Cyber attacks could cost PH firms P6.15Bn daily
CEBU, PHILIPPINES — Top listed companies in the Philippine critical information infrastructure (CII) industry could lose PHP6.15 billion (US$110 million) daily due to cyber attacks, warned ICT advocacy group Secure Connections.
According to Secure Connections ICT Policy Analyst Mary Grace Mirandilla-Santos, while the simultaneous compromise of all CII companies is unlikely, the digital landscape’s unpredictability makes such a scenario possible.
The energy sector could face the highest daily losses, with a predicted PHP2.8 billion (US$50 million). Banks would come second with PHP1.5 billion (US$27 million), followed by telecommunications at PHP1.06 billion (US$19 million), transportation at PHP631 million (US$11 million), water at PHP115 million (US$2 million), and healthcare at PHP40 million (US$714,000).
Other CII sectors include Business Process Outsourcing (BPO), broadcast media, emergency services and disaster response, and government.
However, Mirandilla-Santos stated that this estimate only represents a fraction of the potential economic damage from cyber attacks as it only accounted for firms listed with the Philippine Stock Exchange (PSE).
The analyst also stressed that cybersecurity incidents have cascading effects that also compromise and cause damage to other sectors depending on CII operators.
“If there is no alternative to critical infrastructure, then it makes the cost much bigger,” she added.
To address this potential risk, Secure Connections advocates for a national directive mandating governmental agencies with jurisdiction over critical infrastructure to promote information security. The firm is also urging the Office of the President of the Philippines to issue an executive order mandating information security standards for CIIs.
As a long-term solution, the advocacy group is pushing for a Critical Information Infrastructure Protection Act (CIIPA), for which five Senate bills and three House bills were already filed in Congress.
