Most orgs in Philippines are concerned about ransomware’s impact —report

September 26, 2022 - 11:16 AM
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(Mati Mango/Pexels)

Ransomware was considered a big area of concern by most organizations in the Philippines, according to a report.

Fortinet, a cybersecurity firm, released a report that showed 94% of organizations in the Philippines were concerned about the impact of ransomware on the environment.

Here is a breakdown of results of the survey, according to the report.

  • 22% of organizations said that they have “much” higher concern about ransomware than other intrusions.
  • 26% have “somewhat” higher concern
  • 46% have a “similar” level of concern to other intrusions
  • 12% have a “much lower” level of concern than other intrusions
Photo of a slide from the Fortinet event on September 22, 2022

The report also showed that 94% of operational technology (OT) respondents in the country have suffered from at least one intrusion per year.

The three types of intrusions are as follows:

  1. Malware
  2. Phishing email
  3. Hackers
Photo of a slide from the Fortinet event on September 22, 2022

 

Merriam-Webster defines malware as “software designed to interfere with a computer’s normal functioning.”

Ransomware, on the other hand, is a type of malware that “requires the victim to pay a ransom to access encrypted files.”

The report’s data also showed that most OT organizations or 88% of the respondents do not have “complete central visibility” of their cybersecurity operations.

Photo of a slide from the Fortinet event on September 22, 2022

Of the cybersecurity gaps in Philippine organizations, 54% are related to “remote management of physical security (e.g. cameras, badge readers, etc.).

Another big threat factor is related to the “security operations center” at 52%.

Here is a photo of the presentation that showed the breakdown of other cybersecurity gaps mentioned in the report:

Photo of a slide from the Fortinet event on September 22, 2022

The report titled “Fortinet Asia 2022 Operational Technology (OT) Cybersecurity Report” was discussed in a media briefing on Thursday, September 22 at the SMX Convention Center in SM Aura in Taguig City.

The survey was conducted in August 2022 with 50 respondents from different industries in the Philippines.

These include healthcare, manufacturing, energy/utilities, chemical and refining.

Fortinet commissioned Frost & Sullivan to conduct this poll that highlights the OT challenges being experienced in Asia and the Philippines.

Louie Castañeda, country manager of Fortinet Philippines, said that the results of Fortinet’s survey showed the need for IT and OT teams in organizations to work together to improve their cybersecurity.

“The Philippines recognizes cybersecurity as a serious boardroom issue, with the CEO as the top influencer of cybersecurity decisions. However, it would be helpful to include OT cybersecurity as part of the responsibility of C-level executives as this might encourage IT and OT teams to work together to plan and provide holistic cybersecurity,” Castañeda said.

Cybersecurity and data privacy have been the buzz in online conversations lately following reports of different types of text scams that bear the personal information of recipients.

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The National Privacy Commission identified such a scheme as “smishing” or the practice of sending text messages to extract the personal data of their victims.

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