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News » Rising cyberattacks spark alarm in the Philippine IT-BPM industry

Rising cyberattacks spark alarm in the Philippine IT-BPM industry

Ccyberattacks alarm in PH IT-BPM

MANILA, PHILIPPINES — Recent cyberattacks targeting Philippine government agencies exposed worrying vulnerabilities in the country’s cyber defenses and its Information Technology and Business Process Management (IT-BPM) industry. 

IT and Business Process Association of the Philippines (IBPAP) CEO and President Jack Madrid said that hacker groups could access and deface databases and websites due to weak security practices like easy-to-guess passwords and insufficient monitoring.

“The IBPAP is deeply alarmed by these malicious acts, which not only jeopardize the operations of the T-BPM industry but also the reputation of the Philippines as an attractive investment destination,” Madrid added. 

The IT-BPM sector, projected to generate $35 billion in 2023 revenue, warned that successful attacks could lead to substantial financial losses.

ICT advocacy group Secure Connections also revealed that top listed companies in the Philippine critical information infrastructure (CII) industry could lose PHP6.15 billion (US$110 million) daily due to cyber attacks.

More importantly, they can damage businesses, leading to client attrition, reputational harm, and long-term financial implications.

Beyond short-term impacts, cyberattacks can erode client and investor trust in the Philippines as a secure destination for outsourcing and investment.

To address the vulnerabilities, IBPAP urged stronger cybersecurity laws and policies, the National Cybersecurity Plan 2023-2028 implementation, and the industry adoption of advanced defenses like zero-trust architecture.

“Given the vital contribution of technology and the IT-BPM industry to the economy, IBPAP urges the government to ensure robust data privacy and cybersecurity laws are established to deter threats across sectors,” Madrid stated.

With cyberattacks on the rise globally, experts say the Philippines must take decisive action to secure critical systems and infrastructure and safeguard its digital future.

According to a recent report by Palo Alto Networks (PANW), the Philippines has the highest number of cyberattacks in Southeast Asia this year, with 29% of Filipino companies reporting a spike in cyber incidents this year and 51% feeling vulnerable with their cyber security.  

Read more here.

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