By Victoria “NIKE” De Dios
Study reveals that in the Philippines, only 1% of the enterprises are ready to deal with cyberattacks, this makes not just enterprises vulnerable to cyberattacks, but also individuals.
The rising cases of cyberattacks recorded in the Philippines, phishing and scamming, cyberattack threats like these must not be taken with a grain of salt given the fact that the Philippines is 2nd in the world when it comes to the number of recorded cyberattacks, losing up to P100 million in each instance, according to data provided by the Philippine National Police.
Having been actively promoting the necessity of cybersecurity in business and individuals and urging the government to legislate cybersecurity and digitalization law to protect the business and individual and at the same time deter cyberattacks as perpetrators will realize that these laws will deal with them in the fullest extent but legally and financial damages.
The British Chamber warns the business but also individuals about the imminent threat and danger of cyberattacks lurking in the digital space. Further more, it also calls for the support of the government in strengthening of the country’s digital infrastructure and recognizes the role of the UK-PH partnership in the cybersecurity industry.
In a recent interview with BCCP Executive Director/Trustee Chris Nelson, he underscored the efforts of the British Chamber on its call to prioritize the legislation of the current administration on the issues of cybersecurity.
“We had an event in March with one of our key members, CyberQ–highlighting the presentation by the DICT. Cybersecurity is a key issue particularly for the financial sector but also across the whole area.”
On March 20, the British Chamber hosted its Trade and Connect series titled: “Securing the Digital Frontier: Breaking Through Digital Boundaries” in partnership with CyberQ. Nelson emphasized its support for the passage of the Cybersecurity Act and the Anti-Financial Account Scamming Act– with the former’s aim on further improving the country’s digital posture and cybersecurity landscape while the latter aims to address cyber crimes within the financial industry, allowing the Bangko Sentral ng Pilipinas to have limited authority in investigating financial accounts involved.
“Cybersecurity is a worldwide issue and is not just impacting the Philippines. In that context, I would stress two key points, the first is the Cybersecurity Act and the Anti-Financial Account Scamming Act are both priorities of the government. We think that’s very important to get passed in this period,” Nelson further added.
The British Chamber also recognizes various opportunities for collaboration with the UK, noting it as a cybersecurity excellence hub. Its consistent support with key legislation acknowledges the importance of integrating cybersecurity on businesses to capacitate against existing threats while making them cyber resilient through improved programs and policies.
