A new analysis from Fortinet, a leader in cybersecurity solutions, highlights the significant hurdles faced by businesses in the Philippines due to a shortage of cybersecurity expertise.
Fortinet’s 2024 Global Cybersecurity Skills Gap Report reveals that a staggering 94% of Philippine companies encountered security breaches in the past year, with this skills deficit playing a key role. The study further uncovered that 77% of respondents associated the heightened risk of cyber threats with the lack of qualified professionals in the field.
This data comes from Fortinet’s research division, FortiGuard Labs.
Alan Reyes, Fortinet’s country manager for the Philippines, noted, “Businesses are increasingly aware that the deficiency in skilled cybersecurity personnel is a major factor in these breaches.”
Reyes also pointed out that malware, phishing attacks, and web-based threats remain the most prevalent cybersecurity challenges reported by organizations.
Economic Consequences
The financial repercussions of these breaches are growing. More than half (52%) of surveyed organizations disclosed that their breach-related costs exceeded $1 million last year, marking an increase from 45% in the previous year’s findings. Additionally, 55% of those affected reported that recovery from a cyberattack took over a month.
The report also sheds light on the preparedness of Filipino organizations in combating the escalating threat landscape. On average, IT security teams are notably under-resourced, with only two full-time security experts for every 1,000 employees. Financially, organizations allocate a mere 0.2% of their revenue to cybersecurity — approximately P2 for every P1,000 earned.
“IT leaders have found network engineering and security roles particularly challenging to fill, with 80% struggling to find candidates with the requisite expertise,” Reyes stated.
Addressing Staffing Challenges
Positions in Security Operations (60%) and Cloud Security (42%) were identified as the most difficult to staff.
Fortinet’s findings also indicate that 87% of organizations prefer candidates with technology-focused certifications, viewing these qualifications as vital for navigating the rapidly changing cybersecurity environment. Moreover, 79% of respondents plan to implement security awareness and training programs for all employees in response to recent cyber incidents.
“Our latest findings suggest that businesses in the Philippines are making strides in addressing the cybersecurity skills gap by expanding their recruitment efforts and investing in professional development,” Reyes remarked.
He urged companies to continue these initiatives by educating staff on cybersecurity threats and best practices and adopting effective technologies to bolster resilience.
With expectations for a 22% rise in cyberattacks in 2024, the demand for skilled cybersecurity professionals in the Philippines has never been more urgent.
