Philippines at Risk: Why Cybersecurity Must Be a Business Priority Now

The Philippines has embraced digital transformation at an astonishing pace. In 2023, more than half of all monthly retail payments in the country were conducted digitally, with Bangko Sentral ng Pilipinas reporting a 57.4 percent digital transaction rate up from 52.8 percent the year before. From peer-to-peer transfers to business payments, the convenience of digital is undeniable. But with convenience comes risk, and unfortunately, the country’s rapid adoption has painted a target on its back.

Cyber defense experts are raising alarms. The country is now considered a top-tier target for cybercriminals. High tech usage, a population deeply engaged in social media, and booming digital payments have made it a fertile ground for threat actors looking to profit. In fact, 13.4 percent of digital transactions in the Philippines were flagged as fraudulent last year second highest globally. That’s not just a statistic; it’s a warning.

The situation is just as serious for businesses. A staggering 80 percent of companies in the country reported multiple cybersecurity incidents in the past year. Even more concerning, nearly one-third of respondents in a recent survey admitted they had no way to detect breaches within their supply chains. As attacks become more sophisticated, so too must our defenses.

Industries such as energy which includes power plants and critical infrastructure are especially vulnerable. Cybercriminals aren’t just targeting e-commerce or banking sectors anymore; they’re going after systems that, if disrupted, could impact millions of lives.

To meet this evolving threat landscape, organizations are being advised to allocate between 0.6 to 0.8 percent of their total revenue to cybersecurity. But investment alone isn’t enough. Strategic, proactive risk management is what makes the real difference.

This is where a managed security services provider like Directpath Global Technologies (DGT) can help. DGT is proudly based in Canada and focused on providing responsive, adaptive cybersecurity solutions that include Mobile Threat Defense (MTD), Extended Detection and Response (XDR), Vulnerability Assessments (VAPT), SOC2 compliance, and Virtual CISO services. Our advanced AI Division also allows us to go beyond cybersecurity offering operational insights and solutions tailored to your industry, size, and needs.

What’s happening in the Philippines is not isolated it’s a reflection of a global trend. But with such high digital engagement, the stakes here are arguably higher. Businesses must move from awareness to action. The threats are real, the vulnerabilities are growing, and waiting is not a strategy.

Whether you're a small enterprise or a major utility provider, now is the time to ask: Are we doing enough to protect what matters most?

Source; PhilStar Global