatever the case is, when going digital, more data is being created and stored. With the proliferation of digitization across the globe, threat groups are also tailing this progress, carefully selecting their next victims.

According to not just one research firm – the Philippines has ranked 4th among countries most targeted by web threats. Phishing, malware attacks, scams, online fraud, and ransomware attacks are happening from company to company risking data from their customers. In 2020 alone, 6,979,713 attacks were reported to have transpired in the country. As to malware attacks, the number skyrocketed to 167% compared to 2020. As for ransomware attacks, the volume rose to 623.3 million in 2021, as found in a recent study by a cyber threat intelligence study. As to fraud, a recorded increase of 19.08 % was observed, according to an intelligence report – this number constituted suspected digital fraud attempts across industries in the country on specific comparison of timelines. Still, it also revealed that not all industries are being targeted equally. 

The financial sector, for example, has seen an increase in digital fraud attempts (50.39%) – the largest increase in attempt rate compared to other sectors like travel and leisure, and online communities like dating apps. Surprisingly, logistics, retail and telco have observed a decreased fraud rate. There are more numbers to look at per type of attack on a specific sector, but what really matters? Not to mention that according to experts, the Philippines still hasn’t achieved the optimum security it needs in place to protect data present in the web space. Several experts and leaders in the IT Security sphere have expressed many pointers to consider in strengthening security, like robust partnerships between the private sector and government. 

The disruption these attacks create isn’t just disruption alone, it has ripple effects that bring the victims into unwanted and undesirable situations that put one’s enterprise’s reputation at risk.

The continuous developments in digital transformation bring with it many challenges in securing data and information. That is why the 4th ITSEC Asia by Rockbird Media is bringing top-notch IT Security leaders and solution providers – to discover what else is there to protect your vulnerables.

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