57% of PH SMBs hit by cyber attack in the past year — Cisco
More than half, or 57%, of Small and Midsize Businesses (SMBs) in the Philippines suffered a cyber attack in the past year with 73% losing important customer information, according to a report from technology company Cisco.
Data theft on SMBs increased during the shift to remote working. The heavy reliance on cloud and digital solutions made corporate networks more vulnerable to cybercriminals.
The data showed that 28% of local SMBs hit by cyberattacks lost US$500,000 or more, with 10% losing over US$1 million. Apart from that, 66% of respondents said that they lost their employees’ information, and 66% lost sensitive business information.
Cisco Philippines OIC and Managing Director Robin Llamas stated that with all these incidents, it is critical for SMBs “to invest in solutions and capabilities to ensure they are safeguarding themselves on the cybersecurity front.”
The report also found out that 82% of respondents are more worried about cybersecurity now than they were over the past 12 months and 89% said that they feel exposed to cyber threats.
