More companies in the Philippines are now paying closer attention to the importance of cybersecurity as a key part of their business operations, according to Fortinet, a global leader in providing comprehensive, integrated cybersecurity solutions for organizations of all sizes. In the latest findings from the 2024 Global Cybersecurity Skills Gap report, 77% of Filipino firms acknowledged that the shortage of cybersecurity expertise is a significant risk for their organizations. Additionally, more than half of the surveyed businesses revealed that data breaches cost them over $1 million in revenue losses, fines, and other financial setbacks. These figures highlight just how crucial the importance of cybersecurity has become for businesses trying to protect themselves in the digital landscape.
Alan Reyes, the country manager for Fortinet Philippines, emphasized that Filipinos have long understood the importance of cybersecurity, particularly those within the IT industry. However, despite this awareness, many Philippine companies allocate only 0.2% of their revenue to IT security. Additionally, the report reveals that there are approximately two full-time IT security employees for every 1,000 employees in these organizations. Reyes pointed out that, while cybersecurity is reaching board-level discussions, it is still often perceived as solely an IT issue rather than a company-wide concern.
Many organizations tend to define cybersecurity in a very technical way, focusing on the protection of data, networks, and programs. Reyes suggests that reevaluating cybersecurity as a critical component of operational and financial risk management could encourage companies to allocate more resources to this vital area. By viewing cybersecurity as essential to their overall business strategy, companies may be more willing to invest in better protection and more specialized personnel.
Fortinet Cybersecurity Training Programs
To address the cybersecurity skills gap, Fortinet is offering extensive training programs designed to certify more Filipinos as cybersecurity professionals. Reyes mentioned that Fortinet has already issued approximately 25,000 certifications to students and professionals. Their goal is to issue another 6,000 until the end of 2024. Fortinet is also collaborating with educational institutions to incorporate cybersecurity training into school curricula, either as part of the main curriculum or at least as elective courses. By collaborating with schools and industries, Fortinet hopes to reach more Filipinos and strengthen the country’s defences against cybersecurity threats.
