Heightened cyber incidents triggered by the pandemic
Rapid digitalization and increasing internet usage, especially at the height of the global pandemic, increased the risks of cyber threats among Filipino online users. Perpetrators have taken advantage of the country’s modest cybersecurity market and the lack of cyber hygiene among internet users, which has resulted in various incidents of data breaches and cyber-attacks. Among the various types of attacks, phishing is the most prevalent, which occurs when a malicious actor sends an email that may seem to come from a legitimate source to steal sensitive information. Although no recent figures were available, the first half of 2022 recorded about 1.83 million phishing attacks in the country. In addition, crypto phishing attacks also commenced as this type of digital currency became more popular. Increased cyber threats were also recorded among online shoppers, particularly online scams on legitimate retail websites, identity theft, and ransomware.While cyber-attacks were more targeted toward individuals, companies who started migrating their businesses online also became susceptible. Although the number of incidents has declined since the pandemic, such attacks continue challenging business operations and their remote employees, especially as targeted organizations paid an average ransom of 1.34 million U.S. dollars in 2021. A recent survey also revealed that data loss and theft of intellectual property were the leading cyber security concerns of most businesses.
