Wazzup Pilipinas!
The Internet has emerged as one of the most important products of digitalization. Over the years, it has revolutionized the way enterprises run certain business processes given its numerous benefits and positive implications. However, as it continues to yield new innovations, its uses also come at the price of new risks to security.
According to Dennis Anthony Uy, CEO and president of Converge ICT, if the Internet is not secure enough, enterprises become susceptible to incidents of data theft and attacks from malicious programs that may compromise business activities. These cases, also called cyberattacks, may also cause the loss of sensitive data such as consumer information, employee records, trade secret information, and intellectual property.
In a recent report, IBM, a global research firm, said that the number of cyberattacks across the globe now reached to 1.5 million cases annually. Seventy percent of these cases are left undetected and caused a total loss of $400 to $500 billion from its victims, including those from the business sector. Industry experts also predict that by 2019, these attacks are expected to cost of $2.1 trillion.
Internet users in the Philippines, composed mostly of small and medium scale enterprises (SMEs), have also experienced these problems.Philippine National Police Anti-Cybercrime Group (PNP-ACG) said that a total of 1,211 cybercrime incidents were filed with them from 2013 to 2015.