Insurance, vital policies to boost cybersecurity in the Philippines – experts


By Arjay L. Balinbin, Senior Reporter

INSURANCE, training the workforce, enacting more cybersecurity laws, and addressing barriers to implementing existing government policies are key to strengthening the Philippines’ defenses against cyberattacks, said experts.

“I would advocate for increased local market support for cybersecurity insurance,” said Ana Margarita “Miren” Sanchez, Philpacific Insurance Brokers & Managers, Inc. (Philinsure) vice president for strategy and engagement, during the BusinessWorld Insights virtual forum on Wednesday.

She noted that the trend of moving data to the cloud from the web is expected to accelerate over the next 12 years.

“We should expect all the data we have online to be 12 times better over the next 12 years,” Ms Sanchez said.

This means greater exposure to cybercrime, cyberthreats or cyber risks, she noted.

According to a recent study by online marketing company Reboot Digital PR Services, the Philippines is the ninth “least cyber-secure” country in Asia, mainly due to a large number of phishing and software-hosting sites. malicious.

The average cost of losing our data worldwide is “$200,000 (or more than 11 million pesos) per cyberattack, regardless of business size,” Sanchez said, adding that small businesses and medium-sized enterprises (SMEs) are the most vulnerable entities.

Despite the need for insurance in response to cyberattacks, she said it was difficult to secure such a product, noting that there was no local market support for it.

Melchor T. Plabasan, Director and Head of Technology Risk and Innovation Oversight Department at the Bangko Sentral ng Pilipinas, said the Philippines is still “evolving” in terms of cybersecurity.

“There are currently pending laws or measures, which can help close known gaps in the fight against cyber threats,” he noted.

Francisco “Cocoy” Claravall, Vice President of Partner Ecosystem for Globe Business – Enterprise Group, said there is a need “to increase awareness and education about threat issues and how to protect”.

It also means that Philippine organizations, both private and public, need to train more cybersecurity professionals to deal with the growing number of threats.

“In the Philippines, we saw an average of 2,115 weekly attacks against businesses and organizations, a figure higher than the norm in Southeast Asia,” Claravall said.

He stressed that all stakeholders should prioritize countermeasures and identify where resources are needed to defend against sophisticated attacks.

Organizations must also “deploy technology to continuously validate the legitimacy of digital interactions and establish rapid response capabilities to quickly address early signs of a breach,” he added.

Allan S. Cabanlong, founder and chief executive of CyberGuardians, Inc., said the government already had cybersecurity awareness programs and a cybersecurity plan in place, but implementation was difficult.

“The main challenge now with the government is implementation. All the plans and guidelines have already been established,” he said.

“The laws are already there, although there are some proposed measures that we also need. The question now is how these [policies] are implemented. »

He stressed that the approach to implementation should be “whole of society”.

“Government should be able to change the mindset that cybersecurity should not be operated under the radar, but with strong stakeholder involvement.”


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