Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today released a new study focused on cybersecurity in Asia Pacific. The report, called “Securing the Future: Asia Pacific Cybersecurity Readiness Survey,” shares the latest data on cybersecurity preparedness in the region, revealing how organisations are coping with rising volumes of cybersecurity incidents, their levels of preparedness, and the outcomes experienced.
The study revealed that 68% of respondents in the Philippines experienced at least one cybersecurity incident in the past year. The incidents were attributed mostly to phishing, web attacks, and business email compromise, with respondents ranking data exfiltration, planting of spyware, and financial gain as the primary goal of cybercriminals.
Cybersecurity incidents also proved costly for organisations in the Philippines, with 38% of respondents indicating they incurred a financial impact of at least US$1 million from cybersecurity incidents over the past 12 months. Respondents also cited reputational damage, loss of the data/intellectual property, and loss of customers as the biggest impact felt by their organisations outside of financial loss.
Despite the frequency of cybersecurity incidents in the Philippines, only 44% of respondents indicated they were “highly prepared” to prevent them. A lack of funding was cited as the biggest challenge when it comes to cybersecurity preparedness, followed by a shortage of talent.
The aftermath of cybersecurity incidents extends to organisational operations, with 39% of respondents saying their organisations reduced or restricted hybrid work, temporarily suspended business operations, and put growth plans on hold. In addition, 30% of respondents said their organisation reported breaches to the relevant authorities.
“Businesses in the Philippines have lost millions over the past year, amidst a cybersecurity landscape that has become increasingly complex. Preparedness is key to combating cyberattacks, and this would require organisations to approach cybersecurity as an essential and strategic business imperative. To improve cybersecurity outcomes and reap the full benefits of a digital future, business leaders must recognise the urgency of building a strong cybersecurity culture across all levels of the organisation and make the necessary investments to achieve this,” said Jonathon Dixon, Vice-President and Managing Director, Asia Pacific, Japan and China at Cloudflare.