Ways Filipinos can secure their finances as the digital economy soars to $31 billion

Kaspersky, a global leader in cybersecurity and digital privacy, is actively addressing the growing cyber threats facing Filipinos as the country’s digital economy continues to expand. But as the digital landscape expands, so do the risks.

The Philippine digital economy is poised for continued expansion, fuelled by the rapid growth of e-commerce and the ongoing development of digital infrastructure, according to the latest e-Conomy SEA report by Google, Temasek Holdings, and Bain & Co. The report projects that the country’s digital economy will grow by 20%, reaching a gross merchandise value (GMV) of $31 billion, making it the fastest-growing digital economy in Southeast Asia.

Meanwhile, the Philippines also saw a significant level of cyber threats from July to September 2024. Based on the latest report from Kaspersky Security Network (KSN), Kaspersky products detected 3,385,368 web-based cyber threats on the computers of KSN participants in the country during this period, with 28.3 percent of users encountering these internet-borne threats, placing the Philippines 8th globally in terms of web threat exposure. Additionally, Kaspersky recorded 4,422,874 local incidents affecting 25.4% of users in the Philippines, ranking the country 63rd worldwide for local threats.

Kaspersky and AFRIPOL strengthen partnership in combating cybercrime by signing new cooperation agreement

To further enhance global efforts to combat cyber offenses, Kaspersky and AFRIPOL have signed a cooperation agreement in preventing and fighting cybercrime. Covering a period of five years, the document formalizes and facilitates cooperation between the company and the law enforcement agency in sharing threat intelligence data on the latest cybercriminal activities.

The landscape of cyber threats in Africa has constantly been evolving, with the continent

having been especially susceptible to industrial threats. The region, in particular, has the highest share of Industrial Control Systems (ICS) computers on which malicious objects were blocked by Kaspersky solutions, compared to other regions. Africa’s vigorous cyberthreat environment requires enhanced collaboration of the parties concerned to safeguard against potential risks.

Almost half of industrial companies experience network problems monthly

One in three industrial companies encounter regular network problems, with 45% of businesses experiencing them a few times a month, while only 12% of respondents stated they face such challenges once a year or less. These were the concerning findings highlighted by Kaspersky in its report, which investigating the network and information security challenges faced by geo-distributed companies.

Industrial companies usually operate using a geographically distributed infrastructure with factories, branch offices and other critical facilities located in different sites. This peculiarity can lead to a series of problems such as logistical issues, communication barriers, difficulties in coordinating operations, maintaining consistent quality standards and ensuring compliance with local regulations.

In addition to the challenges mentioned above, industrial enterprises with multiple locations regularly face IT infrastructure and information security issues. According to the Kaspersky report titled ‘Managing geographically distributed businesses: challenges and solutions’, 49% of manufacturing companies found the effective detection and resolution of cybersecurity incidents was the most challenging task. They also cited monitoring the implementation of security measures (46%) and building a cohesive security policy (42%) as significant difficulties[1].